Now pensioners would no longer need to visit their banks for verification when their pension starts. The amount will be directly credited to their account as soon as the pension is released. This will remove the need for any physical visits to the bank branch
According to a post on X, the Employees' Provident Fund Organisation (EPFO) has implemented the Centralized Pension Payments System (CPPS) across all regional offices in India. The new system looks to modernize the way pension is disbursed, making the process more efficient and also bringing convenience to pensioners.
What This Means
The CPPS would bring about a radical shift in pension disbursement when compared to the existing decentralised system. In this system, each regional office of the EPFO has separate agreements with only select banks for pension disbursement. Now, pensioners can access their pension from any bank branch across the country. This will benefit over 68 lakh pensioners.
Also, now pensioners would no longer need to visit their banks for verification when their pension starts. The amount will be directly credited to their account as soon as the pension is released. This will remove the need for any physical visits to the bank branch. Pensioners won’t have to worry about complicated paperwork when moving or changing banks and can choose a convenient bank and branch. They can also get their pension faster and more easily.
One key benefit of the CPPS will be the fact that now pension payments can happen seamlessly across the country. From January 2025, pensioners who relocate or change their bank branch can receive payments without any disruptions.
Pilot Programs
A pilot programme was conducted in October 2024 in some regional offices in Jammu, Karnal, and Srinagar when about Rs 11 crore was disbursed to about 49,000 pensioners. The next pilot in November 2024, involved 24 regional offices where Rs 213 crore was given to 9.3 lakh pensioners.