Now, withdraw EPS pension from any bank, 68 lakh holders to benefit

Benefitting over 68 lakh pension holders, retirement fund body EPFO (Employees Provident Fund Organisation) has completed Centralised Pension Payments System (CPPS) rollout in all its regional offices across the country.

The CPPS is a paradigm shift from the existing pension disbursement system that is decentralised, with each zonal or regional office of EPFO maintaining separate agreements with only three-four banks. In CPPS, not only the pensioner will be able to take pension from any bank, but also there will be no need for pensioners to visit the bank for any verification at the time of commencement of pension and the pension shall be immediately credited upon release

Also, the CPPS system from January would ensure disbursement of pension throughout India without any need for transfer of Pension Payment Orders (PPO) from one office to another even when the pensioner moves from one location to another or changes his bank or branch. This would be a great relief to pensioners who move to their hometown after retirement.

Announcing the rollout, Union Minister Dr Mansukh Mandaviya said, “The full-scale implementation of the CPPS across all regional offices of EPFO is a historic milestone. This transformative initiative empowers pensioners to access their pension seamlessly from any bank, any branch, anywhere in the country. It eliminates the need for physical verification visits and simplifies the pension disbursement process.”

The first pilot of CPPS was successfully completed in October in Karnal, Jammu and Srinagar regional offices with the pension disbursement of about Rs 11 crore to more than 49,000 EPS (Employee Pension Schme) pensioners. The second pilot was taken up in November, in 24 regional offices in which around Rs 213 crore in pension was disbursed to more than 9.3 lakh pensioners.