Centralised Pension Payments System

Centralised Pension Payments System (CPPS), Key Features

Learn about the Centralised Pension Payments System, a streamlined solution for efficient, secure, and timely pension disbursements. Simplify pension management with centralized processing.

Context: Employees’ Provident Fund Organisation has completed full-scale implementation of the new Centralised Pension Payments System (CPPS) to provide PF pensions under the Employees’ Pension Scheme.

Key Features of Centralised Pension Payments System (CPPS)

Seamless Access to Pension

Pensioners can now access their pension from any bank, any branch, anywhere in the country.
Physical verification visits to banks are no longer required.
Pension is credited immediately upon release.

Nationwide Disbursement Without PPO Transfer

The system eliminates the need to transfer Pension Payment Orders (PPOs) when pensioners move or change banks/branches.
It will provide relief to pensioners who relocate to their hometowns after retirement.

Unified Pension Disbursement

CPPS replaces the earlier decentralized system, where regional EPFO offices maintained agreements with a few banks.

Employees Provident Fund Organisation (EPFO)

It is a statutory body that came into existence under the Employees’ Provident Fund and Miscellaneous Provisions Act, of 1952.
The administration of this Act and its associated schemes falls under the purview of a tripartite body known as the Central Board of Trustees, Employees’ Provident Fund.
The CBT comprises representatives from various sectors, including the government (both central and state), employers, and employees.
It is one of the World’s largest Social Security Organisations in terms of clientele and the volume of financial transactions undertaken.
It is under the administrative control of the Ministry of Labour and Employment, Government of India.