Retirement fund body Employees' Provident Fund Organisation (EPFO) has completed the Centralised Pension Payments System (CPPS) rollout in all its regional offices across the country that will benefit over 68 lakh pensioners, the Labour Ministry said on Friday.
The CPPS is a paradigm shift from the existing pension disbursement system that is decentralised, with each zonal/regional office of EPFO maintaining separate agreements with only 3-4 banks, the ministry explained in a statement.
Under CPPS, a beneficiary will be able to withdraw pension from any bank and there will be no need to visit the bank for verification at the time of commencement of pension, and the amount will be immediately credited upon release, it stated.
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