Union Minister of Labour and Employment and Chairperson, Central Board of Trustees, EPF has approved the proposal for a Centralized Pension Payment System (CPPS) for Employees’ Pension Scheme, 1995. disbursement through any bank, any branch across India.
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.
The CPPS 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.
This facility will be launched as part of EPFO’s ongoing IT modernization project Centralized IT Enabled System (CITES 2.01) from 1st January 2025. In the next phase, CPPS will enable a smooth transition to Aadhaar-based payment system (ABPS).
