Posts Tagged ‘National Pension System’

Reversion to Old Pension Scheme

Advertisement

Reversion to old pension scheme due to administrative delay

“NPS applicable to Government servants appointed to civil posts on or before 31.12.2003. The date on which the vacancies arose or the date on which the examination was conducted for filling up the vacancies is not relevant for deciding the applicability of the Central Civil Services (Pension) rules, 1972″

Reversion to old pension scheme

In accordance with the scheme for National Pension System (NPS), as notified vide Ministry of Finance (Department of Economic Affairs)’s Notification No. 5/7/2003-ECB & PR dated 22.12.2003, the System is mandatory for all new recruits to the Central Government service (except armed forces) from 01.01.2004. Accordingly, as per Rule 2 of the Central Civil Services (Pension) Rules, 1972, as amended on 30.12.2003, these rules are applicable to Government servants appointed to civil posts on or before 31.12.2003. The date on which the vacancies arose or the date on which the examination was conducted for filling up the vacancies is not relevant for deciding the applicability of the Central Civil Services (Pension) rules, 1972.

Ministry of Home Affairs have not sought any advice from Department of Pension and Pensioners’ Welfare on the question of having a policy to cover the paramilitary personnel appointed after 01.01.2004 under the Old Pension Scheme on the ground that the vacancies arose, or the examination was conducted, in the year 2003. However, a reference was received from Ministry of Home Affairs in a specific case relating to appointments as Sub-Inspector in various Central Para Military Forces after selection in August, 2003 on the basis of an Examination conducted in 2002.

Appointments on the basis of these selections were made in Central Reserve Police Force in 2003 and the candidates appointed were covered by the pension scheme under Central Civil Service (Pension) Rules, 1972. However, in the Border Security Force, offers of appointment on the basis of the same examination/selection were issued in January, 2004. On a petition filed by some personnel appointed in the Border Security Force on the basis of that examination, Hon’ble High Court of Delhi directed to cover the petitioners under the Central Civil Service (Pension) Rules, 1972 on the grounds of administrative delay on the part of Border Security Force in making appointments.

The order of Hon’ble High Court of Delhi was implemented by the Ministry of Home Affairs/Border Security Force in view of the peculiar circumstances of that case. The decision taken in that case is, however, not relevant for deciding applicability of Central Civil Service (Pension) Rules to all appointments made on or after 01.01.2004 in the Central Para Military Forces or in any other Department/organization on the basis of year of examination/selection.

This information was provided by the Union Minister of State (Independent Charge) Development of North-Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Dr. Jitendra Singh in written reply to a question in Rajya Sabha on 19.7.2018.

Source: PIB

Download Central Government Employees News iOS App . Click here Cg News for iPhone, iPad & iPod Touch app to download in your device.
Stay updated on the go with CENTRAL GOVERNMENT NEWS App. Click here Cg news for Phones app to download it for your device.

Be the first to comment - What do you think?  Posted by admin - September 26, 2018 at 9:02 pm

Categories: Pension   Tags: , , , ,

Central Government Rejects the Demand to Scrap National Pension System

Central Government Rejects the Demand to Scrap National Pension System

Abolition of Contributory Pension Scheme

Representations have been received from various Associations of Government Employees on the problems being faced and the demand to withdraw the National Pension System (NPS). The 7th Central Pay Commission (CPC) also in its report examined the issues related to NPS and made recommendations for addressing these issues.

Pursuant thereto, it was decided to constitute a Committee of Secretaries to suggest measures for streamlining NPS. The Committee has submitted its report. Due to rising and unsustainable pension bill and keeping in view of fiscal imperatives, it is not possible for the government to revert back to old pension scheme.

This information was provided by the Minister of State in the Ministry of Finance Shri. Shiv Pratap Shukla in written reply to a question in Rajya Sabha on 24.7.2018.

Source: Confederation

Be the first to comment - What do you think?  Posted by admin - at 8:08 pm

Categories: Pension   Tags: , , , , , ,

Conference on Implementation of National Pension System by Central Autonomous Bodies

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

PRESS RELEASE

Conference on Implementation of National Pension System by Central Autonomous Bodies

A conference on implementation of National Pension System by Central Autonomous Bodies (CABs) was organized by PFRDA on 13th June 2018 at New Delhi. The prime objective was to provide a forum to all Central Autonomous Bodies (CABs), where the progress in the implementation of NPS with respect to compliance of timelines in various NPS related activities could be brought to the fore and a way forward could be provided. Officials from most of the Central Autonomous Bodies (CABs) attended the conference.

Dr. Badri Singh Bhandari, Whole Time Member (Economics) in his opening remarks mentioned that currently there are 557 CABs which have about 1.73 lacs subscribers and about Rs.11800 crores of Asset Under Management (AUM). He further emphasised the need for discipline in submission of subscriber registration forms and remittance of the subscribers’ contributions. He also highlighted the responsibility of nodal officers handling NPS and advised that they should be aware of the NPS and its related process in detail for addressing the queries/grievances of the subscribers.

Chairman, PFRDA, Sh. Hemant Contractor, in his address emphasized the fact that NPS, being a Contributory scheme, was different from the earlier pension system and discussed various determinants of pension such as promptness of the Nodal offices in performing various NPS related activities mainly subscriber registration, upload/remittance of NPS contributions and also period of stay in the scheme, contribution level, returns on investments, annuity schemes chosen, annuity service providers chosen etc. In this regard, he stressed upon the need to work in tandem to ensure that NPS works efficiently and pensions are served effectively. He also highlighted endeavour of PFRDA in educating subscribers in handling their pension accounts, through a dedicated website, Pension Sanchay.

Secretary, Department of Expenditure, Govt. of India Sh. Ajay Narayan Jha, in his key-note address appreciated the initiative of PFRDA for holding this conference exclusively for Central Autonomous Bodies as it provided two-way communications between stakeholders for the ultimate benefit of the subscribers. He stressed to all participants on the need of becoming sensitive and responsible towards employee-subscribers currently covered under NPS in order to protect their interest, while monitoring various NPS related activities. He also stressed upon the role which can be played by the Head of Institutions and PrAOs of the respective CABs in streamlining NPS operations.

A presentation was also made by the NSDL e-Governance Infrastructure Ltd, the Central Recordkeeping Agency for NPS about the operational issues and new functionalities released for the convenience of the nodal officers-PAOs/DDOs and the subscribers. A presentation was also made by Jamia Millia Islamia University about the best practices they have adopted to administer the subscribers’ interface effectively. While presenting the Vote of Thanks Shri Ashish Kumar, GM mentioned that PFRDA is periodically holding Review meetings/ Video conferences also with the CABs on important parameters having financial implications and expects significant improvement from the present state of affairs.

Be the first to comment - What do you think?  Posted by admin - September 24, 2018 at 1:04 pm

Categories: Pension   Tags: , , , ,

New Contributory Pension System (NPS) – Confederation

An Overview of New Contributory Pension System (NPS) – Confederation

NEW CONTRIBUTORY PENSION SYSTEM (NPS)

M.Krishnan

Secretary General

Confederation of Central Govt. Employees & Workers

Pension system was in vogue in India for a century or more and the British Government during the pre-independence era introduced Pension Rules for Government employees and thus made it statutory. In the year 1982 Supreme Court in its landmark judgement in Nakara’s case declared that – “as per India’s constitution, Government is obliged to provide social and economic security to pensioners and that Government retirees had the fundamental right to pension….. Pension is not a bounty nor a matter of grace depending upon the sweet will of the employer. It is not an ex-gratia payment, but a payment for past service rendered. It is a social welfare measure, rendering socio-economic justice to those who in the hey days of their life, ceaselessly toiled for their employers on the assurance that in their old age, they would not be left in lurch.”

During the advent of globalisation policies in 1980’s the pension reforms also started simultaneously. IMF & World Bank started publishing so many reports and documents emphasizing the need for pension reforms. They also started studying about the reforms to be undertaken in the pension sector in India. In 2001, “IMF work paper on pension reforms in India” and World Bank India specific report “India – the challenge of old age income security” were published. Their work reports emphasized that “Pension obligations or promises made by the Governments which have potential of exerting pressure on Govt. finances, have been a subject of increased focus in assessing medium to long term fiscal sustainability.” In tune with the dictates of IMF and World Bank BJP-led NDA Government appointed Bhattacharjee Committee in 2001 headed by Ex-Chief Secretary of Karnataka, to study and recommend pension reforms. Thus after creating ground for pension reforms, under the pretext of implementing recommendations of Bhattacharyya Committee, the NDA Government introduced New Pension System called Defined Contributory pension system for all employees who join service on or after 01-01-2004. The Congress-led UPA Government which came to power in 2004 continued with the reforms and promulgated an ordinance to legalise NPS. But UPA-I Govt. could not pass the Pension Bill in Parliament due to stiff opposition of Left Parties supporting it. Later when UPA-II Government came to power the Pension Regulatory and Development Authority (PFRDA) Bill was passed in the Parliament with the support of BJP, the then opposition party. Many State Governments governed by political parties other than Left Parties, introduced Contributory Pension System for their employees from various dates after 2004. Left Front Governments of Kerala, West Bengal and Tripura refused to introduce the New Pension Scheme and they continued with the old defined benefit pension scheme. Congress-led UDF Government introduced NPS in Kerala. After BJP coming to power in Tripura also Contributory Pension Scheme is introduced recently. In West Bengal old Pension Scheme continues even now. Not only newly appointed Central and State Government employees, almost all new entrants of public sector and Autonomous bodies are also brought under the purview of NPS.

As per New Contributory Pension Scheme an amount of 10% of pay plus Dearness Allowance will be deducted each month from the salary of the employees covered under NPS and credited to their pension account. Equal amount is to be credited by the Government (employer) also. Total amount will go to the Pension Funds constituted under the PFRDA Act. From the pension fund the amount will go to the share market. As per the PFRDA Act – “there shall not be any implicit or explicit assurance of benefit except (share) market based guarantee mechanism to be purchased by the subscribers”. Thus the amount deposited in Pension Fund may or may not grow depending on the fluctuations in the share market. After attaining 60 years of age i.e., at the time of retirement, 60% of the accumulated amount in the Pension Account of the employee will be refunded and the balance 40% will be deposited in an Insurance Annuity Scheme. Monthly amount received from the Insurance Annuity Scheme is the monthly pension i.e., Pension is not paid by Government, but by the Insurance Company and hence NPS is nothing but Pension Privatization..

Thus it can be seen that the growth of the accumulated amount in the Pension fund depends upon the vagaries of share market. If the share markets collapse, as happened during the 2008 world financial crisis, then the entire amount in the pension fund may vanish. In that case employee will not get any pension. Every fluctuation in the share market will affect the future of pension of those employees who are covered under NPS. Uncertainty about pension and retirement life looms large over their heads. Even if there is a stabilized share market the 40% amount in the annuity scheme is not enough to get 50% of the last pay drawn as pension, which is the minimum pension as per old pension scheme. Many employees who entered in service after 01-01-2004 has retired in 2017 and 2018 after completing 12 & 13 years of service. They are getting Rs.1400- to Rs.1700- only as monthly pension from Insurance Annuity Scheme. If they have entered service in 2003 i.e., in the old pension scheme, they would have got 50% of the last pay drawn as pension subject to a minimum of Rs.9000- as minimum pension, that too without giving any monthly contribution towards pension from their salary. In short, NPS is nothing but NO PENSION SYSTEM.

As per clause 12(5) of the PFRDA Act even the employees and pensioners who are not covered under NPS, can be brought under the Act by a Gazette notification by the Government. Thus NPS is a Damocles’ sword hanging over the head of all employees and pensioners.

Who is the beneficiary of this pension reforms? As in the case of every neo-liberal reforms, the ultimate beneficiary is the Corporates. The huge amount collected from the workers through pension fund is invested in share market by the Pension Fund Managers and this amount in turn can be utilied by the multi-national Corporates for multiplying their profit. Amount deducted and credited to the Pension fund from each newly recruited employees plus the employer’s share amount will remain with the pension fund and share market for a period of minimum 30 to 35 years i.e., till the age of 60 years. During this long period of 35 years crores and crores of rupees will be at the disposal of share market controlled by multinational corporate giants. Ultimate causality will be the poor helpless employee/pensioner.

Confederation of Central Government Employees and Workers and All India State Government Employees Federation (AISGEF) has been opposing the NPS from the very beginning and a one day strike was conducted on 30th October 2007. It was one of the main demand in all other strikes during these period. The campaign and struggle against NPS continued and as of now the subjective and objective conditions for a bigger struggle against NPS has emerged as almost 50% of the total employees in Central, State, Public sector and Autonomous bodies are now covered under NPS and are becoming more and more restive and agitated. 7th Central Pay Commission Chairman Retired Supreme court Judge Sri. Asok Kumar Mathur has correctly pointed out that “Almost a whole lot of Government employees appointed on or after 01-01-2004, were unhappy with New Pension Scheme. Govt. should take a call to look into their complaint”.

As per the recommendations of 7th CPC, Central Government appointed a Committee called “NPS Committee” for streamlining the functioning of NPS. The Staff-side has demanded before this Committee to scrap NPS and guarantee for 50% of the last pay drawn as minimum pension subject to a minimum of Rs.9000-. Even though, the Committee has submitted its report 18 months back, the Government has not yet disclosed the recommendations of the Committee.

Confederation and AISGEF has decided countrywide intensive campaign culminating in one day strike on 15th November 2018 demanding that the Defined Contributory Pension Scheme (New Pension Scheme – NPS) imposed on new entrants must be scrapped and the Government should reintroduce the Defined Benefit Pension Scheme (Old Pension Scheme – OPS) that was in vogue for a century or more. We are also exploring the possibility of organizing an indefinite strike in the coming days exclusively on one demand i.e., SCRAP NPS, RESTORE OPS for which wider consultations are being made with all like-minded organizations.

Mob & whatsapp: 09447068125

e-mail: mkrishnan6854@gmail.com

Source: Confederation

Be the first to comment - What do you think?  Posted by admin - September 10, 2018 at 10:09 pm

Categories: Pension   Tags: , , , , ,

Defined Contribution Pension Scheme (National Pension System) – Salient Features

Defined Contribution Pension Scheme (National Pension System)
(Salient Features)


  • The National Pension System works on defined contribution basis and will have two tiers – Tier-I and II. Contribution to Tier-I is mandatory for all Government servants joining Government service on or after 1-1-2004 (except the armed forces in the first stage), whereas Tier-II will be optional and at the discretion of Government servants.
  • In Tier-I, a Government servant will have to make a contribution of 10% of his basic pay plus DA, which will be deducted from his salary bill every month by the PAO concerned. The Government will make an equal matching contribution. However, there will be no contribution from the Government in respect of individuals who are not Government employees.
  • Tier-I contributions (and the investment returns) will be kept in a limited partial withdrawable Pension Tier-I Account. Tier-II contributions will be kept in a separate account that will be withdrawable at the option of the Government servant. Government will not make any contribution to Tier-II account.
  • The existing provisions of Defined Benefit Pension and GPF would not be available to the new recruits in the central Government service, i.e. to the Government servants joining Government service on or after 1-1-2004. However, retirement gratuity and death gratuity would be extended to the central government employees covered under NPS on the same terms and conditions as applicable under CCS(Pension) Rules, 1972.
  • In order to implement the Scheme, there will be a Central Record Keeping Agency (CRA) and several Pension Fund Managers (PFM) to offer three categories of Schemes to Government servants, viz., options A,B and C based on the ratio of investment in fixed income instruments and equities. The participating entities (PFMs and CRA) would give out easily understable information about past performance, so that the individual would be able to make informed choices about which scheme to choose.
  • An independent Pension Fund Regulatory and Development Authority (PFRDA) will regulate and develop the NPS.
  • A Government servant can exit at or after the age of 60 years from the Tier-I of the Scheme. At exit, it would be mandatory for him to invest 40 per cent of pension wealth to purchase an annuity (from an IRDA-regulated Life Insurance Company) which will provide for annuity for the lifetime of the employee and his dependent parents/spouse. He would receive a lump-sum of the remaining pension wealth which he would be free to utilize in any manner. In the case of Government servants who leave the Scheme before attaining the age of 60, the mandatory annuitization would be 80% of the pension wealth.
  • Provisionally, central government employees covered under NPS has option to choose benefits under old pension scheme or NPS in the event of their death or discharge from service on invalidation.

2. FAQs about the National Pension System

Frequently Asked Questions (FAQs)
(National Pension  System)

Last updated/Reviewed:  18.12.2017

NPS.1 The  CCS(P)  Rules are applicable to govt. servants appointed on  or  before 31.12.2003. Are the employees who joined pensionable establishments  of  Govt. of India after 31/12/2003 eligible for any benefits under these rules?

In  accordance with DoP&PW O.M. No.  38/41/06 – P&PW(A) dated 5.5.2009 such  employees  who  joined  after  31/12/2003  and/or  their families may be given the benefit of disability pension  or  family  pension  provisionally  till  the finalization of rules under the National Pension System   (NPS) on death/injury.
Further,  the  benefit of Retirement Gratuity and Death Gratuity have  been extended to the Central Government civil employees covered under NPS in the  same  terms  and conditions  as applicable under CCS Pension Rules, 1972 vide this OM no. 7/5/2012 – P&PW(F)/B dated 26/08/2017.

NPS.2 What are the guidelines/orders in regard to settlement of dues of the deceased Government employees covered under NPS?
As per the Department of Pension & PW O.M. No.38/41/06 – P&PW(A) dated 5.5.2009 (available on website) the benefits under the CCS(Pension) Rules has  been  provisionally  extended to the families of deceased employees covered under NPS. Family Pension/gratuity in terms of O.M. dated 5.5.2009 shall  be  payable  to  the  family of the deceased employee if the deceased  employee was  covered  under  NPS  and fulfils the conditions. These payments are provisional and  will  be  adjusted  as  per the final provisions. As per Para 7 of the O.M., the accumulations in pension wealth of deceased employee under NPS  will not be paid during the period provisional benefits under the aforementioned O.M. are payable. The Head of Office will prepare the pension papers as per provisions of the relevant rules and proceed as per the procedure for making the provisional payments to  eligible  Government  servants families explained in Ministry  of  Finance O.M. No.1(7)/DCPS(NPS)/2009/TA/221 dated 2.7.2009 read with corrigendum dated 29.9.2009.

Source: pensionersportal.gov.in

Be the first to comment - What do you think?  Posted by admin - August 10, 2018 at 12:36 pm

Categories: Pension   Tags: , , , ,

Reversion to old pension scheme

Reversion to old pension scheme

Ministry of Personnel, Public Grievances & Pensions
Reversion to old pension scheme

In accordance with the scheme for National Pension System (NPS), as notified vide Ministry of Finance (Department of Economic Affairs)’s Notification No. 5/7/2003-ECB & PR dated 22.12.2003, the System is mandatory for all new recruits to the Central Government service (except armed forces) from 01.01.2004.

Accordingly, as per Rule 2 of the Central Civil Services (Pension) Rules, 1972, as amended on 30.12.2003, these rules are applicable to Government servants appointed to civil posts on or before 31.12.2003. The date on which the vacancies arose or the date on which the examination was conducted for filling up the vacancies is not relevant for deciding the applicability of the Central Civil Services (Pension) rules, 1972.

Ministry of Home Affairs have not sought any advice from Department of Pension and Pensioners Welfare on the question of having a policy to cover the paramilitary personnel appointed after 01.01.2004 under the Old Pension Scheme on the ground that the vacancies arose, or the examination was conducted, in the year 2003. However, a reference was received from Ministry of Home Affairs in a specific case relating to appointments as Sub-Inspector in various Central Para Military Forces after selection in August, 2003 on the basis of an Examination conducted in 2002.

Appointments on the basis of these selections were made in Central Reserve Police Force in 2003 and the candidates appointed were covered by the pension scheme under Central Civil Service (Pension) Rules, 1972. However, in the Border Security Force, offers of appointment on the basis of the same examination/selection were issued in January, 2004.

On a petition filed by some personnel appointed in the Border Security Force on the basis of that examination, Hon’ble High Court of Delhi directed to cover the petitioners under the Central Civil Service (Pension) Rules, 1972 on the grounds of administrative delay on the part of Border Security Force in making appointments.

The order of Hon’ble High Court of Delhi was implemented by the Ministry of Home Affairs/Border Security Force in view of the peculiar circumstances of that case. The decision taken in that case is, however, not relevant for deciding applicability of Central Civil Service (Pension) Rules to all appointments made on or after 01.01.2004 in the Central Para Military Forces or in any other Department/organization on the basis of year of examination/selection.

This information was provided by the Union Minister of State (Independent Charge) Development of North-Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances & Pensions, Atomic Energy and Space, DrJitendra Singh in written reply to a question in Rajya Sabha today.

PIB

Be the first to comment - What do you think?  Posted by admin - July 20, 2018 at 2:59 pm

Categories: Pension   Tags: , , , , , ,

PFRDA Circular – Common Stewardship Code

PFRDA Circular – Common Stewardship Code

PFRDA

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

B-14/A, Chhatrapati Shivaji Bhawan
Qutab Institutional Area,
Katwaria Sarai, New Delhi – 110 016.
Ph: 011-26517501, 26517503, 26133730
Fax:011-26517507
Website: www.pfrda.org.in

CIRCULAR

PFRDA/2018/01/PF/01

Date: 4th May, 2018

Subject: Common Stewardship Code

1.  National Pension System strives to provide old age income security to its subscribers of which NPS Trust is the legal owner of the funds and the Pension Funds undertaking investment of such monies as per the investment guidelines approved by the Authority. Pension Funds are expected to shoulder greater responsibility towards the subscribers/beneficiaries by enhancing monitoring and engagement with the investee companies. Such activities are commonly referred to as ‘Stewardship Responsibilities’ of the institutional investors and asset managers and are intended to protect the subscribers’ pension wealth. Such increased engagement is also seen as an important step towards improved corporate governance in the investee companies and gives a greater fillip to the protection of the interest of subscribers in such companies.

2. In view of the above, in consultation with Securities and Exchange Board of India (SEBI) and Insurance Regulatory and Development Authority of India (IRDAI), a proposal for introducing a Stewardship Code in India was examined by a sub¬committee of the Financial Stability and Development Council (FSDC) and approved.

3. All the Pension Funds under the NPS architecture shall follow the Stewardship Code as placed at Annex including the voting policy dated 20.04.2017, which is already recognized in such principles and is effective.

4. The principles (other than voting policy which is already in effect) enumerated in the Code shall be effective from the date of issuance.

5. This Circular is issued in exercise of the powers conferred under Sections 14 (1) read with 14 (2) (a) & (b) of the Pension Fund Regulatory and Development Authority Act, 2013.

6. This Circular is available at www.pfrda.org.inJ under the link “Regulatory Framework- Circulars”.

S/d,
(Venkateswarlu Peri)
Chief General Manager

To
Pension Funds registered with PFRDA

Be the first to comment - What do you think?  Posted by admin - May 10, 2018 at 9:13 pm

Categories: Pension   Tags: , , , , ,

Important Announcements and Approvals in Board Meeting of PFRDA

National Pension System (NPS): Important Announcements and Approvals in Board Meeting of PFRDA to improve the operational and regulation issues

Press Information Bureau
Government of India
Ministry of Finance

04-May-2018 16:18 IST

Important Announcements and Approvals in Board Meeting of PFRDA
Pension Fund Regulatory and Development Authority (PFRDA) is established by the Government of India for regulation and development of Pension Sector in order to protect the old age income security of subscribers. PFRDA takes various initiatives from time to time in order to simplify and improve the operational issues in National Pension System (NPS) like new functionality development under NPS architecture, simplification of account opening, withdrawal, grievance management etc.

In this regard, during the recently held Board Meeting some important decisions were taken to improve the operational and regulation issues in National Pension System (NPS). Some of the decisions taken in the Board Meeting are as follows:

  • Budget announcement- Rating criteria for investments- Proposal on changing the investment grade rating from ‘AA’ to ‘A’ for corporate bonds was approved. The change is subject to a cap on investments in ‘A’ rated bonds to be not more than 10% of the overall Corporate Bond portfolio of the Pension Funds. This initiative will enlarge the scope of investment for the Fund Managers while ensuring credit quality.
  • Introduction of a Common Stewardship Code: The proposal on adoption of Common Stewardship Code, as a measure of good Corporate Governance, was approved. Further, it was also approved that the Principles enumerated in such code shall be circulated to all Pension Funds for compliance and implementation. Adoption of these Principles by Pension Funds will improve their engagement with investee companies and benefit subscribers.
  • Modification in Partial Withdrawal rules under NPS: Partial withdrawals will now be allowed to NPS subscribers who wish to improve their employability or acquire new skills by pursuing higher education/ acquiring professional and technical qualifications. Further, individual NPS subscribers who wish to set up a new business/ acquire new business will also be allowed to make partial withdrawals from his contributions. Other terms applicable to partial withdrawals will remain unchanged.
  • Increasing cap on equity investment in active choice to 75% from current 50% for Private Sector Subscribers: Presently there is a cap of 50% on equity investment under active choice in NPS. The proposal on increasing cap on equity investment in active choice to 75% from currently 50% has been approved by the Board. However, it comes with a clause of tapering of the equity allocation after the age of 50 years.
  • Currently, NPS and APY have a cumulative subscriber base of over 2.13 crore with total Asset Under Management (AUM) of more than Rs. 2.38 lakh crore.

Source: PIB

Be the first to comment - What do you think?  Posted by admin - May 5, 2018 at 11:28 am

Categories: Pension   Tags: , , ,

One day Agitational Programme on 24.04.2018 on Minimum Guaranteed Pension under National Pension System (NPS)

BPMS

REF: BPMS/ 17th TC/ NPS/ Cir/ 33

Dated: 31.03.2018

To,
The Office Bearers and CEC Members
Bharatiya Pratiraksha Mazdoor Sangh &
The President/ General Secretary
Unions affiliated to the federation

Subject: One day Agitational Programme on 24.04.2018 on Minimum Guaranteed Pension under National Pension System (NPS).

Dear Brothers and Sisters,

Sadar Namaskar

It is hoped that all of you are well and busy in accelerating trade union activities. As all of you know that the Central Executive Committee Meeting of this federation was held on 26, 27 and 28 March 2018 in Dehu Road, Pune where it was decided to hold one day agitational programme on 24.04.2018 on Minimum Guaranteed Pension under National Pension System (NPS).

A resolution to this effect was also passed in the CEC Meeting held at Hyderabad during September 2015 and subsequently several correspondence were made. However, in spite of lapse of such a large time, no tangible action has been seen from the Govt side on the issue.

Therefore, in absence of any concrete step from the Govt side on the issue it becomes necessary to register our displeasure over the lethargic attitude of the Government and register our protest to constrain the machinery to redress the Grievance.

Hence, you are requested to hold one day agitation programme on 24.04.2018 using all feasible and effective trade union instruments like Gate Meeting, Use of Black Badges, Slogan Shouting, publicizing of programme at humongous level through posters/ hoardings/ banners/ pamphlets/ social media so that the issue may be resolved at the earliest. Further, you are requested to submit a memorandum addressed to Prime Minister of India through proper channel on 24.04.2018.

With regards,

Brotherly yours
S/d,
(M P Singh)
General Secretary

Be the first to comment - What do you think?  Posted by admin - April 18, 2018 at 10:22 pm

Categories: Pension   Tags: , , , , , , ,

BPMS: Grant of Minimum Guaranteed Pension under NPS

 BPMS: Grant of Minimum Guaranteed Pension under NPS

The Central Government had introduced the National Pension System (NPS) with effect from 1 January, 2004 (except for armed forces). During the budget session of 2003-2004 the Government announced introduction of the “New Defined Contribution Pension Scheme” then known as the New Pension Scheme. It was formally notified vide Ministry of Finance, Department of Economic Affairs letter dated 22-12-2003. Later, it was adopted by various State Governments and Central and State Public Sector Corporations.

Upto 28.02.2018, the total figure of subscribers of NPS working in Central Government Establishments/ Offices including Public Sector Undertaking has reached to 19,12,871 with a corpus of Rs 61,145.65 crore and in State Governments Establishments/ Offices including respective Public Sector Undertaking, it has reached to 38,21,266 with corpus of Rs. 86,897.31 crore.

The above mentioned Scheme was made operative since 01.01.2004 without any concrete instructions and with passage of time, Govt has been trying to develop a system regarding its functioning. But the future as well as retiremental security (Social Security) of the employees is at stake without guarantee of Minimum Pension under the Scheme.

This Federation has been consistently demanding that Government should frame a policy to ensure that irrespective of the financial/market conditions at the time of Retirement of the subscriber under NPS, he should get a guaranteed minimum pension equivalent to 50% of his last drawn Basic Pay plus Dearness Relief for neutralization of price rise.

A resolution to this effect was also passed in the CEC Meeting held at Hyderabad during September 2015 and subsequently several correspondence have also occurred. However, in spite of lapse of such a large time, no tangible action is seen from the Government side on the issue.

After having deliberated the issue in details, the Central Executive while recording its displeasure over the absence of action on the part of the Government on such an important issue, hereby calls upon the Government to immediately notify the subject issue.

This resolution is being passed in the Central Executive Committee held at Dehu Road (Pune) on 28/03/2018.

Source: BPMS

Be the first to comment - What do you think?  Posted by admin - April 7, 2018 at 1:24 pm

Categories: Pension   Tags: , , ,

Major Changes in NPS including Withdrwal Norms

Major Changes in NPS including Withdrwal Norms

Three major changes in the National Pension Scheme (NPS) including withdrawal norms

Relaxation of Norms for NPS

The Government of India has recently made three changes in the National Pension Scheme (NPS) including withdrawal norms.

The details are as under:

Partial withdrawal during the service: The Pension Fund Regulatory and Development Authority (PFRDA), with an objective to  meet the subscriber’s sudden financial requirement enrolled under NPS, has liberalized norms for partial withdrawals which also include reduction of requirement of minimum years of being enrolled under NPS from 10 years to 3 years from the date of joining. Suitable amendments were made through “Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (First Amendment) Regulations, 2017 and the same has been notified on 10.08.2017.

Increase in the joining age under NPS: With an objective to allow individuals (under NPS-All Citizen Model and Corporate Sector Model) who are in the age bracket between 60 years and 65 years to join NPS system. Suitable amendments were made through “Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Second Amendment) Regulations, 2017 and the same has been notified on 06.10.2017.

Exit in case of disability and incapacitation of the subscriber: With an objective of facilitating easy exit & withdrawal in case of disability and incapacitation of the subscriber covered under NPS, PFRDA has made suitable amendments through “Pension Fund Regulatory and Development Authority (Exits and Withdrawals under the National Pension System) (Third Amendment) Regulations, 2018 and the same has been notified on 02.02.2018.

This was stated by Shri Ship Pratap Shukla, Minister of State for Finance in a written reply to a question in Lok Sabha today.

Source: PIB

Be the first to comment - What do you think?  Posted by admin - March 24, 2018 at 2:00 pm

Categories: Pension   Tags: , , , ,

NFIR – Exemption of Railways from New Pension Scheme (NPS)NFIR – Exemption of Railways from New Pension Scheme (NPS)

NFIR – Exemption of Railways from New Pension Scheme (NPS)

Dated : 19/03/2018

No. IV/NPS/PFRDA BILL/Part I
Shri Piyush Goyal,
Hon’ble Minister of Railways
Rail Bhavan,
New Delhi

Dear Shri Goyalji,

Sub: Exemption of Railways from New Pension Scheme (NPS) – reg.

Ref: (i) Hon’ble MR’s D.o. No. 2012/F(E)III/1/4-Pt dated 29th March 2014 to Hon’ble Finance Minister, Government of India.

(ii) Hon’ble MR’s D.O. No. 2012/F(E)III/I/4-Pt dated 20th Nov 2015 to the Hon’ble Finance Minister Shri Arun Jaitley.

(iii) NFIR’s letter No. IV/NPS/PFRDA BILL/Part I dated l3th Feb, 2017,26th Oct, 2017 and 11/12/2017.

(iv) Railway Board’s letter No. 2012/F(E)/III/1(1)/4-Pt dated 13/02/2018 to GS/NFIR.

Kind attention is invited to the correspondence cited under reference, latest being Railway Board’s reply received vide letter dated 13/02/2018 wherein the Federation has been conveyed that the Hon’ble Minister of Finance and Corporate Affairs has communicated that the matter was re-considered in consultation with Pension Fund Regulatory and Development Authority (PFRDA) and the request for exempting Railway employees appointed on or after 01/01/2004 from the application of NPS does not seem to be a feasible proposition. While NFIR does not agree with the reply of Hon’ble Finance Minister, the Federation re-iterates the valid points placed below, urging upon the Railway Ministry to impress upon the Government, the need for exempting Railways from National Pension System (NPS).

The Ministry of Finance and the Pension Fund Regulatory and Development Authority (PFRDA) have failed to appreciate the facts that the nature of duties performed by the Railway employees is un-comparable, unique, complex, hazardous and akin to the duties being performed by the Armed Forces, in whose case the NPS has not been made applicable.

The Finance Ministry has also failed to appreciate that even during the British rule the Indian Railways was conceived and operated as an auxiliary wing of the Army by virtue of its complex nature of role and uniqueness of working of Railway employees which in turn requires a high degree of discipline, efficiency to run the services and carry passenger and freight traffic throughout the country including supplies to the borders of the nation.

The Finance Ministry has also failed to evaluate that it is the Indian Railways which works as supply line to the Armed Forces during crisis periods by transporting troops from one comer to the other including the nation’s borders besides transporting Military hardware and other war material. In no way the performance of Railway employees can be underestimated than that of the Defence Forces Personnel.

Like Armed Forces, many of the Railway Personnel do stay away from their families for longer durations in the course of performing duties at remote places where minimum basic amenities like suitable accommodation, schooling, drinking water, health care facilities have been missing’ Comparing the structure and importance of Railways with that of the Army, it would not be out of place to state that just as the ‘Army requires a critical mass to fight battle/war, in similar way critical mass of trained employees is required to maintain Railway Tracks, Rolling Stock and ensure operation of services’. On an average over 700 Railway employees die per annum while performing their duties and nearly 3000 employees sustain injuries as reported by High Level Safety Review Committee (HLSRC) headed by Shri Anil Kakodkar. The sacrifices of Railway employees are unParallel.

Considering the strong merits in the demand of the Federation, Hon’ble MRs have written to the Minister of Finance to have a re-look into the case to be considered favourably to exempt Railways from the ambit of National Pension System (NPS).

Federation desires to mention that the Finance Ministry has erred and equally not considered the justified demand of the Railway employees projected by NFIR, perhaps applying different logic and ignoring the facts mentioned above. In this connection, NFIR reminds that the Federation leaders in the meeting held on 09th February, 2018 at Rail Bhavan, New Delhi had specifically requested the Hon’ble MR to kindly reach the Hon’ble Prime Minister for getting Railways exempted from the application of National pension System (NPS). It is a known fact that the NPS has generated lot of anger and anguish among the younger generation of Railway employees appointed on or after 01/01/2004 due to the inherent disadvantages of the NPS which does not guarantee even minimum pension i.e. half of the last pay drawn by the Railway employees.

NFIR, therefore, once again urges upon the Hon’ble MR to kindly take steps for reaching the Hon’ble Prime Minister for getting exemption of Railways from NPS at an early date’

With regards,
Yours Sincerely

S/d,
(Dr. M. Raghavaiah)
General Secretary

Source : NFIR

Be the first to comment - What do you think?  Posted by admin - March 21, 2018 at 4:04 pm

Categories: Pension   Tags: , , , ,

NFIR: Exemption of Railway employees appointed on or after 01.01.2004 from the purview of National Pension System (NPS)

NFIR: Exemption of Railway employees appointed on or after 01.01.2004 from the purview of National Pension System (NPS)

Government of India (BHARAT SARKAR)
Ministry of Railways (RAIL MANTRALAYA)
(RAILWAY BOARD)

No.2012/F(E)III/1(1)/4-Pt.

New Delhi, dated 13/02/2018

The General Secretary,
NFIR,
3, Chelmsford Road,
New Delhi – 110055

Dear Sir,

Sub : Exemption of Railway employees appointed on or after 01.01.2004 from the purview of National Pension System (NPS) – regarding

The undersigned is directed to refer to NFIRs letter No. IV/NPS/PFRDA BILL/Part- I dated 13.02.2017, 26.10.2017 and 11.12.2017 on the above subject.

2. In this regard it is informed that on the request of NFIR, Hon’ble former Minister of Railways, Sh.Suresh Prabhu had written a D.O letter dated 11.04.2017 to the Hon’ble Minister of Finance and Corporate Affairs, Sh.Arun Jaitley, to have a second look on the issue of exemption of Railway employees from the application of National Pension System (NPS). In reply, Hon’ble Minister of Finance and Corporate Affairs Sh. Arun Jaitley has communicated that the matter was reconsidered in consultation with pension Fund Regulatory and Development Authority (PFRDA) and that the request for exemption railway servants appointed on or after 01.01.2004 from the application of NPS does not seem to be feasible proposition.

Yours faithfully,
sd/-
for Secretary/Railway Board

Source: NFIR

Be the first to comment - What do you think?  Posted by admin - March 6, 2018 at 3:46 pm

Categories: Latest News   Tags: , , , ,

PFRDA Workshop benefits of National Pension System & Pension Funds under NPA architecture

PFRDA Workshop benefits of National Pension System & Pension Funds under NPA architecture

PFRDA conducts the Workshop with Corporates to create an awareness about the features, benefits and the process of joining National Pension System (NPS); Also to create awareness about the role of Pension Funds under NPA architecture;

More than 1.80 crore subscribers join under NPS-Private sector

Pension Fund Regulatory Development Agency (PFRDA) in its endeavor to promote NPS among the corporates have embarked upon conducting NPS Workshops at various locations across the country. In continuation of that exercise, a Corporate Meet was held today in Pune in association with FICCI, Maharashtra State Council and Mahratta Chambers of Commerce, Industry and Agriculture.

More than 100 participants from around 55 corporates attended the workshop. PFRDA officials gave a detailed presentation on NPS and informed the participants about the features, benefits and the process of joining NPS to the employees as well as to the employer. The role of the Pension Funds under NPS architecture and the benefits of long term investment and the optimal return being generated by the Pension Fund following the investment guidelines issued by PFRDA was highlighted.

PFRDA officials also clarified the queries regarding joining of NPS, tax benefits, POPs details, timelines, transfer of superannuation fund to NPS, annuity etc. to the participants.

 The recent developments under NPS – Private Sector (All citizen and Corporate) are listed below:

  • Process of Transfer of Superannuation / Recognized Provident Fund to National Pension System.
  •  Allowing option to change the investment choice or asset allocation ratio twice in a financial year
  • Dispensing of requirement of submission of physical application form in case of subscriber opening account online and e-Signing the document.
  • Introduction of Alternative Investment Fund-a separate class of Asset “A”
  • Introduction of two new life cycle funds (LC 75 and LC 25)
  • Under Tier-I account, minimum contribution requirement in a financial year is reduced from Rs 6,000/- to Rs 1,000/-

As on 25th November 2017, more than 1.84 crores subscribers have joined under NPS-Private sector (Corporate and All Citizen model) . More than 6.58 lacs employees of 4,027 registered Corporates have joined NPS under NPS Corporate Model, and more than 5.46 lacs subscribers have joined NPS under NPS-All Citizen Model. The overall number of NPS and APY subscribers have crossed 1.80 crore with overall Asset under Management (AUM) of more than 2,15,461 crore. PFRDA’s endeavour is to significantly scale-up these segments during the ongoing months.

PIB

Be the first to comment - What do you think?  Posted by admin - December 1, 2017 at 8:50 pm

Categories: Pension   Tags: , , , ,

Clarification on Revision of Service Charges to POPs under NPS All Citizen and Corporate Model

Clarification on Revision of Service Charges to POPs under NPS All Citizen and Corporate Model

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

B-14/A, Chhatrapati Shivaji Bhawan,
Qutab Institutional Area,
Katwaria Sarai, New Delhi-110016.

PFRDA/2017/34/P&D/1
31st October 2017

To

All Stakeholders in the National Pension System

Subject: Clarification on Revision of Service Charges to POPs under NPS (All Citizen and Corporate Model)

This has reference to the circular PFRDA/2017/34/P&D/1 dated 27th October 2017 on revision of service charges to Points-of-Presence (POPs) under NPS (All Citizen and Corporate Model). In continuation of the same, the following points may be noted:

i. The revision of service charges to POPs on subscriber registration to POPs will be effective from 01st November 2017.

ii.The POPs will continue to have the option to negotiate the charges with the subscribers, but within the prescribed charge structure.

iii. The newly introduced persistency charge of Rs 50/- per financial year will be applicable on accounts under NPS- All Citizen Model associated with the POPs for more than 6 months in a financial year and wherein the subscriber contributes minimum contribution of Rs. 1000/- in Tier I account during the financial year. This charge will be payable annually to the associated POPs by deduction of the units in the CRA system after closure of the financial year.

iv. The service charges on subsequent transactions by the subscribers associated with the POPs through eNPS platform has been increased from the existing 0.05% of the contribution amount to 0.10% of the contribution amount subject to minimum of Rs.10/- and maximum of Rs.10000/-. The revision of this service charge will be effective from 15th November 2017.

All concerned are advised to take note of the same.

Yours faithfully
(Akhilesh Kumar)
Deputy General Manager

PENSION FUND REGULATORY
AND DEVELOPMENT AUTHORITY
B-14/A, Chhatrapati Shivaji Bhawan,
Qutab Institutional Area,
Katwaria Sarai, New Delhi-110016.

CIRCULAR

PFRDA/2017/34/P&D/1
27th October 2017

To

All Stakeholders in the National Pension System

Subject: Revision of Service Charges to POPs under NPS (All Citizen and Corporate)

 

1. With a view to incentivize the POPS to actively promote and distribute NPS, POPs are allowed to collect charges for the various services provided by them.

The existing charge structure for POPs under NPS (All Citizen and Corporate):

Intermediary Service

Charge

Method of Deduction
POP Initial Subscriber Registration Rs. 125/- To be collected upfront
Initial Contribution 0.25% of the contribution Min: Rs.20/- & Max Rs.25,000/-
All Subsequent Contribution
All Non-Financial Transaction Rs.20/-
e-NPS (for subsequent contribution) 0.05% of the contribution Min Rs 5/- & Max Rs 5,000/- (Only for-NPS-All Citizen and Tier-II Accounts) Upfront from subscriber

The revised charge structure for POPs under NPS (All Citizen and Corporate):

Intermediary Service

Charge

Method of Deduction
POP Initial Subscriber Registration Rs. 200/- To be collected upfront
Initial Contribution 0.25% of the contribution Min: Rs.20/- & Max Rs.25,000/-
All Subsequent Contribution
All Non-Financial Transaction Rs.20/-
Persistency Rs.50/- per annum (only for NPS-All Citizen) Through cancellation of units
e-NPS (for subsequent contribution) 0.05% of the contribution Min Rs 5/- & Max Rs 5,000/- (Only for-NPS-All Citizen and Tier-II Accounts) Upfront from subscriber

Yours faithfully,

(K Mohan Gandhi)
Deputy General Manager

Source: PFRDA

Be the first to comment - What do you think?  Posted by admin - November 2, 2017 at 8:57 pm

Categories: Pension   Tags: , , , , ,

PFRDA takes a new initiative to increase pension coverage by increasing the incentives payable to Points of Presence (POPs), the principal distributive points for NPS

PFRDA takes a new initiative to increase pension coverage by increasing the incentives payable to Points of Presence (POPs), the principal distributive points for NPS

Pension Fund Regulatory and Development Authority (PFRDA) has taken several initiatives in the past few years to increase pension coverage in the country, notably introducing e-NPS, reducing minimum contribution levels, new investment instruments, aggressive life cycle funds etc.

PFRDA has now taken a further step in this direction by increasing the incentives payable to Points of Presence (POPs), the principal distributive points for National Pension System (NPS).

The following Table gives the details of increase in incentives:


Principal Distribution Point

Services offered

Current Charge

New Charge
POP Initial Subscriber Registration* Rs. 125/- Rs. 200/-
Initial Contribution 0.25% of the contribution Min: Rs.
20/- & Max : Rs.25,000/-
0.25% of the contribution Min: Rs.
20/- & Max : Rs.25,000/-
All Subsequent Contribution
All Non-Financial Transaction Rs. 20/- Rs. 20/-
Persistency* —– > Rs. 50/- per annum (only for NPS-All
Citizen)
e-NPS* (for subsequent contributions) 0.05% of the contribution Min Rs 5/-
& Max Rs 5000/- (Only for NPS- All Citizen and Tier-II Accounts)
0.10% of the contribution Min Rs 10/-
& Max Rs 10000/- (Only for NPS- All Citizen and Tier-II Accounts)

*Changes effected A new incentive towards increasing persistency has been introduced under which POPs will receive an incentive of Rs. 50/- per account per annum for every account which continues to contribute a minimum of Rs 1000/- in a financial year.

PFRDA believes that the renewed incentive will help in increasing the reach of pensions in India, through the efforts of Points of presence (POPs).

PIB

Be the first to comment - What do you think?  Posted by admin - October 27, 2017 at 6:59 pm

Categories: Pension   Tags: , , , , , , ,

Conference on Portability from Superannuation and Recognized Provident Funds to National Pension System (NPS)

Conference on Portability from Superannuation and Recognized Provident Funds to National Pension System (NPS); NPS has more than 1.71 crore subscribers with total Asset under Management (AUM) of more than Rs. 2.04 lakh crores.

A Conference on Portability from Superannuation and recognized Provident Funds to National Pension System (NPS) was organized by the Pension Fund Regulatory and Development Authority (PFRDA) in coordination with Willis Towers Watson in national capital. The Prime objective of the Conference was to provide a knowledge base platform to the Corporate by providing solutions to address the issues / challenges of portability of superannuation funds to NPS.

160 participants comprising Corporate, Points of Presence (POPs), Pension Funds, Central Record Keeping Agencies (CRAs) participated in the Conference.

Dr. B. S. Bhandari, Whole Time Member (Economics), PFRDA, highlighted the need to expand the coverage of NPS in an efficient and sustainable way. He asserted the fact that there are more employees in the Corporate – Private sector than in the government sector and hence there is a great potential for NPS in the corporate sector. PFRDA has been constantly engaging with its stake holders in the NPS and has been working with industry associations for promotion of NPS in the Corporate – Private sector. To make NPS entry easy and the interface user friendly, various modifications have been carried out in the product.

Shri Rohit Jain, Head, Willis Towers Watson (India), speaking on the occasion, told that the average life expectancy of persons in India has risen and hence there is a greater need for a retirement / pension product for all. Traditional pension products cover only 30% of the population. In this changing scenario there is a latent demand for product like NPS as there is no universal pension product.

Shri Hemant Contractor, Chairman, PFRDA in his key note address, informed that, earlier, people used to retire from the same job not only in the government sector but also in private sector. With opening up of economy people started getting more job opportunities switching jobs suitable to their skills and talents. Job switching has become more frequent and people seek more controls on their finances, when they start moving jobs and place from one to another. The concept of portability came in and people started thinking about having better control on their retirement savings.

Defined Benefit Pension schemes, which were predominant, became unsustainable not only for the government sector but also for the private sector because of various factors. A Defined Contribution scheme was therefore launched in 2004 which was initially only for Central Government employees, but which was later extended to State Government employees and later to the private sector. This scheme is the National Pension System (NPS), which is regulated by PFRDA.

NPS addressed the concerns of subscribers relating to portability and freedom of choice, and gradually started to pick up momentum in the private sector. The other features of NPS, namely, low cost, attractive returns, transparency, flexibility and domain expertise in each area of pension activity were the other factors which appealed to the private sector. Innovations and changes are made from time to time in the NPS product and processes, some recent examples being, introduction of two new life cycle funds, inclusion of alternative assets in investment portfolio, online entry and exit etc.

The entry age to NPS is now proposed to be increased to 65 years from 60 years and there is an option to continue up to age of 70 years.

The Chairman also mentioned that NPS should also be explored, as an additional retirement benefit, for corporates where superannuation funds are not available and employees are covered only under the mandatory EPFO schemes.

He highlighted the growth of 47% in AUM and 26% in number of subscribers in the last financial year (2016-17). He also made a reference to Atal Pension Yojana, the pension platform available for unorganized segment through Government of India / PFRDA and its year on year growth indicating the underlying demand for pension products in India.

During the conference, a panel discussion comprising industry experts such as Willis Towers Watson, HDFC Pension Funds, Siemens Limited, Vedanta Group and NSDL e-Governance Infrastructure Limited eyeing the opportunities, addressing the challenges / issues and preparation of necessary guidelines on superannuation funds and NPS portability was conducted.

In the second half, a Conference for Point of Presence (PoPs), the distribution channel for NPS, was conducted.

Shri Hemant Contractor, Chairman, PFRDA, in his keynote address stressed on the need for robust distribution of the NPS through the current distribution network being managed by POPs which are Banks and other financial institutions. He also laid emphasis on the fact that, the key to last mile connectivity is increased distribution network by the POPs by registration and activation of more branches and through awareness campaigns. He informed that PFRDA has empanelled IL&FS Skill Development Corporation Limited as its training agency to impart training on NPS to POPs and Corporate and urged the POPs to utilise the services of the Training Agency for training of their staff member on NPS.

During this conference, awards were distributed to the POPs, for their performance in FY 2016-17 under various categories.

Currently, NPS has more than 1.71 crore subscribers with total Asset under Management (AUM) of more than Rs. 2.04 lakh crores.

PIB

Be the first to comment - What do you think?  Posted by admin - September 15, 2017 at 5:33 pm

Categories: EPFO, Pension   Tags: , , , , ,

Long pending issues of the Central Government Employees

Long pending issues of the Central Government Employees

central-government-employees-pending-issues

No.NC/JCM/2017

Dated: September 5, 2017

The Cabinet Secretary,
(Government of India),
Cabinet Secretariat,

Rashtrapati Bhawan,
New Delhi

Dear Sir,

Sub:- Long pending issues of the Central Government Employees

Ref.: My earlier letter dated 30.06.2017

I have discussed the issues creating mental agony in the minds of the Central Government Employees many a times and once again want to draw your kind attention for resolution of many long pending demands of the Central Government Employees.

National Pension System (NPS) has been raised by the Staff Side (JCM) many a times, the committee set up by the Government of India for reviewing NPS has also submitted its report, but we are not aware about the outcome of the same. Staff Side(JCM) has been of the firm view that there must be “Guaranteed Pension” for the employees recruited on or after 01.01.2004, and in case of their death/permanent disablement, their families should get Pension as per Old Pension Scheme.

All the Central Government Employees are anxiously waiting for recommendations of the Government of India for increasing Minimum Wage and improving Fitment Formula and inordinate delay in this regard is creating lot of frustration amongst them.

It is, therefore, requested that, you may please intervene in the above-mentioned issues and the same should be resolved in an amicable manner to avoid mental agony of the Central Government Employees.

With Kind Regards!

Sincerely yours

S/d,
(Shiva Gopal Mishra)
Secretary (Staff Side)
National Council (JCM)

Source : NCJCM

Be the first to comment - What do you think?  Posted by admin - September 7, 2017 at 12:33 pm

Categories: Employees News   Tags: , , , , , , ,

Brief of the meeting held today with the Cabinet Secretary, Government of India

Brief of the meeting held today with the Cabinet Secretary, Government of India

No.NC/JCM/2017

Dated: September 6, 2017

All Constituents of National Council(JCM)

Dear Comrades!

 Sub: Brief of the meeting held today with the Cabinet Secretary, Government of India

Today I met the Cabinet Secretary (Government of India) and raised the issues pertaining to National Pension System (NPS), Minimum Wage and Fitment Formula, “Very Good” benchmark for MACPS and non-holding of meetings of the National Council (JCM).

The Cabinet Secretary said that, he is aware of the problems of the Staff Side (JCM) from time to time and particularly to this issue and will definitely try to resolve them.

Particularly on the issue of National Pension System (NPS) he said that, the issue is under active consideration of the Government of India and we are trying to find out some solution to the problems arisen because of the NPS.

The above is for your information.

 With Fraternal Greetings!

Sincerely yours

S/d,
(Shiva Gopal Mishra)
Secretary (Staff Side)
National Council (JCM)

Source : NCJCM

Be the first to comment - What do you think?  Posted by admin - at 12:30 pm

Categories: Employees News   Tags: , , , , , ,

NPS: Extension of benefits of Retirement Gratuity and Death Gratuity to the Central Government employees covered by New Defined Contribution Pension System (National Pension System)

OFFICE OF THE PR. CONTROLLER OF DEFENCE ACCOUNTS (PENSION)
DRAUPADI GHAT, ALLAHABAD-211

Circular No C-170

No.G1/C/MISC/NPS-II/Tech
O/o the PCDA (P), Allahabad
Dated: 13-07-2017

Sub: NPS: Extension of benefits of Retirement Gratuity and Death Gratuity to the Central Government employees covered by New Defined Contribution Pension System (National Pension System) -regarding.

Ref:- This office Circular No. 79 dated 29/10/2010 and No. 110 dated 12/08/2013

Benefits of Retirement Gratuity and Death Gratuity to the Central Government employees covered by New Defined Contribution Pension System (National Pension System) has been extended vide Govt. of India, Ministry of PPG & P, Deptt. of P&PW in their O.M. No. 7/5/2012-P&PW (F)/B dated 26.08.2016 (copy enclosed)on the same terms and conditions as are applicable to employees covered by Central Civil Service (Pension) Rules, 1972. The Ministry has further clarified vide O.M.No.28/03/2017-P&PW(B) dt. 18/05/2017, that CCS (Pension) Rules, 1972 are otherwise not applicable to the Central Government employees covered under NPS. Hence, they would obviously not be eligible for Service Gratuity or Pension under the CCS (Pension) Rules.

2. The phrase ‘terms and condition’ in the ibid O.M. dated 26.08.2016 refers to the requirement of qualifying service, the rates on which retirement gratuity is to be paid, the limit of amount of gratuity, nominations, disciplinary provisions, etc. in the CCS(Pension) Rules. All these condition would be equally applicable for grant of gratuity to employees covered under NPS. The decision to extend retirement gratuity and death gratuity vide the O.M. dated 26.08.2016 is absolute and not provisional. Separate rules on gratuity for Central Government employees under NPS would be framed in due course.

3. Now, it has been decided that to submit the claims of above beneficiaries for Retirment Gratuity and Death Gratuity, the following procedures shall be adopted by HOO and Pay Audit Controllers:-

i. H.O.O. will prepare a claim in case of NPS beneficiaries going to retire in accordance with the procedure as prescribed for Defence Civilian Personnel appointed before 01.01.2004 and will submit the same along with service boom and all the relevant documents (Which is required in case of pre 01.01.2004 Cases) to PAO concerned i.e.LAO/RAO. The Permanent Retirement account No. (PRAN) of the concerned Government Servant Allotted by National Security Depository limited (NSDL) will also be indicated. In cases where PRAN has not been allotted by NSDL to a NPS subscriber being non-effecting account as on 0104.2008, permanent pension account No.(PPAN) allotted to subscriber will be indicated.

ii. PAO will carry all necessary checks with reference to the entries in service book and as admissible under the OM No.38/41/06 P&PW (A) dated 05.05.2009 (already circulated under this office circular no.79 dt. 29-10-2010) to ensure that entries made in claim are in as per records in the service book of the individual. After signing and affixing the seal, the PAO concerned i.e.LAO/RAO will pass on the claim to the PCDA(P) Allahabad. The service book will be returned by PAO to HOO concerned.

iii.HOO will also maintain a separate register for recording entries for PRAN /PPAN No., Name of Government Servant, PPO No. and awards notified.

iv. On receipt of PPO from PCDA(P) Allahabad, HOO will check the same and after recording the entries in the register retransmit PDA’s copy to PDA, Pensioner copy to Pensioner and retain

HOO copy for their own record.

v. Other procedures prescribed for pre 01-01-2004 pensioner will also be followed by the HOO in case of NPS beneficiaries.

4. In view of the foregoing, you also are requested to issue suitable instructions (along with copy of this circular) to all the Head of Offices under your administrative control to ensure that claim on the subject matter henceforth are floated in accordance with instructions given in above Para.

(Rajeev Ranjan Kumar)
Dy.CDA (P)

Source: [PCDA.nic.in]

Be the first to comment - What do you think?  Posted by admin - July 21, 2017 at 10:49 am

Categories: Pension   Tags: , , , , , , , ,

Next Page »