EPFO's Centralized Pension Revolution: A Seamless Future for Pensioners

Retirement fund body EPFO has launched the Centralized Pension Payments System (CPPS) across all regional offices, benefiting over 68 lakh pensioners. This system modernizes the existing decentralized pension disbursement system, enabling beneficiaries to access pensions from any bank without verification visits, transforming pension service delivery nationwide.

The Employees' Provident Fund Organisation (EPFO) has successfully rolled out its Centralized Pension Payments System (CPPS) across all its regional offices nationwide, marking a significant advancement in pension services.

This groundbreaking shift from the decentralised system empowers over 68 lakh pensioners to seamlessly access their pensions from any bank, eliminating the need for physical verification at banks. Union Minister Mansukh Mandaviya heralded the initiative as a historical milestone that ensures convenience and transparency, aligning with EPFO's tech-enabled, member-centric vision.

Implemented under the Employees' Pension Scheme 1995, the CPPS disbursed Rs 1,570 crore for December 2024, marking a new standard in pension delivery. The CPPS is set to further ease the process come January 2025, streamlining disbursements across India, thus alleviating concerns for pensioners who relocate or change their banking preferences.

(With inputs from agencies.)