Jan 02, 2025 10:31 AM IST
The newly launched Centralised Pension Funds System (CPPS) is anticipated to profit 78 lakh EPS pensioners with its comfort.
Workers’ Pension Scheme (EPS) subscribers now have entry to their pension from any financial institution department in India.
Pensioners haven’t got to go to the department for any verification and will probably be credited instantly upon launch(HT Photograph)
The ministry of labour and employment made the announcement in an announcement on September 4 final 12 months as a part of the newly launched Centralised Pension Funds System (CPPS) which is anticipated to profit 78 lakh EPS pensioners with the comfort, Mint reported.
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Pensioners haven’t got to go to the department for any verification and their pensions could be credited instantly upon launch.
Earlier, if a pensioner would transfer to a brand new city after retirement, he needed to go for a switch of pension fee orders from one workplace to a different or to vary financial institution or department.
All of this work is not wanted with the rollout of CPPS.
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Additionally, the sooner observe of every Workers’ Provident Fund Organisation (EPFO) zonal workplace sustaining separate agreements with solely 3-4 banks will even be phased out.
“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,” Mint quoted Union minister Mansukh Mandaviya as saying.
“This is a crucial step in our ongoing efforts to transform the EPFO into a more robust, responsive, and tech-enabled organization, committed to serving the needs of its members and pensioners better,” he mentioned.
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What’s EPS?
The EPFO began EPS in 1995 to supply its members with a life-long pension. Out of the 12% employer contribution, 8.33% was mandated to enter EPS, and the remaining 3.67% to enter EPF.
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