Posts Tagged ‘NPS’

Appeal to NPS Pensioners : NPS PENSIONERS – YOUR ATTENTION PLEASE – Confederation

Advertisement

Appeal to NPS Pensioners – Confederation
NPS PENSIONERS – YOUR ATTENTION PLEASE

As you are aware Confederation of Central Govt Employees & Workers has been opposing and fighting against the Contributory Pension Scheme (known as NPS) from the very beginning.

At the time of introduction of NPS, it is only Confederation Confederation, All India State Govt Employees Federation and the Left parties which strongly opposed it. Now a situation has developed that more than 50% of the employees in Central Government & State Government services and also in Central / State Public Sectors are NPS employees and even those Federations / Unions / Associations in the Central / State Govt services who were either confused or kept quite or supported Govt decision to introduce NPS in the initial stage are compelled to change their original stand and started raising their voice against NPS.

Confederation of Central Govt Employees & Workers, as an organization spear heading this struggle, is making intensive campaign against NPS and trying to build up a broad united movement of all like-minded organizations, so that a wider and bigger movement is built up no sooner than later, with an ultimate aim of organizing a nationwide indefinite strike to “SCRAP NPS” in future, if Govt is not ready to change their stand.

For effective campaign and also to expose the hollowness of the claim of the Govt and supporters of NPS, the following details of those NPS employees who have already retired from service is required.

(1) Name in full and Designation at the time of retirement:

(2) Name of the office and Department from which retired.

(3) Date of entry in service.

(4) Date of retirement.

(5) Completed years of service.

(6) Basic pay at the time of retirement.

(7) Amount of Insurance Annuity Pension being received now per month.

The information should be authentic.

All are requested to cooperate and furnish the above information before 31-10-2018.

M.KRISHNAN
Secretary General Confederation
Mob & WhatsApp: 09447068125
e-mail: mkrishnan6854@gmail.com

Source: Confederation

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 - October 17, 2018 at 1:43 pm

Categories: Pension   Tags: , , ,

Grant of old pension to the young employees working in the railway

Railway Board requests to Grant old pension to the young employees

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

 No.D-43/19/2017-F(E)III

Dated: 06.09.2018

Sh. Mangat Ram Saini,
National President,
Akhil Bhartiya Railway Mazdoor Sangthan,
125/R, Ram Nagar,
Pathankot-145001,
Mob.-9464000303.

Dear Sir,

Sub: Grant of old pension to the young employees working in the railway. Please refer to your letter dated 12.07.2018 on the above cited subject.

2. In this regard it is stated that the decision to implement the National Pension System (NPS) w.e.f. 01.01.2004 for all recruits, is of the Government of India. The Ministry of Railways being an administrative Ministry in respect of pensionary matters is bound to adhere to the decision taken by the Nodal department, i.e., Department of Financial Services (Ministry of Finance). The Ministry of Railways is not empowered to take any unilateral decision.

(G. Priya udarsani)
Director, Finance (Estt.),
Railway Board.

Old-Pensin-Railway-Employees

Be the first to comment - What do you think?  Posted by admin - October 6, 2018 at 9:49 pm

Categories: Railways   Tags: , , , , ,

Fixing of Remuneration in favour of Re-engaged Retired Employees covered under NPS

Fixing of Remuneration in favour of Re-engaged Retired Employees covered under NPS

GOVERNMENT OF INDIA
MINISTRY OF RAILWAYS
RAILWAY BOARD

No. 2018/Trans.Cell/S&T/Contractual Staff

New Delhi, dated: 12.09.2018

The General Manager, All Indian Railways/PUs, NF(Con), CORE
The DG/RDSO/Lucknow, DG/NAIR/Vadodara
CAOs, DMW/Patiala, WPO/Patna, COFMOW/NDLS, RWP/Bela, CAO/IROAF

Sub: Fixing of Remuneration in favour of Re-engaged Retired Employees covered under NPS.

Ref: (1) Board’s letter No. E(NG)-11/2007/RC-4/CORE/1 Dated- 16.10.2017.
(2) DRM/TVC’s Letter No. V/G.157/DRM/Re-engagement dated 28.08.2018.

With reference to DRM/TVC’s letter at (2) and Board’s letter at (1) above, Board (MS, FC & CRB) have approved that the remuneration of re-engaged retired employees covered under NPS may be suitably dealt with, on merit on case to case basis.

This issues with the concurrence of Associate Finance of Transformation Cell of Railway Board.

Kindly acknowledge the receipt and ensure compliance.

(Umesh Balonda)
Executive Director/S&T
Transformation Cell

Be the first to comment - What do you think?  Posted by admin - October 3, 2018 at 6:55 pm

Categories: Railways   Tags: , , , , ,

Reversion to Old Pension Scheme

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

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: , , , , ,

REINTRODUCTION OF OLD PENSION SCHEME

Reintroduction Of Old Pension Scheme

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF FINANCIAL SERVICES

LOK SABHA
UNSTARRED QUESTION NO. 4075
TO BE ANSWERED ON AUGUST 10, 2018/SHRAVANA 19, 1940 (SAKA)
REINTRODUCTION OF OLD PENSION SCHEME

Shri Rakesh Singh

Will the Minister of FINANCE be pleased to state

  • the details of drawbacks of the New Pension Scheme (NPS) introduced for the Government officials;
  • whether the NPS is not as beneficial monetarily as the Old Pension Scheme (OPS) and if so, the details thereof;
  •  whether the Government employees are disgruntled with the NPS and if so, the details thereof; and
  • whether the Government proposes to reintroduce the OPS replacing the NPS, if so, the details thereof and the action taken by the Government in this regard?

ANSWER

The Minister of State in the Ministry of Finance
(Shri Shiv Pratap Shulda)

(a) & (b) National Pension System (NPS) has been designed giving utmost importance to the welfare of the subscribers. Government has made a conscious move to shift from the defined benefit pension scheme to defined contribution pension scheme i.e. NPS, due to rising and unsustainable pension bill. There are a number of benefits available to the employees under NPS. Some of the benefits are enlisted below:

  • NPS is a well designed pension system managed through an unbundled architecture involving intermediaries appointed by the Pension Fund Regulatory and Development Authority (PFRDA) viz. pension funds, custodian, central record keeping and accounting agency, National Pension System Trust, trustee bank, points of presence and Annuity service providers. It is prudently regulated by PFRDA which is a statutory regulatory body established to promote old age income security and to protect the interest of subscribers of NPS.
  • The pension wealth which accumulates over a period of time till retirement grows with a compounding effect. The all-in-costs of the institutional architecture of NPS are among the lowest in the world.
  • Contribution made to the NPS Tier-I account is eligible for tax deduction under the Income Tax Act, 1961. An additional tax rebate of Rs.50000 is also allowed for contributions made to NPS Tier-I under Section 80CCD (1B) of the Income Tax Act, 1961.
  • Subscribers can withdraw up to 25% of their own contributions before attaining age of superannuation, subject to certain conditions. Further, PFRDA vide “PFRDA (Exits and Withdrawals under the NPS) (First Amendment) Regulations, 2017″ dated 10.08.2017 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.
  • PFRDA has increased the maximum age limit from 60 years to 65 years for joining NPS-All Citizen Model and Corporate Sector Model, vide “PFRDA (Exits and Withdrawals under the NPS) (Second Amendment) Regulations, 2017” dated 06.10.2017.
  • PFRDA vide “PFRDA (Exits and Withdrawals under the NPS) (Third Amendment) Regulations, 2018″ dated 02.2018 has facilitated easy exit & withdrawal in case of disability and incapacitation of the subscriber covered under NPS.
  • Transparency and Portability is ensured through online access of the pension account by the NPS subscribers, across all geographical locations and portability of employments.

(c) & (d) Representations have been received which inter alia also include the demand that the Government may revert to old defined benefit pension system. However, due to rising and unsustainable pension bill and competing claims on the fiscal, there is no proposal to replace the NPS with old pension scheme in respect of Central Government employees recruited on or after 01.01.2004.

Be the first to comment - What do you think?  Posted by admin - August 10, 2018 at 5:14 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 - at 12:36 pm

Categories: Pension   Tags: , , , ,

Abolition of Contributory Pension Scheme

Not Possible to Revert Back to Old Pension Scheme
It is not possible for the government to revert back to old pension scheme – Minister replied in Parliament on 24.7.2018

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.

Be the first to comment - What do you think?  Posted by admin - July 28, 2018 at 9:04 am

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: , , , , , ,

Bharatiya Mazdoor Sangh discusses Insurance and Pension related issues with Dr Jitendra Singh

Ministry of Personnel, Public Grievances & Pensions

Bharatiya Mazdoor Sangh Pension issues

Bharatiya Mazdoor Sangh discusses Insurance and Pension related issues with Dr Jitendra Singh

14 MAY 2018

A delegation of Bharatiya Mazdoor Sangh (BMS), represented by its Pratiraksha (Industrial) unit called on the Union Minister of State (Independent Charge) of the Ministry of Development of North Eastern Region (DoNER), MoS PMO, Personnel, Public Grievances & Pensions, Atomic Energy and Space, Dr Jitendra Singh here today and discussed wide range of issues related to Central Government employees, including Insurance, Pension, promotions and other matters.

In a memorandum presented to the Minister, the delegation submitted that the Central Government Employees Group Insurance Scheme was notified on 1st November 1980 and came into effect from 1st January 1982. The scheme is intended to provide Central Government employees, at a low cost, on a wholly contributory and self-financing basis, the twin benefits of an insurance cover to their families in the event of death in service and a lump-sum payment to augment their financial sources on retirement. However, the BMS demands that the government should immediately notify the customized Group Insurance Scheme for Central Government employees with low premium and high risk cover.

The memorandum also expressed discontentment of a section of employees for being left out from the provision of minimum guaranteed pension under National Pension Scheme (NPS). It requested that a minimum pension be guaranteed equivalent to 50% of the employee’s last drawn Basic Pay plus Dearness Relief for neutralization of price rise.

Among other issues raised by the delegation was the demand for one-time relaxation for compassionate appointments. This has become important because a large number of wards are waiting for their appointment on compassionate grounds to look after their family.

The delegation also demanded the framing of an appropriate transfer policy in all cadres in favour of single woman/single mother employees. They requested that whenever such women are given postings, it should be mandatorily ensured that they are placed at stations closest to their hometown or the place of their choice.

Dr Jitendra Singh said that he will direct the DoPT to process the issues related to them, while other issues related to other Ministries will be referred for the perusal and views of the respective Ministries.

PIB

Be the first to comment - What do you think?  Posted by admin - May 15, 2018 at 12:37 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: , , ,

Additional relief on death/disability of Government Servants covered by the Defined contribution pension scheme (NPS)

Additional relief on death/disability of Government Servants covered by the Defined contribution pension scheme (NPS)

GOVERNMENT OF INDIA
MINISTRY OF RAILWAYS
(RAILWAY BOARD)

No.E(G)2018/PN 1-7

New Delhi, Dated 16-04-2018

The General Manager (P)
All Indian Railways & PUs.
(as per standard mailing list)

 

Sub: Additional relief on death/disability of Government Servants covered by the Defined contribution pension scheme (NPS)

 

References is invited to Railways Board’s letter No.2016/AC-II/21/7 dated 27-11-17 (copy enclosed) wherein it has been highlighted that grant of pension/family pension to NPS beneficiaries has not commenced on some of the Zones/Units. Board has taken a serious note of the aforesaid delay.

 

2. As already brought out in the attached letter, instructions have been issued from time to time for making provisional pension payment to eligible NPS beneficiaries by the Railways and Joint procedure order has been put in place duly signed by the personnel Department and the Accounts Department to ensure smooth disposal settlement of such cases.Relevant instructions have been reiterated vide Board’s letter dated 02.01.17 (RBA No.1/2017) a compendium of circulars compiled by PFRDA has also been uploaded on the website of Indian Railways (RBA No.162/2017).

 

3. It is accordingly desired that pension/family pension cases of NPS beneficiaries should be processed immediately without delay so that payment of pension in such cases commences at the earliest.

 

(Dr.Anand.S.Khati)
Eecutive Dir.Estt.(G)
Railway Board

 

Be the first to comment - What do you think?  Posted by admin - April 23, 2018 at 10:51 pm

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

Pension Fund Regulatory and Development Authority prescribes New NPS Subscriber Registration Form – Additional Mandatory Requirements

Ministry of Finance

Pension Fund Regulatory and Development Authority prescribes New NPS Subscriber Registration Form – Additional Mandatory Requirements

20 APR 2018

Pension Fund Regulatory and Development Authority (PFRDA) has been 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, it has been decided by the Authority to make bank account details and mobile no. mandatory to provide ease of operation for the benefit of subscribers and make the process of Exit from NPS hassle free.

Further, in compliance with the Prevention of Money Laundering Act guidelines issued by the Government of India, Foreign Account Tax Compliance Act (FATCA) and Central Registry of Securitization Asset Reconstruction and Security Interest (CERSAI) have been made mandatory for new as well as existing subscribers. These have been made mandatory in the new Common Subscriber Registration Form (CSRF) forms that are required to be filled in by the new subscribers. The existing subscribers have been provided the facility to submit online FATCA Self-Certification in their login (www.cra-nsdl.com or https://enps.karvy.com/Login/Login ). The information regarding the said functionality is also made available on Central Record-keeping Agency (CRA) websites. The steps to be followed by the subscriber to submit online FATCA self-certification are also mentioned on the website.

It is to be ensured by the subscribers to fill the mandatory fields correctly and not leave them blank in order to avoid rejection of their forms.

PIB

Be the first to comment - What do you think?  Posted by admin - April 20, 2018 at 5:19 pm

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: , , , , , , ,

Brief of the meetings held between the Staff Side (JCM) and Official Side

Brief of the meetings held between the Staff Side (JCM) and Official Side

Shiva Gopal Mishra
Secretary

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/2018

Dated: April 10, 2018

The General Secretaries,
All Constituents Organizations of the JCM (Staff Side)

Dear Comrades,

Sub: Brief of the meetings held between the Staff Side (JCM) and Official Side

Met yesterday, i.e. on 9th April, 2018, with the Secretary (DoP&T), Government of India, Dr. C. Chandramauli, who joined recently, and requested him for holding meetings of the Standing Committee of the NC/JCM and National Anomalies Committee at an earliest. He has promised for the same.

Today, i.e. on 10th April, 2018, met the Cabinet Secretary, Government of India, and handed him over a copy of the enclosed letter.

He said that, the issue of the NPS is under finalization and Secretary(Pension), Government of India, had very recently given presentation. He further said that, there would be some visible changes in the NPS.

On the issue of Minimum Wage and Fitment Formula he once again mentioned that it depends totally on the political call.

So far the issue of non-holding of meetings of the National Council (JCM) is concerned, he said that he would try to hold this meeting very shortly.

This is for your information.

Sincerely Yours,
sd/-
(Shiva Gopal Mishra)
Secretary(Staff Side)
National Council(JCM)

Source: http://ncjcmstaffside.com

Be the first to comment - What do you think?  Posted by admin - April 11, 2018 at 9:40 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: , , , ,

Next Page »