Why in news
The Union Labour Ministry has approved a Centralised Pension Payment System (CPPS) for approximately 78 lakh pensioners under the Employees’ Pension Scheme, 1995.
The CPPS will allow pension disbursement through any bank, at any branch, across India.
Pensioners will no longer need to transfer Pension Payment Orders (PPOs) when moving locations or changing banks or branches.
The system will benefit pensioners, especially those who move to their hometowns after retirement
The CPPS is part of EPFO’s IT modernisation project called Centralised IT Enabled System (CITES 2.01).
This modernisation will be implemented from January 1, 2025
Union Minister Mansukh Mandaviya highlighted the approval as a major step in the modernisation of the Employees’ Provident Fund Organisation (EPFO).
COMMENTS