EPF Pension Withdrawal: Good news for members! New service will start for EPFO members from this date, Details here
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There is good news for EPFO members. They will soon be able to withdraw their pension from anywhere in the country. Let us tell you that the pilot run of the Centralized Pension Payment System (CPPS) has recently been successfully completed, after which the need for transfer of Pension Payment Order (PPO) has ended.
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.
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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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