Context:
The Employees’ Provident Fund Organisation (EPFO) has completed full-scale implementation of the new Centralised Pension Payments System (CPPS) to provide PF pensions under the Employees’ Pension Scheme (EPS).
Centralised Pension Payments System (CPPS)
- CPPS is a landmark shift from the present decentralized pension disbursal system, to be available from January 2025.
- Current System
- Every EPFO Zonal/Regional office has independent arrangements with only 3-4 banks.
- Key Features:
- Pension Access:
- The pensioner can get his pension from any bank.
- No Bank Visit Required:
- Pensions are credited on the spot upon release.
- Pension Transfer:
- Enables pensioners to transfer from one location or change banks/branches without moving the PPO.
- Pension Access:
- Target Audience
- For pensioners who retire and go back to their hometowns, this is useful.
- Relief for pensioners as they will not have to transfer PPOs.
