These days, EPFO (Employees ‘Provident Fund Organization) has changed many important rules, which will benefit the pensioners of EPS-95 (Employees’ Pension Scheme, 1995). One of these rules is the rules. Centralized Pension Payment System (CPPS), which allows pensioners to receive pension from any bank in the country. In addition, the process of e-nomination has also become easier, so that pensioners can easily nominate their family members.
These new rules of EPFO will not only facilitate pensioners, but it will also benefit their family members. With the process of e-nomination online, pensioners will no longer have to visit the offices. In this article, we will give detailed information about the new rules of EPFO and the process of e-nomination.
Centralized pension payment system (CPPS)
Centralized Pension Payment System (CPPS) is a system that allows Pensioners of EPS-95 to get pension from any bank in the country. This system is part of EPFO’s IT modernization program, which has been introduced under CIITES 2.01. With this system, pensioners will not need to change the bank branch for their pension payment, which will provide them a lot of convenience.
Observation of scheme
| Speciality | Description |
| Centralized pension payment system | Pensioners facility to get pension from any bank in the country. |
| E-promotion | Online enrollment process from which family members can be nominated. |
| Beneficiary | About 78 lakh pensioners of EPS-95 will benefit. |
| Start date | CPPS will be applicable from 1 January 2025. |
| Modernization | Part of EPFO’s IT modernization program. |
| Facility | Pensioners will not need to change the bank branch. |
| payment system | Aadhaar-Based Payment System (ABPS) is also planned. |
What is e-nomination and its importance
E-nomination is an online process from which members of EPF and EPS can nominate their family members. This process is available on the online portal of EPFO and through it members can easily designate their family members. The main objective of E-Nomination is that if the member dies, their nominated family members can easily get pension and other benefits.
e-nomination process
The process of e-nomination is as follows:
- Login on the EPFO portal: Login on the EPFO member portal using your UAN (Universal Account Number) and password.
- Update the profile: Update and verify your Aadhaar and mobile number.
- Choose the E-Nomination option: Go to the ‘Manage’ tab and click on the ‘E-Nomination’ option.
- Enter family details: Enter the details of your family members and determine the percentage of their share.
- Use E-Signature: Verify enrollment using your aadhaar-based e-signature.
Benefits for pensioners
The Pensioners of EPS-95 will get many benefits from Centralized Pension Payment System (CPPS) and E-Nomination. The following are some of these major benefits:
- Convenient pension payment: Pensioners will get the facility to get pension from any bank in the country.
- Family security: E-nomination will easily get pension and other benefits to family members.
- Modern and technical facilities: IT modernization of EPFO will provide more convenience and protection to pensioners.
conclusion
The new rules of EPFO will greatly benefit EPS-95 pensioners. Facilities like Centralized Pension Payment System (CPPS) and E-Nomination will not only facilitate pensioners, but will also benefit their family members. Through these facilities, pensioners will get more security and facilities, which will make their lives easier.
Important information for pensioners
It is important for Pensioners of EPS-95 to know that e-nomination is not mandatory, but it can be very beneficial for their family. The process of e-nomination is easy and online, so that pensioners can easily nominate their family members.
Disclaimer:
The information given in this article is about the new rules of EPFO and the process of e-nomination. This information is based on general knowledge and available data. E-nomination is not mandatory, but it can be very beneficial for the family of pensioners. EPFO rules may change, so it would be appropriate to visit the official website of EPFO for the latest information.
