People with pension across the country are now getting some relief that they needed. Following thispensioners will not have to come to the bank to get their pensions verified. This new change has been brought about through the EmployeePension Scheme (EPS-95) which has been initiated by the Malaysian government. Since the government has successfully piloted the Centralized Pension Payment System (CPPS)then this system is likely to be extended to the next phases soon.
What was the Centralized Pension Payment System (CPPS)?
The EmployeesPension Scheme (EPS-95) has changed a lot. In the recent past, India Minister of Labour and Employment Mr Mansukh Mandaviya tweeted that the CPPS had been successfully tested. This system is further going to ease and streamline pension payments for the pensioners and make it less problematic.
This system will also help pensioners avoid having to go the bank to receive their pensions, as it will previously shall be. Once granted a pensionthe right shall be payable by direct transfer of the pension amount to the pensioner account. This of course will be less time-consuming and require less effort than doing it all manually making it far more convenient.
How Will CPPS Work?
Thus, the CPPS system is the significant advancement in the advances of the EPFO (Employees’ Provident Fund Organization). Before now pension distribution is done in a disorganized manner and pensioners used to be receptor to banks for confirmation. Looking on at this new format of pension distribution, only some specified banks would be responsible for the distribution of pensions, and this exercise is done much faster.
The pensioners will now be allowed to access pension from any branch of the selected bank in the nation. This does away with the many processes and frequent visits to the financial institutions.
The reform is being performed with the establishment of the CPPS, which simplifies the pensioners’ everyday life and contributes to a more effective organization of pensions. This should have been implemented across the country soon and without any hassles to everyone and especially the pensioners.
