In News:

• The CPPS aims to enhance pension accessibility and simplify the disbursement process for over 7.85 million pensioners in India.
• Key Benefit: Pensioners can now receive their pension from any bank or branch across India, eliminating the need for physical verifications and providing seamless nationwide pension disbursement.

Key Highlights:

• Key Features:
  • No need for physical verification: Pensioners do not have to visit the bank for verification at the time of pension commencement.
  • Seamless pension disbursement: Upon release, the pension amount is credited immediately.
  • Nationwide access: Pensioners can withdraw their pension from any bank or branch, without needing to transfer Pension Payment Orders (PPO) when relocating or changing banks.
• Significance:
  • Eliminates the decentralised pension system, where each regional office maintained separate agreements with a few banks.
  • Ensures pension portability, especially for pensioners who move or change banks.

Employees’ Provident Fund Organisation (EPFO):

• Overview:
  • EPFO is a statutory body under the Employees' Provident Funds and Miscellaneous Act, 1952, and works under the Ministry of Labour and Employment.
• Structure:
  • Administered by a tripartite board called the Central Board of Trustees, consisting of representatives from:
    • Government (Central & State)
    • Employers
    • Employees
  • The Central Board of Trustees is chaired by the Union Minister of Labour and Employment.
• Key Schemes Operated by EPFO:
  • Employees’ Provident Funds Scheme, 1952 (EPF): A savings scheme for workers.
  • Employees’ Pension Scheme, 1995 (EPS): A pension scheme for employees after retirement.
  • Employees’ Deposit Linked Insurance Scheme, 1976 (EDLI): Provides life insurance coverage to workers.
• Global Coverage: EPFO is also the nodal agency for implementing Bilateral Social Security Agreements with other countries, offering reciprocal social security benefits to international workers from countries with such agreements.
• Impact: The EPFO schemes cover Indian workers and international workers from countries with which EPFO has signed bilateral agreements.

Key Facts:

• CPPS improves the convenience and accessibility of pension services for millions of pensioners across India by simplifying the pension disbursement process and providing nationwide access without the need for physical verifications.
• EPFO, a statutory body under the Ministry of Labour and Employment, plays a crucial role in managing provident funds, pensions, and insurance schemes for both domestic and international workers, fostering social security across India.