After this, the way has been cleared for EPFO ​​members to withdraw pension from anywhere in the country. That is, members involved in the Employees’ Pension Scheme (EPS) can now get their pension from anywhere in the country. According to the information received, this service will start for all EPFO ​​members from January 2025 next year. After this, they will be able to withdraw their pension from any part of the country.

Mansukh Mandaviya had announced

Union Labour and Employment Minister Mansukh Mandaviya last week announced the successful completion of the pilot run of CPPS under the Employees’ Pension Scheme 1995. On the occasion, the Union Minister said that the pilot run has been completed on 29 and 30 October 2024, under which pension of about Rs 11 crore will be disbursed to more than 49,000 EPS pensioners of Jammu, Srinagar and Karnal regions for October 2024.

How will the centralized pension payment system work

Mandaviya said the approval of CPPS is a significant milestone in the modernisation of EPFO ​​and enables pensioners to receive their pension 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. “This is a significant step in our ongoing efforts to transform EPFO ​​into a more robust, responsive and tech-enabled organisation committed to better serving the needs of its members and pensioners,” he said.

When will it start for EPFO ​​members across the country?

As part of EPFO’s ongoing IT modernisation project Centralised IT Enabled System (CITES 2.01), the new CPPS system will be fully rolled out by January 2025 and will benefit over 78 lakh EPS pensioners of EPFO. EPFO ​​is continuously working towards improving services for EPS pensioners and the new CPPS system is a major improvement in this direction. The 109th meeting of the Executive Committee of the Central Board of EPFO ​​on October 10 discussed steps to enable centralised pension payments as well as improve IT related software and hardware and noted the timelines for completion of the overhaul of the IT system. The Executive Committee is a statutory committee under the EPF Act, 1952 whose function is to assist the Central Board, EPF in discharging its functions.

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The post EPF Pension Withdrawal: Good news for members! New service will start for EPFO ​​members from this date, Details here first appeared on Rightsofemployees.com.

In the new system, pensioners will no longer need to go to different bank branches for verification at the time of starting pension. After the Pension Payment Order (PPO) is issued, pension can be started from the bank located near the home.

In the current system, when an employee related to EPFO ​​retires, a fixed pension is given per month under the Employees’ Pension Scheme- 1995. Till now, to withdraw his pension, the retired employee has to come to the bank branch related to the area from which he has retired. Actually, EPFO ​​has been divided into different regional offices.

Only a few selected (three or four) bank branches in each regional office are authorized for pension withdrawal, due to which many people have to face problems. Since, after retirement, most of the employees start living in their village or some other part, they have to make rounds for pension withdrawal.

Also Read: New PPF rules from October 1, 2024: Three major changes to Public Provident Fund rules

Aadhaar based payment system will also come

The new facility will be launched from January 1, 2025 as part of EPFO’s ongoing information technology modernization project Centralized IT Enabled System (CITES 2.01). In the next phase, CPPS will bring a smooth transition to Aadhaar-based payment system.

With the introduction of the new system, pensioners will not need to transfer their Pension Payment Order (PPO) from one office to another. Currently, if a person goes to another region after retirement, he has to transfer his PPO to that regional office. After that, that office allocates a bank branch from which the pension can be withdrawn. All this hassle will end in the new system.

‘milestone’

Union Labor Minister Dr. Mansukh Mandaviya said that the new system is a milestone in the direction of modernization of EPFO. It will solve the long-standing problems of pensioners.

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The post Good news for EPFO ​​members, they will not have to visit banks for this work first appeared on Rightsofemployees.com.