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Editor's Pick | EPFO pensioners to get payments from any bank or branch

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Thu, Sep 5, 2024 02:49 AM

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The Union Labour Ministry has cleared a proposal for Centralised Pension Payment System for about 78

The Union Labour Ministry has cleared a proposal for Centralised Pension Payment System (CPPS) for about 78 lakh pensioners under the Employees’ Pension Scheme, 1995. The new system enables pension disbursement through any bank, any branch across the country. Union Minister of Labour and Employment, and Chairperson, Central Board of Trustees, Employees Provident Fund Organisation (EPFO), Mansukh Mandaviya, said the approval of the new payment system was a significant milestone in the modernisation of the EPFO. “The CPPS would ensure disbursement of pension throughout India without any need for transfer of Pension Payment Orders from one office to another even when the pensioner moves from one location to another, or changes the bank or branch. “This will be a great relief to pensioners who move to their hometown after retirement,” the Labour Ministry said. This facility will be launched as part of EPFO’s ongoing IT modernisation project Centralised IT Enabled System (CITES 2.01) from January 1, 2025. “By enabling pensioners to receive pensions from any bank, any branch, anywhere in the country, this initiative addresses the long-standing challenges faced by pensioners,” Mr. Mandaviya said. In the next phase, CPPS will enable a smooth transition to Aadhaar-based payment system. There will be no need for pensioners to visit the branch for any verification at the time of commencement of pension, and the pension shall be immediately credited upon release, the government said. The EPFO expects a significant cost reduction in pension disbursement in the new system. Two months ago, EPFO officials complained to the labour minister that the IT systems of India’s largest retirement fund are in a virtual logjam, and that efforts to flag software and hardware deficiencies triggering incessant crashes over the past two and a half years have been ignored by its top brass. Seeking the minister’s immediate attention on their “escalating frustration” with EPFO’s creaking IT systems that make it a challenge for staffers to process millions of workers’ PF and pension claims, the EPF Officers’ Association has cautioned that a “continued denial” of the problem will only exacerbate the situation and hinder remedial efforts. The annual review of the Accountant General has also flagged irregularities in pension payment by treasuries. The Hindu’s Editorials ​Trading up: On the World Bank’s India Development Update ​Death for rape: On Bengal’s Aparajita Bill The Hindu’s Daily Quiz Who is presently the world’s longest reigning monarch? Hassanal Bolkiah Mishal Al-Ahmad Al-Jaber Al-Sabah Jigme Khesar Namgyel Wangchuck Hamad bin Isa Al Khalifa To know the answer and to play the full quiz, click here. [logo] Editor's Pick 05 September 2024 [The Hindu logo] [EP Logo] Editor's Pick 05 September 2024 In the Editor's Pick newsletter, The Hindu explains why a story was important enough to be carried on the front page of today's edition of our newspaper. [View in browser]( [More newsletters]( EPFO pensioners to get payments from any bank or branch [The Union Labour Ministry has cleared a proposal for Centralised Pension Payment System (CPPS) for about 78 lakh pensioners under the Employees’ Pension Scheme, 1995]( The new system enables pension disbursement through any bank, any branch across the country. Union Minister of Labour and Employment, and Chairperson, Central Board of Trustees, Employees Provident Fund Organisation (EPFO), Mansukh Mandaviya, said the approval of the new payment system was a significant milestone in the modernisation of the EPFO. “The CPPS would ensure disbursement of pension throughout India without any need for transfer of Pension Payment Orders from one office to another even when the pensioner moves from one location to another, or changes the bank or branch. “This will be a great relief to pensioners who move to their hometown after retirement,” the Labour Ministry said. This facility will be launched as part of EPFO’s ongoing IT modernisation project Centralised IT Enabled System (CITES 2.01) from January 1, 2025. “By enabling pensioners to receive pensions from any bank, any branch, anywhere in the country, this initiative addresses the long-standing challenges faced by pensioners,” Mr. Mandaviya said. In the next phase, CPPS will enable a smooth transition to Aadhaar-based payment system. There will be no need for pensioners to visit the branch for any verification at the time of commencement of pension, and the pension shall be immediately credited upon release, the government said. The EPFO expects a significant cost reduction in pension disbursement in the new system. [Two months ago, EPFO officials complained to the labour minister that the IT systems of India’s largest retirement fund are in a virtual logjam]( and that efforts to flag software and hardware deficiencies triggering incessant crashes over the past two and a half years have been ignored by its top brass. Seeking the minister’s immediate attention on their “escalating frustration” with EPFO’s creaking IT systems that make it a challenge for staffers to process millions of workers’ PF and pension claims, the EPF Officers’ Association has cautioned that a “continued denial” of the problem will only exacerbate the situation and hinder remedial efforts. [The annual review of the Accountant General has also flagged irregularities in pension payment by treasuries](. The Hindu’s Editorials [Arrow][​Trading up: On the World Bank’s India Development Update]( [Arrow][​Death for rape: On Bengal’s Aparajita Bill]( The Hindu’s Daily Quiz Who is presently the world’s longest reigning monarch? - Hassanal Bolkiah - Mishal Al-Ahmad Al-Jaber Al-Sabah - Jigme Khesar Namgyel Wangchuck - Hamad bin Isa Al Khalifa To know the answer and to play the full quiz, [click here.]( Today’s Best Reads [[MCD ward committee election: BJP defeats AAP, restricts party to 5 zones] MCD ward committee election: BJP defeats AAP, restricts party to 5 zones]( [[Excise policy scam: Supreme Court to hear on September 5 Arvind Kejriwal’s pleas against arrest by CBI] Excise policy scam: Supreme Court to hear on September 5 Arvind Kejriwal’s pleas against arrest by CBI]( [[Dharambir shatters Asian record for gold, Soorma secures silver in club throw] Dharambir shatters Asian record for gold, Soorma secures silver in club throw]( [[Jammu and Kashmir polls: Rahul Gandhi says INDIA bloc will ensure restoration of Statehood to J&K] Jammu and Kashmir polls: Rahul Gandhi says INDIA bloc will ensure restoration of Statehood to J&K]( Copyright© 2024, THG PUBLISHING PVT LTD. If you are facing any trouble in viewing this newsletter, please [try here]( Manage your newsletter subscription preferences [here]( If you do not wish to receive such emails [go here](

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