Centralized Pension System Explained | EPFO Latest News | UPSC Current Affairs 2024
The Union Labour Ministry has cleared a proposal for the Centralized Pension Payment System (CPPS) for about 78 lakh pensioners under the Employees’ Pension Scheme, 1995.
It is a crucial step in the ongoing efforts to transform the Employees Provident Fund Organization (EPFO) into a more robust, responsive, and tech-enabled organization.
Significance of Centralized Pension Payment System
It enables pension disbursement through any bank, any branch across the country, and is a paradigm shift from the existing pension disbursement process, under which each zonal/regional office of EPFO used to maintain separate agreements with only 3-4 banks.
It 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 would be a great relief to pensioners who move to their hometown after retirement.
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