EPFO New System: Pensioners will get special facility from January 1, it will be easy to withdraw pension
EPFO New System Update: The pilot run of this new system was efficiently accomplished in Jammu, Srinagar and Karnal on twenty ninth and thirtieth October 2024, during which pension price ₹11 crore was distributed to greater than 49,000 pensioners for the month of October.
EPFO CPPS Pension Facility: That is excellent news for EPFO account holders and personal sector workers. From January 1, 2025, pensioners lined beneath the pension scheme beneath the Staff' Provident Fund Organization (EPFO) will be capable of withdraw their pension from any financial institution department. This new system is anticipated to profit greater than 78 lakh EPS pensioners.
In September, the Central Authorities permitted the proposal for Centralized Pension Fee System (CPPS) for the Staff' Pension Scheme, 1995, which is able to make it attainable to obtain pension from any department of any financial institution throughout the nation. Underneath the CPPS pilot run, pension price ₹11 crore was given to 49,000 EPS pensioners of Jammu, Srinagar and Karnal within the month of October. Labor and Employment Minister Mansukh Mandaviya gave this info.
Advantages of the brand new CPPS system
After the implementation of CPPS, if pensioners change metropolis or change financial institution department, they won’t must switch their Pension Fee Order (PPO), and they’ll be capable of obtain pension from any financial institution department.
The present pension system is decentralised, with every regional workplace coming into into agreements with solely 3-4 banks. CPPS will centralize the method, no verification will likely be required on the financial institution whereas initiating the pension, and the pension will likely be credited immediately into the pensioner's account. Via this method, pensioners will be capable of get their pension from any financial institution and any department within the nation.
Introduction to CPPS System
CPPS will guarantee pension distribution throughout India, eliminating the necessity to ship PPOs from one place to a different, even when the pensioner modifications location or financial institution department. This will likely be an important reduction for these pensioners who transfer to their residence city after retirement. The CPPS system will likely be totally carried out by January 2025, which is a part of the IT Modernization Mission beneath EPFO's Centralized IT Enabled System (CITES 2.01). This new system will enhance providers for EPS pensioners and simplify and streamline the pension withdrawal course of.
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