| Employees’ Provident Fund Organisation (EPFO) • Established in 1952, under the Ministry of Labour and Employment. • Administered by the Central Board of Trustees, which is a statutory body • It manages Employees’ Provident Fund (EPF), Employees’ Pension Scheme (EPS), and Employees’ Deposit Linked Insurance (EDLI). • EPFO ensures retirement savings, pensions, and insurance benefits for employees. • Covering establishments with over 20 workers. |
- The Union Labour Ministry has approved the Centralised Pension Payment System (CPPS) for pensioners under the Employees’ Pension Scheme, 1995.
- It allows pension disbursement through any bank or branch across India, eliminating the need to transfer Pension Payment Orders when pensioners move or change banks.
- A key milestone as it will bring relief to pensioners, especially those relocating after retirement.
- As part of the IT modernization project (CITES 2.01), CPPS will launch on January 1, 2025.
- In its next phase, CPPS will transition to an Aadhaar-based payment system, eliminating the need for pensioners to visit branches for verification.
- Pensions will be credited immediately upon release, further reducing costs associated with disbursement.
Dig Deeper: Read about the Unified Pension Scheme.
