New Delhi: In what can be considered as a great news for the pensioners, they can now get pension from any bank, any branch, anywhere in India from January 1, 2025 as the Centre on Wednesday approved the Centralised Pension Payments System (CPPS).
With the approval of the CPPS, more than 78 lakh people under the Employee Pension Scheme (EPS), which is part of the Employees’ Provident Fund Organisation (EPFO) will get the benefit from the New Year.
As decided by the ministry, the pension shall be immediately credited to the pensioners’ bank account upon release and they need not to visit the branch for any verification for the same.
Speaking about the development, Union Labour Minister Mansukh Mandaviya said, “The approval of CPPS marks a significant milestone in modernisation of the EPFO. By enabling pensioners to receive their pensions from any bank, any branch, anywhere in the country, this initiative addresses the long-standing challenges faced by pensioners and ensures a seamless and efficient disbursement mechanism.”
In the next phase, the government will transition to the Aadhaar-based Payment System (ABPS).
The CPPS marks a major shift by establishing national-level centralised system, enabling pension disbursement through any bank, any branch across India.
By harnessing advanced IT and banking technologies, the CPPS will offer a more efficient, seamless, and user-friendly experience for pensioners.
The centralised system would also 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.
The new initiative of the Central government would bring a great relief to pensioners who move to their hometown after retirement.
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(With IANS inputs)