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Union Minister Mansukh Mandaviya Announces New Centralized Pension Payments System

Union Minister Mansukh Mandaviya Announces New Centralized Pension Payments System

Union Minister Mansukh Mandaviya Announces New Centralized Pension Payments System

In a significant development, Union Minister of Labour and Employment and Youth Affairs and Sports, Mansukh Mandaviya, has announced the successful pilot run of the Centralized Pension Payments System (CPPS) under the Employees’ Pension Scheme 1995. The pilot was completed on October 29th and 30th, 2024, disbursing approximately Rs 11 Crore to over 49,000 pensioners in Jammu, Srinagar, and Karnal regions.

The CPPS represents a major shift from the previous decentralized system, allowing pensioners to receive their pensions from any bank, branch, or location across India. This eliminates the need for pensioners to visit banks for verification and ensures immediate credit of pensions upon release. The system also removes the necessity for transferring Pension Payment Orders (PPO) when pensioners relocate or change banks.

Mandaviya highlighted that this initiative addresses long-standing challenges faced by pensioners and is part of the EPFO’s ongoing IT modernization project, Centralised IT Enabled System (CITES 2.01). The full rollout of CPPS is expected by January 2025, benefiting over 78 lakh EPS pensioners.

The EPFO continues to enhance services for pensioners, with the CPPS being a major reform in this direction.

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Union Minister -: A Union Minister is a person who is part of the central government in India and is responsible for a specific department or ministry. Mansukh Mandaviya is one such minister.

Mansukh Mandaviya -: Mansukh Mandaviya is an Indian politician who serves as a Union Minister in the government. He is responsible for making important decisions and announcements related to his ministry.

Centralized Pension Payments System (CPPS) -: The Centralized Pension Payments System is a new system that helps distribute pension money to retired people. It makes it easier for pensioners to get their money from any bank without needing to visit a specific branch.

Employees’ Pension Scheme 1995 -: This is a scheme in India that provides pension benefits to employees after they retire. It was started in 1995 to help ensure financial security for retired workers.

Pilot -: A pilot is a small test run of a new system or program to see how well it works before it is used everywhere. In this case, the pilot was done to test the new pension system.

PPO -: PPO stands for Pension Payment Order, which is a document that authorizes the payment of pension to a retired person. With the new system, pensioners won’t need to transfer their PPO to different banks.

Rs 11 Crore -: Rs 11 Crore is a large amount of money, equal to 110 million rupees. It was the total amount distributed to pensioners during the pilot test.

78 lakh pensioners -: 78 lakh pensioners means 7.8 million retired people who will benefit from the new pension system once it is fully implemented.
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