ARTICLE · 19 NOVEMBER 2024

Employment Corner Bulletin September – October 2024

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The Union Minister of Labour and Employment and the Chairperson of the Central Board of Trustees, Employees' Provident Fund have approved the proposal for a Centralized Pension Payment System ("CPPS")...

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CENTRAL

Central Government notifies CPPS for pensions under the Employees' Pension Scheme, 1995

The Union Minister of Labour and Employment and the Chairperson of the Central Board of Trustees, Employees' Provident Fund have approved the proposal for a Centralized Pension Payment System ("CPPS") for the Employees' Pension Scheme, 1995 as per the press release dated September 4, 2024 issued by the Press Information Bureau. This system will allow pension disbursement to be made through any bank and to any branch across India, marking a shift from the existing decentralized system, where each zonal/regional office of Employees' Provident Fund Organisation ("EPFO") maintains separate agreements with only three to four banks. This facility will be launched as part of the EPFO's ongoing IT modernization project, 'Centralized IT Enabled System' from January 1, 2025. In the next phase, the CPPS will enable a smooth transition to an Aadhaarbased

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