Minister of Labour & Employment Mansukh Mandaviya on Friday announced successful completion of pilot run of new Centralized Pension Payments System (CPPS) under Employees' Pension Scheme 1995. The CPPS is a paradigm shift from the existing pension disbursement system that is decentralized, with each Zonal/Regional Office of EPFO maintaining separate agreements with only 3-4 banks, a labour ministry statement said. In CPPS, there will be no need for pensioners to visit the bank for any verification at the time of commencement of pension and the pension shall be immediately credited upon release, it stated. The minister mentioned in the statement that the pilot run was completed on October 29-30 with the pension disbursement of about Rs 11 crore for October 2024 to more than 49,000 EPS pensioners of Jammu, Srinagar and Karnal regions. Earlier, during the announcement of the new CPPS system, Mandaviya had said, "The CPPS marks a significant milestone in modernization of the EPFO. By . Read The Rest at :