On November 8, 2024, Union Minister of Labour and Employment Dr. Mansukh Mandaviya announced the successful pilot of the new Centralised Pension Payments System (CPPS) under the Employees’ Pension Scheme (EPS) 1995. Conducted on October 29-30, the pilot disbursed approximately Rs 11 crore to over 49,000 EPS pensioners across Jammu, Srinagar, and Karnal.
The CPPS enables pensioners to receive payments from any bank branch nationwide, eliminating the need for regional transfers and streamlining disbursements. Expected to fully launch by January 2025 as part of EPFO’s Centralised IT Enabled System (CITES 2.01), the CPPS will benefit over 78 lakh pensioners, enhancing the EPFO’s modernization and efficiency in pension services.
