The India’s Employees’ Provident Fund Organization or EPFO has recently designed a new centralized pension payment system or CPPS that aims to regulate the pension to its beneficiaries in the country. This has been done in an effort to raise competency and make pensioners be able to benefit from any branch of the banks across this country by accessing their pensions.
Key Features of CPPS
– Universal Access: It became finally possible to withdraw pensions from any bank which means that the pensioners will not have to thus remain loyal to the certain branch anymore.
– Elimination of Physical Verification: The new system simplifies how pensioners do not need to go to banks for verification every time they begin their pension.
– Immediate Credit: Pension amounts will be distributed within the shortest of time possible and pensioners will have easy access to their funds.
Benefits to Pensioners
The Centralised Positive Pay System is expected to benefit approximately 6.8 million pensioners by providing:
– Flexibility: pensioner, who ambulate or alter their personalized bank information, no longer need to amend their Pension Payment Orders (PPOs) as such are made automatically.
– Convenience: They reduce many hurdles that pension beneficiaries would otherwise have to leap through to finally receive their pensions thus easing pension distribution.
How ‘the Works functioning today? And further possibilities.
The EPFO has, in its totality, adopted the CPPS at all its regional offices, and has indeed stepped up a raise in pension management. This development demonstrate the organization management’s desire to apply the use of technology in the overall delivery of services to beneficiaries.
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