EPFO completes pilot of Centralized Pension Payments System
On 8 November 2024, Labour Minister Mansukh Mandaviya announced the successful pilot run of EPFO's new Centralized Pension Payments System under EPS 1995, disbursing about ₹11 crore to over 49,000 pensioners.
Summary
On 8 November 2024, Union Labour & Employment Minister Mansukh Mandaviya announced the successful completion of the pilot run of the new Centralized Pension Payments System (CPPS) under the Employees' Pension Scheme 1995. The pilot, completed on 29â30 October 2024, disbursed about ₹11 crore of October pension to more than 49,000 EPS pensioners of the Jammu, Srinagar and Karnal regions. CPPS will let pension be paid anywhere in India without transferring Pension Payment Orders, and will be fully rolled out under EPFO's CITES 2.01 IT modernisation project by January 2025, benefiting more than 78 lakh EPS pensioners.
Key facts
- Announced
- 8 Nov 2024, by Mansukh Mandaviya
- Pilot
- 29â30 Oct 2024; ~₹11 crore to 49,000+ pensioners
- Pilot regions
- Jammu, Srinagar, Karnal
- Scheme
- Employees' Pension Scheme 1995
- Full rollout
- By January 2025 under CITES 2.01
- Beneficiaries
- 78 lakh+ EPS pensioners
Practice MCQs 3 questions
The pilot run of EPFO's Centralized Pension Payments System (October 2024) covered pensioners of which regions?
Show answer
Correct answer: B â Jammu, Srinagar and Karnal
PIB (Labour): about ₹11 crore was disbursed to more than 49,000 EPS pensioners of the Jammu, Srinagar and Karnal regions.
EPFO's Centralized Pension Payments System is to be fully rolled out by January 2025 as part of which IT modernisation project?
Show answer
Correct answer: D â CITES 2.01
PIB (Labour): CPPS will be fully rolled out as part of the Centralized IT Enabled System (CITES 2.01) by January 2025.
On full rollout, the Centralized Pension Payments System is expected to benefit about how many EPS pensioners?
Show answer
Correct answer: A â More than 78 lakh
PIB (Labour): the new CPPS will benefit more than 78 lakh EPS pensioners of EPFO.