Advertisement

Posts Tagged ‘NPS’

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

Stay updated on the go with CENTRAL GOVERNMENT NEWS App. Click here to download it for your device.

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: , , , , , ,

Additional benefit on death/disability of Government servant covered by New Pension System

Additional benefit on death/disability of Government servant covered by NPS

“It is once again reiterated that the aforesaid instructions may be followed scrupulously and to review all the cases for ensuring the payment of family pension, disability pension and extra-ordinary pension to the NPS subscribers in case of death/disability”

GOVERNMENT OF INDIA (BHARAT SARKAR)
MINISTRY OF RAILWAYS (RAIL MANTRALAYA)
(RAILWAY BOARD)

No.2012/F(E)111/1(1)/4

New Delhi, Dated: 23/08/2017

The GMs/FA & CAOs,
All Zonal Railways/Production Units.

 

Subject: Additional benefit on death/disability of Government servant covered by New Pension System – clarification regarding.

 

Please refer to the instructions issued vide Board’s letters No. 2008/AC-II/21/19, dated 29/05/2009, No.2010/AC-II/21/18 dated 02/07/2013 and 13/07/2010, letters of even number dated 08/09/2014 and 13/01/2016 on the above mentioned subject.

 

2. Now, one of the recognized Federations (NFIR) have again raised the issue of non-compliance of the above instructions by Zonal Railways and reluctance on the part of Railways in providing additional relief to the widows of NPS subscribers/ NPS subscribers who have been declared invalidated. The Federation have also stated that Zonal administrations are not taking initiatives to ensure additional relief in terms DOP&PW’s D.M. dated 05/05/2009 and that they are reluctant in providing additional relief on death and disability of NPS subscribers.

 

3. It is once again reiterated that the aforesaid instructions may be followed scrupulously and to review all the cases for ensuring the payment of family pension, disability pension and extra-ordinary pension to the NPS subscribers in case of death/disability. Further, Zonal Railways are also advised to sensitize the administration at lower level towards the problems faced by the employees and their families.

sd/-
(G.Priya Sudarsani)
Joint Director, Finance (Estt.),
Railway Board.

Authority: http://www.indianrailways.gov.in/

Be the first to comment - What do you think?  Posted by admin - August 25, 2017 at 4:01 pm

Categories: Pension   Tags: , , , , , ,

Revision of Additional Relief on death/disability of Government servants covered under New Pension Scheme (NPS) in pursuance of Government’s decision on the recommendations of the 7th CPC

Revision of Additional Relief on death/disability of govt servant under NPS in 7th CPC: Railway Board Order RBE No. 78/2017

PC-VII No. 28/2017

RBE No.: 78/2017

GOVERNMENT OF INDIA (BHARAT SARKAR)
MINISTRY OF RAILWAYS (RAIL MANTRALAYA)
(RAILWAY BOARD)

No. 2016/F(E)III/1(1)/7
New Delhi, Dated : 31.07.2017

The GMs/FA&CAOs,
All Zonal Railways/Production Units,
(As per mailing list)

Subject: Revision of Additional Relief on death/disability of Government servants covered under New Pension Scheme (NPS) in pursuance of Government’s decision on the recommendations of the 7th CPC – reg.

A copy of Department of Pension and Pensioners’ Welfare (DOP&PW)’s O.M. No. 28/03/2017-P&PW(B) dated 30th May, 2017 on the above cited subject is enclosed for information and compliance.

These instructions shall apply mutatis mutandis on the Railways also. Rules 38, 49, 50 and 54 of CCS (Pension) Rules, 1972 and CCS (Extraordinary Pension) Rules, mentioned in DOP&PW’s O.M. correspond to Rules 55, 69, 70 and 75 of the Railway Services (Pension) Rules, 1993 and Railway Services (Extrordinary Pension) Rules, 1993 respectively. The DOP&PW’s O.M. No. 38/41/06/P&PW(A) dated 05.05.2009, referred to in their aforesaid O.M. dated 30.05.2017 has been circulated on the Railways vide this office letter No. 2008/AC-II/2 1/19 dated 29.05.2009.

2. Please acknowledge receipt.

sd/-
(G. Priya Sudarsani)
Joint Director, Finance (Estt.),
Railway Board.

D.A.: One.

7thcpc-additional-relief-to-nps-employees-on-death-disablity

Be the first to comment - What do you think?  Posted by admin - August 1, 2017 at 5:19 pm

Categories: 7CPC   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: , , , , , , , ,

PFRDA is observing NPS Service Fortnight from 27t h June, 2017 to 11th July 2017 to promote and create awareness about the National Pension System (NPS) and improve the quality of services provided to the subscribers

PFRDA is observing NPS Service Fortnight from 27t h June, 2017 to 11th July 2017 to promote and create awareness about the National Pension System (NPS) and improve the quality of services provided to the subscribers.

With a view to promote and create awareness about the National Pension System (NPS) and improve the quality of services provided to the subscribers, Pension Fund Regulatory and Development Authority (PFRDA) is observing NPS Service Fortnight from 27th June, 2017 to 11th July 2017. During this period all the nodal offices, Pay and Account Offices and DDOs under the Central and State Governments, Points of Presence/ banks/ aggregators/ banking correspondents etc. involved with the acquisition and servicing of NPS subscribers across the country are required to provide all necessary assistance to the subscribers/ prospective subscribers, create awareness about the National Pension System, attend to their services requests, etc in a proactive manner.

It has been observed that the subscribers/employees in the Central Government and State Government are not fully aware of various functionalities/facilities available under the NPS. A large number of the queries/grievances received from these subscribers, pertain to elementary issues like non-receipt of Statement of Transaction, I-PIN,T-PIN etc. However, it is seen that majority of these information gaps are on account of non-availability of the latest contact details of the subscribers in the respective documents/PRANs etc.

In order to promote awareness regarding importance of updation of latest contact details in PRANs and to provide basic facilities on the spot, the NPS Service fortnight is being organised. On this occasion, besides sharing information on the range of functionalities and services now available under the NPS, the subscribers need to be apprised about the need for constant updation of data/information under various fields to enable the system to operate at its optimum service level and enable the subscribers to make the best use of the functionalities available under NPS.

The following activities need to be given focused attention during the NPS Service fortnight:

  • Distribution of the NPS brochure to the subscribers
  • Updation of subscriber details like email, mobile number, address, etc through S-2 form
  • Conversion of non IRA to IRA compliant status by submission of physical subscriber registration forms
  • Advising subscribers regarding benefits associated with PRAN being IRA compliant and updation of contact details
  • Printing of Transaction Statement for the subscribers and distributing the same on the specific request of the subscriber
  • Updation of nomination details
  • Resolving pending grievances and exit cases

PFRDA has also advised separately the Central Recordkeeping Agency (CRA/NSDL) and all the nodal offices/ PAOs/ DDOs/PoPs/ Banks etc in this matter for actively assisting the subscribers during this campaign.

Be the first to comment - What do you think?  Posted by admin - July 6, 2017 at 5:47 pm

Categories: Pension   Tags: , , , ,

PFRDA conducts workshop on National Pension System (NPS) for Corporates in coordination with FICCI

PFRDA conducts workshop on National Pension System (NPS) for Corporates in coordination with FICCI at Bhubaneswar today; More than 10.83 lacs subscribers are registered under NPS-Private Sector (all Citizen and Corporate);Overall number of NPS and APY subscribers have crossed 1.62 crore with overall Asset under Management (AUM) of more than 1,91,725 crore.

A Corporate Meet was conducted at Bhubaneswar,Odisha today by Pension Fund Regulatory and Development Authority (PFRDA) in association with FICCI, Odisha State Council to promote NPS among the corporates. PFRDA has been conducting NPS workshops at various locations across the country.

Shri A. G. Das, Chief General Manager, PFRDA addressed the participants and briefed the contours of NPS for Old age income security. He informed that in the changing demographic status of the country, pension is one of the most important factor to be considered by everyone. National Pension System (NPS) promoted by Government provides the platform to every segment of the society for savings for retirement. He requested the participants to think NPS not only for tax benefits, but also as a product which can yield market related returns and secure their regular income in the old age.

Shri Vivek Pattanayak, Chairman, MSME panel, FICCI Odisha State Council in his welcome address lauded the efforts of PFRDA for organizing such meetings across the country and creating awareness about NPS which can be effective platform for corporates to provide pension to their employees for their old age income security.

Shri Maniprasad Samal, Assistant General Manager, National Aluminium Company Limited (NALCO), Bhubaneswar (a PSU registered as Corporate under NPS) informed the participants about their experience of facilitating NPS to their employees and the need and benefits of implementing NPS in the organization. He briefed the advantages for Corporates and its employees under NPS.

Shri Akhilesh Kumar, Deputy General Manager, 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.He requested the participants to  utilize this meet for better understanding of NPS and implementing the same in their respective organizations.

More than 90 participants from around 50 corporates attended the workshop. Bhubaneswar / Odisha based POPs were also present for the workshop.

PFRDA officials 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 22nd June 2017, more than 10.83 lacs subscribers are registered under NPS-Private Sector (All Citizen and Corporate). There are more than 6.13 lacs employees of 3,631 registered corporates have joined NPS under NPS Corporate Model and more than 4.70 lacs subscribers have joined NPS under NPS-All Citizen Model. The overall number of NPS and APY subscribers have crossed 1.62 crore with overall Asset under Management (AUM) of more than 1,91,725 crore.

PFRDA’s endeavor is to significantly scale up these segments during the ongoing months.

PIB

Be the first to comment - What do you think?  Posted by admin - June 24, 2017 at 1:58 pm

Categories: Pension   Tags: , , ,

PFRDA conducts workshop on National Pension System (NPS) for Corporates in coordination with FICCI at Ahmedabad; Overall number of NPS and APY subscribers have crossed 1.60 crores with overall Asset under Management (AUM) of more than 1,87,000 crores

PFRDA conducts workshop on National Pension System (NPS) for Corporates in coordination with FICCI at Ahmedabad; Overall number of NPS and APY subscribers have crossed 1.60 crores with overall Asset under Management (AUM) of more than 1,87,000 crores

Pension Fund Regulatory Development Authority (PFRDA) in its endeavor to promote NPS among the Corporates have embarked upon conducting NPS Workshops at various locations across the country. A Corporate Meet was conducted at Ahmedabad,Gujarat today in association with Federation of Indian Chambers of Commerce and Industry (FICCI), Gujarat State Council.

 

Addressing the participants, Shri Akhilesh Kumar, Deputy General Manager, PFRDA informed them about the longevity scenario across the world and the need of pension in old age and sounded the importance of pension to be considered by everyone. National Pension System (NPS) promoted by the Central Government provides the platform to every segment of the society for savings for retirement and briefed the contours of NPS for old age income security. He requested the participants to utilize this meet for better understanding of NPS and implementing the same in their respective organizations. He highlighted the key factor of low cost pension product – NPS for a valuable pension in the old age.

 

Shri Kumar Sharadindu, MD & CEO, SBI Pension Fund Management Company Limited briefed 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.

 

Dr Param Shah, Head, FICCI Gujarat State Council in his welcome address lauded the efforts of PFRDA for organizing such meetings across the country and creating awareness about NPS which can be effective platform for corporates to provide pension to their employees.

 

As on 09th June 2017, more than 6.09 lacs employees of 3,593 Registered Corporates have joined NPS under NPS Corporate Model. More than 4.62 lacs subscribers have joined NPS under NPS-All Citizen Model. The overall number of NPS and APY subscribers have crossed 1.60 crores with overall Asset under Management (AUM) of more than 1,87,000 crores.

More than 80 participants from around 50 corporates attended the workshop. Ahmedabad / Gujarat based POPs were also present for the workshop. PFRDA official 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 employers. Official of Deloitte Haskins & Sells LLP gave a presentation on Tax benefits of NPS as compared to other financial products. Two Ahmedabad based Registered Corporates- namely Adani Power and Arvind Limited, informed the participants about their experience of facilitating NPS to their employees and the need and benefits of implementing NPS in the organization.

PFRDA officials 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:

  1. Process of Transfer of Superannuation / Recognised Provident Fund to National Pension System.
  2. Allowing option to change the investment choice or asset allocation ratio  twice in a financial year

iii.  Dispensing of requirement of submission of physical application form in case of subscriber opening account online and e-Signing the document.

  1. Introduction of Alternative Investment Fund-a separate class of Asset ‘A’
  2. Introduction of two new life cycle funds (LC 75 and LC 25)
  3. Under Tier-I account, minimum contribution requirement in a financial year is reduced from Rs 6,000/- to Rs 1,000/-

               

PFRDA’s endeavor is to significantly scale-up these segments during the ongoing months.

PIB

Be the first to comment - What do you think?  Posted by admin - June 9, 2017 at 10:15 pm

Categories: Pension   Tags: , ,

National Pension System – New Functionalities to provide benefits of subscribers and nodal offices

National Pension System – New Functionalities to provide benefits of subscribers and nodal offices

Pension Fund Regulatory and Development Authority (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, recently many new functionalities have been released by the Central Recordkeeping Agency (CRA) to provide the ease of operation for the benefit of subscribers and nodal offices. These are detailed below:

Functionalities for NPS subscribers:

S.N Functionalities Brief Description
1

Online Submission of Foreign Account Tax Compliance Act (FATCA) Declaration

In-order to facilitate quick FATCA compliance, facility to submit online FATCA Self-declaration has been provided to the subscriber in their CRA login (www.cra-nsdl.com). The information regarding the said functionality is also made available on CRA websites. The steps to be followed by the subscriber to submit online FATCA self-declaration are also available on the website.

2

Interoperability between CRAs

 

Karvy Computershare Pvt. Ltd. (KCRA) was selected as a second CRA under NPS. Now, Subscribers/ Nodal Offices have option to open permanent retirement account with either of the CRAs. The existing Subscriber can also select CRA of his/her choice. To facilitate migration of Subscriber across CRAs (Karvy- CRA to NSDL- CRA and NSDL-CRA to Karvy- CRA), the CRA Interoperability functionality has been developed. The Subscriber will be required to approach target CRA to initiate the shifting request, the target CRA will facilitate the shifting request under NPS. Inter CRA shifting request will be allowed once in a financial year.

3.

New features under eNPS

 

1. Hindi version of eNPS module

The bilingual version of eNPS module has been developed for convenience of NPS Subscriber. The Subscriber shall have option to choose the desired language option (either English or Hindi) for Registration and/or Contribution through eNPS.

2. eSign for Aadhaar based Registration

In case of registration through Aadhaar, it was mandatory for Subscriber to submit physical Application Form within 90 days of completion of registration under eNPS. eSign facility (Aadhaar e-KYC services) has been integrated with eNPS platform to enable the Subscriber to sign his/her PRAN Application electronically. This process has eliminated the requirement of submission of physical documents to CRA.

3. New Payment Gateway – Bill Desk

In eNPS, along with SBI ePay, Bill Desk has been integrated as the second Payment Gateway Service Provider. This will help the Subscriber to make payment through any service provider as per his/her choice by selecting the available payment options. Addition of Billdesk as new payment gateway has ensured participation of new banks which were not part of SBl e-Payment gateway especially AXIS Bank and HDFC Bank.

4.

New features in NPS Mobile App

 

1. Tier II Withdrawal

Subscriber can now initiate Tier II account withdrawal under NPS using Mobile App. The Subscriber will log into the App with their User ID and password. An option to select Tier II withdrawal and generate One Time Password (OTP) is available in Mobile App. On entering the correct OTP, Subscriber will have an option to select mode of Withdrawal – (i) lump sum (amount), or (ii) scheme wise units. Once the option is selected and relevant details are submitted by the Subscriber, the same will get executed in the CRA system and funds will get transferred to Subscriber’s Bank Account registered with CRA.

2. Aadhaar Seeding

The Subscriber can now link his/her Aadhaar to NPS account using Mobile App. The Subscriber will log into the App with his/her User ID & password and select the option of ‘Add/Update Aadhaar Number’. The option will be available to the Subscriber to provide his/her Aadhaar. Once Aadhaar is entered, the details of Subscriber registered under NPS will get authenticated with details available in UIDAI database. Post authentication, an OTP will be sent to the Subscriber’s mobile number registered with UIDAI. The Subscriber will enter the OTP and on entering the correct OTP, Aadhaar will get seeded for the PRAN.

3. Reset password using OTP

Subscriber can now reset his/her password using Mobile App through OTP. The Subscriber is required to enter his/her PRAN, Date of Birth and set his/her new password and generate OTP. On entering the correct OTP received on his/her mobile (registered with CRA), the password becomes active. This option is in addition to the option of resetting password using secret question.

5.

New features under Atal Pension Yojana (APY)

 

1. ePRAN Card and Transaction Statement

The facility to download and/or print ePRAN Card and Transaction Statement is made available to APY Subscriber. The APY Subscriber can access their ePRAN Card and Transaction Statement through CRA NPS Lite website (www.npslite-nsdl.com). The Subscriber have an option to search their ePRAN Card and Transaction Statement with/without PRAN details. The Subscriber are then required to provide minimum details like PRAN and Bank Account Number or Subscriber Name, Bank Account Number and Date or birth registered in the CRA system under APY.

2. Alert for Grievances

An Email/SMS alert (along with Token No.) is sent to APY Subscriber on generation and resolution of a grievance in CRA system.

Functionalities for Nodal Offices:

S. N. Functionalities Brief Description
1.

Online Subscriber Registration by DDOs

The facility to register Subscriber online using Online PRAN Generation Module (OPGM) is made available to Drawing and Disbursing Office (DDOs) for Government Sector. The DDOs can capture the Subscriber registration details online in the CRA system.  The details entered by DDO needs to be verified by associated PAOs. On verification of registration details in the CRA system, PRAN gets generated online. This facility is an extension to the functionality already available with Pay & Account Offices (PAOs).

2.

Enhancement in Central Grievance Management System (CGMS)

 

1. Standard Frequently Asked Questions (FAQs) along with answers against respective query category are now available to Subscriber & Entity (raising grievance on behalf of NPS Subscriber) in CGMS. The Subscriber raising any query through CGMS will have a provision to view the FAQs & relevant answers based on the category of grievance selected.

2. The fortnightly email alerts are sent to the Nodal Office for pending grievances. Now, these alerts are enhanced to have the details of all pending grievances.

3. A facility is provided to Nodal Office under NPS Lite and APY to download the pending referrals for associated Subscriber. Also, email alerts will be sent to NPS Lite and APY Offices for all grievances raised & resolved during the day.

4. The fortnightly email alerts will be sent to Oversight Offices under NPS Lite and APY regarding the grievances which are pending for more than 15 days under CGMS.

3.

Error Rectification Module (ERM)

 

An ERM request can be processed by the Nodal Office through whom the contributions were uploaded in CRA system. In addition, now in case of State Govt., the facility to perform a single ERM transaction on behalf of all the underlying Nodal Offices is provided to the Oversight Office. This will save efforts and time of multiple ERM requests being captured by different Nodal Offices.

4.

Online Corporate Registration

 

A facility for online registration is enabled for Corporates through eNPS platform. Corporate is required to provide the requisite registration details and select a POP for association and submission of the relevant documents for further processing. The registration details captured by the Corporate are to be authorized by associated POP.

5.

Retirement Adviser:

 

The Retirement Advisers (RAs) are appointed by PFRDA to engage in the activity of providing advice on NPS thereby to extend the reach of NPS. The RAs can be an individual, registered partnership firm, body corporate, or any registered Trust or society. The online platform has been developed and released in the CRA system to facilitate registration of an individual/entity as RA.

6.

Withdrawal Reports / MIS in Nodal Office login

 

Additional reports related to Withdrawal have now been made available to Nodal Offices for better monitoring:

a) Physical withdrawal forms received but online withdrawal request not processed

b) Non Receipt of Physical Forms for online withdrawal processed cases

c) Online withdrawal requests pending for authorization

7.

New CRA Toll Free Helpline

 

Dedicated toll free number (1800222081) is made available to Nodal Offices for contacting CRA regarding their general queries / complaints.  This is in addition to an existing toll free number (1800222080) available for NPS Subscribers.

Source : PIB

Be the first to comment - What do you think?  Posted by admin - June 2, 2017 at 1:46 pm

Categories: Pension   Tags: , , , ,

Atal Pension Yojana (APY) reaches 53 lakhs subscribers base

Atal Pension Yojana (APY) reaches 53 lakhs subscribers base 

235 Banks and Department of Post involved with APY implementation

97.5% of the subscribers contributing at monthly intervals; 51.5% subscribers have opted for a monthly pension of Rs. 1000

The subscribers base under the Atal Pension Yojana (APY) has reached about 53 Lakhs. At present 235 Banks and Department of Post are involved with the implementation of the scheme. Besides the branches of the banks and CBS-enabled offices of India Post, quite a few banks are sourcing subscribers through their internet banking portals in a paperless environment.

The APY Scheme follows the same investment pattern as applicable to the NPS contribution of Central Government employees.  During the year 2016-17, it has earned a return of 13.91%.

With a view to empower the APY subscribers, new functionalities have been developed where under a subscriber can view and print the ePRAN card and Statement of Transactions. Further, the subscriber can register complaints/ grievance by providing his/ her PRAN details on https://npslite-nsdl.com/CRAlite/grievanceSub.do.

Presently males account for 62% of the subscribers and female for about 38%. Most of the subscribers have opted for monthly contribution; about 97.5% of the subscribers are contributing at monthly intervals, about 0.8% at quarterly intervals and about 1.7% at half yearly intervals.

A majority of the subscribers have opted for a monthly pension of Rs. 1000/-.  Presently 51.5% subscribers have opted for a monthly pension of Rs.1000/- and 34.5% of the subscribers have opted for a monthly pension of Rs.5000/-. Pension amount wise segmentation of the subscribers is shown in Figure 1.

 Atal Pension Yojana

Figure 1: Pension amount wise segmentation of the APY subscribers

The Atal Pension Yojana became operational from 1st June, 2015 and is available to all the citizens of India in the age group of 18-40 years. Under the scheme, a subscriber would receive a minimum guaranteed pension of Rs.1000 to Rs. 5000 per month, depending upon his contribution, from the age of 60 years.  The same pension would be paid to the spouse of the subscriber and on the demise of both the subscriber and the spouse, the accumulated pension wealth is returned to the nominee.

PIB

Be the first to comment - What do you think?  Posted by admin - May 26, 2017 at 6:14 pm

Categories: Pension   Tags: , , , ,

Conducting of Agitation Programme for settlement of Charter of Demands of Defence Civilian Employees

Demands pertaining the 7th CPC Minimum Pay, Fitment Formula, Allowances, NPS, Pre-2016 Pensioners – Employees are in dark about development – INDWF’s All India Demand Week from 24.04.2017 to 29.04.2017 with Charter of Demands

INDIAN NATIONAL DEFENCE WORKERS FEDERATION
Estd 1959 (Recognised by Govt. of India)

No. INDWF/Demand Week/M of D/2017

Date: 18.04.2017

To
Secretary to Government of India
Ministry of Defence,
South Block,
New Delhi 110001

Sub: Conducting of Agitation Programme for settlement of Charter of Demands of Defence Civilian Employees – reg.

Sir,
Indian National Defence Workers Federation in its 21st Conference held on 21nd and 22nd March, 2017 unanimously resolved to conduct agitation programme from 24.04.2017 to 29.04.2017 in order to demand Ministry of Defence and Government of India to settle the demands.

INDWF being one of the constituent organisations of National Council (JCM) under the National Joint Council of Action (NJCA) of Central Government Employees. NJCA deferred the proposed Indefinite Strike which was to commence from 11.07.2016 based on the assurances given by the group of Ministers Chaired by Shri Rajnath Singh, Hon’ble Home Minister that Government will constitute committee on on Minimum Pay, Fitment Formula, Allowances, NPS and Pre-2016 pensioners. It was also the National Council (JCM) within 4 months. However, even after more than 6 months it is regretted to note that none of the demands of the NJCA pertaining to 7th CPC are accepted by the Government Employees in genera and Defence Civilian Employees in particular.

In addition to the above, it is to be pertinent to mention that the Government is going ahead very fast to privatise and outsource the entire defence production activities. We are in dark about the development which is taking place about the letter received from Hon’ble Prime Minister’s office to the Department of Defence Production and OFB asking various information’s of the production activities of the above unhelpful attitude and decision of Government of India and Ministry of Defence, the Defence Civilian Employees are very much agitated in this regard. Therefore, the Indian National Defence Workers Federation has decided to observe All India Demand Week from 24.04.2017 to 29.04.2017 by holding gate meetings, demonstration, wearing demand badges and submit memorandum for your favourable consideration and for early settlement of these demands.

CHARTER OF DEMANDS

1. Stop privatisation and outsourcing of Defence Production and withdraw 100% in Defence

2. Fill up all the existing vacancies including freezed vacancies during the period of ban on recruitment considering the increased work load.

3. Withdraw NEW PENSION SCHEME (NPS) for the Defence Civilian Employees and extend Defined Pension facilities at par with Armed Forces personnel as per CCS Pension Rules 1972 ensuring 50°/o pension on the last pay drawn and also extend Family Pension. Disability pension.

4 Regularise all the Casual. Contract, Outsource employees, Part time employees employed in permanent and perennial jobs.

5. Withdraw arbitrary decisions of stopping detailment of employees on Sundays/Holidays working in Ordnance Factories in order to achieve the projected targets.

6. Early implementation of granting of Allowances on 7m CPC Pay scales on HRA, TA and Other Allowances. Revise the Minimum Pay, implement 7th CPC recommendation of Option-I for pensioners and accepted by Government regarding pension of pre-2016 Pensioners without any further delay

Yours Sincerely.

(R.SRINIVASAN)
General Secretary

Copy to
1) Secretary (DP)
Department of Defence Production
South Block, New Delhi.

2) Secretary & Chairman,
Department of Defence Research & Development.
DRDO Bhawan, New Delhi 110 105.

3) All Heads of Directorates.
DGOF & Chairman. OFB, DGQA, E-in-c’s Branch, COP Navy
AOP Air Force, AG Army HQs

Source: http://indwf.blogspot.in/

Be the first to comment - What do you think?  Posted by admin - April 26, 2017 at 5:17 pm

Categories: 7CPC   Tags: , , , , , , ,

Centre introduces provision of taxation on NPS in Income Tax Act

Centre introduces provision of taxation on NPS in Income Tax Act

Press Information Bureau
Government Of India
Ministry Of Defence

Dated: 11-04-2017

Tax on NPS

The provision that the withdrawal from National Pension Scheme is taxed to the extent of 60 per cent has been introduced into the Income Tax Act, 1961 (‘Act’) vide Finance Act, 2016 by inserting clause (12A) in Section 10 of the Act.

Prior to Finance Act, 2016, National Pension Scheme (NPS), referred to in section 80CCD, was under Exempt, Exempt and Tax (EET) regime i.e., the monthly/periodic contributions during the pension accumulation phase were allowed as deduction from income for tax purposes; the returns generated on these contributions during the accumulation phase were also exempt from tax but the terminal benefits on exit or superannuation, in the form of lump sum withdrawals, were taxable in the hands of the individual subscribed or his nominee in the year of receipt of such amounts unlike PPF and EPF which have been enjoying EEE regime i.e. Exempt, Exempt, Exempt.
In order to rationalize the taxability of receipts from pension plans, vide Finance Act, 2016, section 10 of the Act was amended to provide that any payment from National Pension Scheme to an employee on account of closure or his opting out of the NPS shall also be exempt from tax, to the extent it does not exceed forty percent of the total amount payable to him at the time of closure or his opting out of the scheme. Further, Finance Act, 2017 has amended section 10 of the Income-tax Act to exempt partial withdrawals by employees (to the extent of 25% of the employee’s contribution) from their NPS accounts in accordance with the guidelines prescribed under Pension Fund Regulatory and Development Authority Act, 2013.

This was stated by Shri Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Rajya Sabha today.

Source: PIB

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

Categories: Income Tax   Tags: , , , , , ,

NRI Investments in NPS

NRI Investments in NPS

The Pension Fund Regulatory and Development Authority (Retirement Adviser) Regulations were notified in the year 2016. The objective of the Regulations is to provide a framework for eligibility of Retirement Advisers, their registration process, fees etc. of Retirement Advisers (RA) and to define the scope of work and responsibility of the Retirement Advisers to ensure orderly growth of pension sector

In order to expand the National Pension System (NPS) to NRIs, PFRDA has decided to amend the PFRDA (Retirement Adviser) Regulations, 2016 in order to facilitate RA to provide onboarding and advisory services to the NRIs.

Non Resident Indians (NRIs) between the ages of 18-60 years are eligible to join NPS on voluntary basis. NRIs have also been provided the online facility to open account under NPS besides the conventional mode of account opening through the Points-of-Presence (PoPs).

As on 30.03.2017, 2611 NRIs have subscribed to NPS, out of which 1401 NRIs have joined NPS during the financial year 2016-17.

This was stated by Shri Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.

PIB

Be the first to comment - What do you think?  Posted by admin - April 8, 2017 at 5:45 pm

Categories: Pension   Tags: , , , , , ,

Grievances of the Central Government Employees : NC JCM

Grievances of the Central Government Employees : NC JCM

NC JCM writes to the Cabinet Secretary to settle various issues, including revision of HRA

Grievances of the Central Government Employees – Secy./Staff Side writes to Cabinet Secretary

Shiva Gopal Mishra
Secretary

Ph: 23382286
National Council (Staff Side)
Joint Consultative Machinery
for Central Government Employees
13-C, Ferozshah Road, New Delhi – 110001
E-Mail : nc.jcm.np@gmail.com

No.NC/JCM/2017

Dated: March 29, 2017

The Cabinet Secretary,
Government of India,
Cabinet Secretariat,
Rashtrapati Bhawan,
New Delhi

Dear Sir,
Sub: Grievances of the Central Government Employees

Owing to serious discontentment on various retrograde recommendations of the VII CPC, there had been countrywide resentment among the Central Government Employees, and the Staff Side(JCM), under the aegis of the NJCA, had decided for an “Indefinite Countrywide Strike”, commencing from 6th July, 2016, which was deferred after negotiations with the GoMs, comprising of Hon’ble Minister for Home Affairs, Finance Minister, Railway Minister and State Minister for Railways, held on 30.06.2016, wherein it was assured that, demands of the Central Government Employees, viz. improvement in Minimum Wage and Fitment Formula, Rates of Allowances, Guaranteed Pension/Family Pension in lieu of NPS etc. would be resolved within a fixed time frame of four months, for which committees were constituted by the Government of India.

While substantial delay took place in setting-up of various committees itself, however, it is a matter of deep concern that, the committees have not yet finalized their reports despite lapse of more than eight months time.

The Staff Side had, at the very outset, opposed setting-up of Committee on Allowances, demanding upward revision and restoration of certain allowances which were recommended to be abolished by the 7th CPC, nevertheless, the government on the contrary constituted the said committee.

It may be recalled that, it has been an established convention in the past also that, payment of the revised rates of the allowances is done w.e.f. the date of implementation of the report of the Central Pay Commission, but this time, unlike previous occasion, the Central Government Employees are still being paid House Rent Allowance, Transport Allowance etc. on the pre-revised rates.

It was being expected that, Committee on Allowances would complete its proceedings within the fixed timeframe and the CGEs would be paid allowances on the revised rates w.e.f. the date of implementation of the 7th CPC report, but unfortunately, it is being delayed inordinately, owing to which there is serious resentment brewing among the CGEs.

While Committee on Allowances also met on the previous day, i.e. 28.03.2017, and we were expected that it would finalize its recommendations in the said meeting, but on enquiring we have been made to understand that, the issue of revision of rates of HRA was even not discussed in the said meeting.

We, therefore, take this opportunity to apprise you that, unjustified and inordinate delay in finalizing the reports of the committees is not only breach of the assurance given to the Staff Side by the GoMs, but also creating an uncongenial atmosphere among the CGEs.

It would, therefore, be quite appropriate that, the issue may be considered with all seriousness as per assurance given to the Staff Side, and revision of the rates of the allowances, NPS, Minimum Wage and Fitment Formula and Pension/Family Pension, along with restoration of certain allowances abolished by the 7th CPC, be finalized without further loss of time in the larger interest of industrial harmony in the country.

With Kind Regards!

Yours faithfully,
sd/-
(Shiva Gopal Mishra)
Secretary

Source: www.ncjcmstaffside.com

Be the first to comment - What do you think?  Posted by admin - March 30, 2017 at 9:41 pm

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

Meeting of the Committee constituted to suggest measures for streamlining the implementation of the National Pension System (NPS) for Central Government Employees

Meeting of the Committee constituted to suggest measures for streamlining the implementation of the National Pension System (NPS) for Central Government Employees

NFIR
National Federation of Indian Railwaymen
No.IV/NPS/PFRDA BILL/Part-I

Dated :18-03-2017

The General Secretaries
Of Affiliated Unions of NFIR

Brother,

Sub: Meeting of the Committee constituted to suggest measures for streamlining the implementation of the National Pension System (NPS) for Central Government Employees – reg.

A Meeting of the Committee with JCM (Staff Side) under the chairmanship of Secretary (Pension), Department of Pension & Pensioners Welfare was held at sardar patel Bhavan, New Delhi on 17th March 2017 at 15.00hrs. Brief on the discussions is given below:

(i) At the outset, Secretary (Pension) stated that the Committee will try to consider and propose for safeguarding the interests of pensioners appointed on or after 01-01-2004. He said that the purpose of meeting was to elicit views from JCM (Staff Side) and make out report with an attempt to accommodate the views by and large.

(ii) Thereafter, the Additional Secretary (Pension) made a brief presentation highlighting the attempts of the Committee for formulating Rules. Regulations and procedures to be considered by the Government.

(iii) Initiating discussion, the JCM (Staff Side) leaders have reiterated their consistent stand that the Liberalized Pension Scheme needs to be made applicable to those who joined the Government service from 01-01-2004.

2.The JCM (Staff Side) leader Dr.M.Raghavaiah and Standing Committee Member, Shri Guman Singh have participated in the meeting and pointed out as follows:

(a) The Committee should consider for recommending 50% of Last Pay drawn as minimum pension to the retiring NPS subscribers irrespective of their total service.

(b) The Pension Rules of 1972 be incorporated in the proposed draft Rules in an appropriate manner, thereby pension is guaranteed to the families of retired/deceased employees and their dependents.

(c) While 60% of Pension wealth will be paid to the retiring NPS subscriber, the remaining 40% is invested by PFRDA on which retiring employee has no control. What is needed to be ensured is Guarantee for payment of 50% of Last Pat drawn as Pension. Remaining 40% pension wealth may be invested or used by PFRDA on which retiring employee may have no claim.

(d) In the Railways, the employer deducts 10% of wages from employee’s salary towards subscription and contributes equal amount. No Railway employee knows what their actual amount is, as no written statement is furnished by the employer. The JCM (Staff Side) is not concerned about the role of PFRDA -NSDL etc., as every Railway employee wants to know what is his/her amount (subscription plus contribution). It should be ensured that Railways should give at least annually, the statement of accumulated amount to the employee so that on the date of his retirement, he/she will know whether entire money was credited to PFRDA and equally he/she will know what would be 60% of the total pension wealth. The present defective system needs to be streamlined.

The above is for information of affiliates.

Yours fraternally,
(Dr.M.Raghavaiah)
General Secretary.

Source: www.nfir.org.in

Be the first to comment - What do you think?  Posted by admin - March 22, 2017 at 8:35 am

Categories: Railways   Tags: , , , , , , ,

NFIR: Meeting of the Committee constituted to suggest implementation of the National Pension System Employees

NFIR: Meeting of the Committee constituted to suggest implementation of the National Pension System Employees

No.IV/NPS/PFRDA BILL/Part-I

Dated: 18/03/2017

The General Secretaries
of Affiliated Unions of NFIR.

Brother,

Sub: Meeting of the Committee constituted to suggest implementation of the National Pension System Employees -reg.

A meeting of the Committee with JCM (Staff Side) under the chairmanship of Secretary (Pension), Department of pension & Pensioners’ Welfare was held at Sardar Patel Bhavan, New Delhi on 17th March 2017 at 15.00 hrs. Brief on the discussions is given below:

(i) At the outset, Secretary (Pension) stated that the Committee will try to consider and propose for safeguarding the interests of pensioners appointed on or after 01/01/2004. He said that the purpose of meeting was to elicit views from JCM (Staff Side) and make out report with an attempt to accommodate the views by and large.

(ii) Thereafter, the Additional Secretary (Pension) made a brief presentation highlighting the attempts of the Committee for formulating Rules, Regulations and Procedures to be considered by the Government.

(iii) Initiating discussions, the JCM (Staff Side) leaders have reiterated their consistent stand that the Liberalized Pension Scheme needs to be made applicable to those who joined the Government service from 01/01/2004.

2. The JCM (Staff Side) leader Dr.M.Raghavaiah and Standing Committee Member, Shri Guman Singh have participated in the meeting and pointed out as follows:

(a) The Committee should consider for recommending 50% of Last Pay drawn as minimum pension to the retiring NPS subscribers irrespective of their total service.

(b) The Pension Rules of 1972 be incorporated in the proposed draft Rules in an appropriate manner, thereby pension is guaranteed to the families of retired/deceased employees and their dependents.

(c) While 60% of Pension wealth will be paid to the retiring NPS subscriber, the remaining 40% is invested by PFRDA on which retiring employee has no control. What is needed to be ensured is “Guarantee for payment of 50% of Last Pat drawn as Pension”. Remaining 40% Pension wealth may be invested or used by PFRDA on which,retiring employee may have no claim.

(d) In the Railways, the employer deducts l0% of wages from employee’s salary towards subscription and contributes equal amount. No Railway employee knows what their actual amount is, as no written statement is furnished by the employer. The JCM (Staff Side) is not concerned about the role of PFRDA – NSDL- etc., as every Railway employee wants to know what is his/her amount (subscription plus contribution). It should be ensured that Railways should give atleast annually, the statement of accumulated amount to the employee so that on the date of his retirement, he/she will know whether entire money was credited to PFRDA and equally he/she will know what would be 60% of the total pension wealth. The present defective system needs to be streamlined.

The above is for information of affiliates.

Yours fraternity
sd/-
(Dr.M.Raghavaiah)
General Secretary

Source: NFIR

Be the first to comment - What do you think?  Posted by admin - March 19, 2017 at 8:55 pm

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

7th Pay Commission : From Higher Allowance to Implementation where does the story Stands

7th Pay Commission : From Higher Allowance to Implementation where does the story Stands

7th Pay Commission : On Friday senior officials of Union Cabinet were expected to meet members of the panel over Higher Allowance and National Pension Scheme (NPS).

However sources indicate that the meeting did not take place.

As almost a year has passed, we try to figure out where does the story of 7th Pay Commission stand today. The panel was constituted a day after the implementation of the 7th Pay Commission recommendations.

This panel on the higher allowance, named ‘Committee on Allowance’ was also expected to make a major announcement on Friday following the submission of the report to the government. However that too didn’t happen.

As we all know, Prime Minister gave the nod for an additional 2 per cent increase in Dearness Allowance(DA) for all Central Government employees. Moreover, along with the DA, for pensioners, the Dearness Relief (DR) has been increased by 2 per cent with effect from January 1, 2017.

While reports claim that the increasing of the Dearness Allowance has benefited 48.85 lakh employees and 55.51 lakh pensioners, the central Government employees are now concerned about the Committee on Allowance’s decision.

But more importantly, although the DA has been hiked, the Committee headed by Finance Secretary Ashok Lavasa is yet to submit the reports on other allowances, which were also scheduled to be increased once the 7th Pay Commission was implemented.

However, the National Joint Council of Action (NJCA) on behalf of the Central Government employees expressed their dissatisfaction over the hiked 2% DA and said it should have been increased by at least 3%.

April 1, 2017, was the rumoured date for implementing the allowance hike but now that the report has not yet been submitted, it seems the rumour is to stay as it is.

Following this, the NJCA has warned of dire consequences if the Centre fails to implement the allowance hike from April 1.

Source: India.com

Be the first to comment - What do you think?  Posted by admin - March 18, 2017 at 4:56 pm

Categories: 7CPC, Allowance   Tags: , , , , , ,

PFRDA: Let government staffs pension funds to invest 50% in equities

PFRDA: Let government staffs pension funds to invest 50% in equities

Hyderabad: The pensions fund regulator Pfrda wants government to more than treble investment levels in equity markets by government subscribers under the National Pension System (NPS) up to 50 per cent from 15 per cent now.

The regulator has sent a proposal to government seeking to allow government subscribers (state and Central government employees) invest up to 50 per cent in equities under the NPS, Pension Fund Regulatory and Development Authority chairman Hemanth Contractor said here today.

The authority manages about Rs 1.70 trillion of funds belonging to 1.5 crore subscribers who come from government and non-government sectors. Of this 85 per cent are government subscribers which are managed by seven fund managers.

We have taken up very strongly with the government that government subscribers should be given the same choices as are available to the non-government subscribers who can invest up to 50 per cent in equity markets.

“So, what we are telling the government is that you give the same choices. Since government subscribers account for bulk of the fund this will mean a big change. Lot of money can start flowing in to equities,” Contractor said.

The government is quite sympathetic to our view, he said, adding they had several rounds of discussions and he expects this to happen in the next couple of months.

“We are quite optimistic about this. It should happen,” he added.

According to him, the non-government sector accounts for 15 per cent of the overall corpus.

Replying to a query, he said he has written to government seeking clarity on the regulation of some pension products offered by mutual funds and insurance companies as they are currently regulated by another regulator Irdai.

“Since we became a statutory body in 2013, we are the designated regulator of the pensions industry. So we’ve told government that all the other pension schemes floated by MFs, insurance companies should actually be regulated by us. The government is looking into our demand and has in fact set up a committee to look into the issues,” Contractor said.

On the growth of the sector, he said the NPS recorded a growth of 35 per cent in the number of subscribers last year and a little over 40 per cent in the fund that it manages and this year also the growth would be on similar lines.

Contractor also said they have suggested to the government to raise the age-limit for subscribers of Atal Pension Yojana to 50 from 40 now and increase the pension slab from the present Rs 5,000 to Rs 10,000 a month.

Meanwhile, Karvy Compushare was appointed as the second central record-keeping agency (CRA) for serving subscribers of NPS by the Pfrda.

PTI

Be the first to comment - What do you think?  Posted by admin - March 9, 2017 at 7:53 pm

Categories: Pension   Tags: , , , , , ,

Allowing multiple choice to the subscribers/corporates to change Investment Option and Asset Allocation Ratio during the Financial Year

Allowing multiple choice to the subscribers/corporates to change Investment Option – PFRDA

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

B-14/A, Chhatrapati Shivaji Bhawan
Qutab Institutional Area,
Katwaria Sarai,
New Delhi-110016
Phone : 011-26517503
Fax : 011-26517507
Website : www.pfrda.org.in

01 March 2017

CIRCULAR

PFRDA/2017/8/PD/2

To,

All Stakeholder in the National Pension System

Subject: Allowing multiple choice to the subscribers/corporates to change Investment Option and Asset Allocation Ratio during the Financial Year

1. As per the extant guidelines, subscriber can change his/her existing Pension Fund (PF), the investment option(Active or Auto choice) as well as asset allocation ratio (allocation among asset class-Equity/Corporate Bonds/Government securities/Alternate investment ) once in a financial year. This scheme preference is applicable to the existing pension corpus as well as to the prospective subscriptions. Similarly in the NPS-Corporate Model where the choice of Pension Fund and Investment Options is exercised at Corporate level, the Corporates also have the option to change the pension fund and investment option and also asset allocation ratio once in a financial year.

2. In order to provide more choices in terms of investment option and asset allocation, the following has been decided:

(i) The subscribers/corporates will have the choice for change of the investment option (Active or Auto choice) as well as asset allocation ratio (allocation among asset class-Equity/Corporate Bonds/Government Securities/Alternate Investment) two times in a financial year.

This scheme preference will be applicable to the existing pension corpus as well as to the prospective subscriptions. The option will be available separately for Tier I and Tier II accounts.

(ii) The choice of change of Pension Fund shall remain once in a financial year.

4. The changes will come into effect from 01st April 2017.

Yours faithful

(Akhilesh Kumar)
Deputy General Manager

Signed copy

Be the first to comment - What do you think?  Posted by admin - March 3, 2017 at 9:42 am

Categories: Pension   Tags: , , , ,

Next Page »