Centre Announces Success of Pilot Run for Centralised Pension Payment System

The Centre has successfully completed a pilot run of the new Centralised Pension Payment System (CPPS) under the Employees' Pension Scheme 1995, Minister of Labour & Employment Mansukh Mandaviya announced on Friday. This new system marks a major shift from the previous decentralized pension disbursement method, where each regional office of the Employees' Provident Fund Organisation (EPFO) had separate agreements with only a few banks.

Under the CPPS, pensioners will no longer need to visit the bank for verification when their pension begins. The payment will be automatically credited upon release, streamlining the entire process.

The pilot run, conducted on October 29-30, involved the disbursement of approximately Rs 11 crore for October 2024 to over 49,000 EPS pensioners from Jammu, Srinagar, and Karnal regions. Mandaviya expressed that the CPPS is a significant step forward in modernizing the EPFO, allowing pensioners to receive their payments from any bank and any branch across the country, addressing long-standing challenges and ensuring a more efficient system.

EPFO's New CPPS System Aims to Revolutionize Pension Disbursement

"This is a significant step in our efforts to make the EPFO a more efficient, responsive, and tech-driven organization, dedicated to better serving the needs of its members and pensioners," the Minister had said.

The new Centralised Pension Payment System (CPPS) will also eliminate the need for Pension Payment Orders (PPO) transfers, ensuring seamless pension disbursement across India. This means that pensioners will not have to worry about transferring their PPOs if they move to a different location or change their bank or branch, offering great convenience, especially to those who return to their hometowns after retirement.

As part of EPFO's ongoing IT modernization project, the CPPS system will be fully operational by January 2025, benefiting over 78 lakh EPS pensioners. This system marks a major reform aimed at improving services for EPS pensioners, the EPFO stated.

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