EPFO: The Employees’ Provident Fund Organisation (EPFO) has announced the successful implementation of a new pension system. Dr. Mansukh Mandaviya, the Union Minister for Labour and Employment, stated that the full rollout of the Centralized Pension Payment System (CPPS) across all regional offices is a significant milestone. This new system has been successfully launched nationwide under the EPFO’s pension services. In a historic move, the EPFO made a payment to over 6.8 million pensioners in December 2024, distributing pensions from all 122 regional offices associated with the Employee Pension Scheme 1995.
In total, ₹1,570 crores were transferred to pension holders. Dr. Mandaviya emphasized that the CPPS is a testament to the government’s commitment to modernizing EPFO services, ensuring convenience, transparency, and efficiency for pensioners. He mentioned that this system sets a new standard for pension payments. The first pilot of the CPPS was successfully completed in October 2024 in the regional offices of Karnal, Jammu, and Srinagar, where over 49,000 pensioners received nearly ₹11 crores in pension payments.
A second pilot began in November 2024 across 24 regional offices, benefiting more than 930,000 pensioners with ₹213 crores in pension distributions. Under the CPPS, each EPFO regional office has agreements with only 3-4 banks, allowing pensioners to receive their pensions from any bank without needing to visit the bank for verification. The pension will be credited immediately upon release.Starting in January 2025, the CPPS will ensure pension distribution across the country without the need to transfer Pension Payment Orders (PPOs) from one office to another. This means that even if pensioners move to a different location or change their bank or branch, they will still receive their pensions seamlessly. This will be a great convenience for those who return to their hometowns after retirement.
