Posts Tagged ‘NPS’

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

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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

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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

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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

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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

 

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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

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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

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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

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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

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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

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

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

Dated : 19/03/2018

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

Dear Shri Goyalji,

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

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

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

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

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

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

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

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

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

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

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

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

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

With regards,
Yours Sincerely

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

Source : NFIR

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Partial Withdrawal under NPS

Ministry of Finance

Partial Withdrawal under NPS

06 MAR 2018

The Pension Fund Regulatory Development Authority (PFRDA) has relaxed the norms for partial withdrawal under the National Pension Scheme (NPS). In accordance with the PFRDA (Exits and Withdrawals under the National Pension System) (First Amendment) Regulations 2017, the subscriber ought to be subscribed to the National Pension System, at least for a period of three years from the date of his or her joining to such system, to be eligible to make partial withdrawals, under specific circumstances as specified in such regulations.

The NPS subscribers can withdraw after three years from the date of joining the system and a maximum of three times during the entire tenure of subscription under NPS, but the partial withdrawal is linked with contributions made by the subscriber. The subscriber shall be permitted to withdraw accumulations not exceeding twenty-five per cent of the contributions made by him or her and standing to his or her credit in his or her individual pension account, as on the date of application for withdrawal.

Earlier the subscriber under NPS was permitted to withdraw accumulations not exceeding twenty-five per cent of the contributions made by him or her after 10 years from the date of his or her joining the system, and a maximum of three times during the entire tenure of subscription under NPS.

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

PIB

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

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

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

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

New Delhi, dated 13/02/2018

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

Dear Sir,

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

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

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

Yours faithfully,
sd/-
for Secretary/Railway Board

Source: NFIR

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PFRDA identifies 21 Banks as Makers of Excellence under Atal Pension Yojana Outreach Programme;The Number of Current APY subscribers crosses 86 Lacs mark

Ministry of Finance

PFRDA identifies 21 Banks as Makers of Excellence under Atal Pension Yojana Outreach Programme; The Number of Current APY subscribers crosses 86 Lacs mark.

15 FEB 2018

With a view to bring the economically disadvantaged section of the society in the unorganized sector within the pension fold or old age income security coverage, Government had launched the Atal Pension Yojana (APY)in May 2015.

Pension Fund Regulatory and Development Authority (PFRDA) in association with Department of Financial Services, Ministry of Finance conducts APY Outreach Programme on a regular basis. Accordingly, PFRDA has observed a Campaign namely, Makers of Excellence for the Chairmen and MDs of all the Public Sector Banks, Private Sector Banks, Regional Rural Banks, Cooperative Banks (Rural & Urban) & Department of Post for registration of subscriber under APY during the month of Dec 2017 for a fortnight. Under the campaign, nearly, 6 lacs APY accounts were sourced by the APY Service Provider Banks. Targets were allocated to various banks to be achieved during the Campaign. A total of 21 banks- 6 Public sector banks, 14 Regional Rural Banks and 1 Cooperative Bank were able to achieve the target under the campaign and became the Makers of Excellence. PFRDA has planned to award the Top Management of the winning banks at the upcoming PFRDA Pension Conclave in national capital.

The winning Banks and their performance is as below:

S. No. Name of the APY Service Provider Category Number of Branches Minimum No. of Funded Accounts to be Sourced under Makers of Excellence Campaign Actual No. of Funded Accounts Sourced under Makers of Excellence Campaign Remarks (Qualified
/Not Qualified
1 CANARA BANK PSU 6,050 35,000 101,669 Qualified
2 INDIAN BANK PSU 2,588 15,000 76,823 Qualified
3 ANDHRA BANK PSU 2,903 15,000 57,315 Qualified
4 BANK OF BARODA PSU 5,460 30,000 42,665 Qualified
5 ALLAHABAD BANK PSU 3,143 20,000 30,029 Qualified
6 VIJAYA BANK PSU 1,603 10,000 28,241 Qualified
7 GRAMIN BANK OF ARYAVART RRB 700 3,500 5,915 Qualified
8 MADHYA BIHAR GRAMIN BANK RRB 698 3,490 5,507 Qualified
9 PRAGATHI KRISHNA GRAMIN BANK RRB 650 3,250 5,383 Qualified
10 PRATHAMA BANK RRB 412 2,060 5,288 Qualified
11 BARODA UTTAR PRADESH GRAMIN BANK RRB 924 4,620 5,125 Qualified
12 ANDHRA PRADESH GRAMEENA VIKAS BANK RRB 768 3,840 4,893 Qualified
13 BARODA RAJASTHAN KSHETRIYA GRAMIN BANK RRB 819 4,095 4,560 Qualified
14 PURVANCHAL BANK RRB 570 2,850 3,368 Qualified
15 KAVERI GRAMEENA BANK RRB 497 2,485 2,942 Qualified
16 DENA GUJARAT GRAMIN BANK RRB 234 1,170 2,322 Qualified
17 BIHAR GRAMIN BANK RRB 376 1,880 2,258 Qualified
18 CHAITANYA GODAVARI GRAMEENA BANK RRB 203 1,015 1,714 Qualified
19 PALLAVAN GRAMA BANK RRB 256 1,280 1,431 Qualified
20 SAPTAGIRI GRAMEENA BANK RRB 207 1,035 1,074 Qualified
21 THE BEGUSARAI CENTRAL COOPERATIVE BANK LTD DCCB 9 45 113 Qualified

The APY scheme became operational from 1st June, 2015 and is available to all 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 spouse, the accumulated pension wealth is returned to the nominee.

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

The number of current APY Subscribers has crossed 86 lacs mark. The yearly addition in APY enrollment is provided below:

APY Subscriber Addition (In Lacs)
Year 2015-16 2016-17 2017-18

( till 13thFeb 2018)

Total
No of Subscribers ( lacs) 24.84 23.99 37.63 86.46

 

PIB

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Age Limit for NPS

Age Limit for NPS

Vide PFRDA (Exits and Withdrawals from National Pension System) Second Amendment Regulations, 2017, dated 6th October, 2017, the Pension Fund Regulatory and Development Authority (PFRDA) has permitted any Indian citizen who is in the age group of 18-65 years to join the National Pension System (NPS) on voluntary basis. As informed by PFRDA, a total of 1056 persons between the ages of 60-65 years have joined up to 31st January, 2018.

Be the first to comment - What do you think?  Posted by admin - February 13, 2018 at 1:55 pm

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New Contributory Pension Scheme setting up of the Committee

NPS Committee Report Finalised and Submitted to Govt – NC JCM Staff Side
“New Contributory Pension Scheme setting up of the Committee – report”

Shiva Gopal Mishra
Secretary

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

No. NC-JCM-2017/Fin

January 16, 2018

The Cabinet Secretary,
Government of India,
Cabiner Secretariate,
Rastrapati Bhawan,
New Delhi

Sub: New Contributory Pension Scheme setting up of the Committee – report reg.

Dear Sir,
As per the 7th CPC recommendations, Govt had set up a committee under the Chairmanship of the Secretary, to look into the various complaints received by the commission on the new contributory Pension Scheme. As the stake holders, we had interacted with the Committee. We have now come to know that the committee, having finalised its report, submitted the same to you.

We request that the Staff Side-JCM may be provided with a copy of the report and our views are heard and presented, before the Government takes a final view on the matter.

Thanking you,
sd/-
Yours faithfully,
Shiva Gopal Mishra

Source: Confederation

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

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

No. IV/NPS/PFRDA BILL / Part I

Dated : 11/12/2017

Shri Piyush Goyal,
Hon’ble Minister of Railways,
Rail Bhavan,
New Delhi

Respected Sir,

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

Ref (i) Hon’ble MR’s D.O. No. 2012/F(E)III/1/4-Pt dated 29th March 2014 to Hon’ble Finance Minister, Government of India.
(ii) Hon’ble MR’s D.O. No. 2012/F(E)III/1/1/4-Pt dated 20th Nov 2015 to the Hon’ble Finance Minister Shri Arun Jaitely.
(iii) NFIR’s letter No. IV/NPS/PFRDA BILL Part I dated 13th Feb.2017 & 26th Oct. 2017.

While enclosing copy of NFIR’s letter sent to you vide dated 26th Oct, 2017, I request you to kindly make special efforts at the level of the Government as well by reaching Hon’ble Prime Minister for the purpose of exempting Railways from the National Pension System (NPS). I also desire to bring to your kind notice that your predecessors Shri Mallikarjun Kharge and Shri Suresh Prabhu have already sent proposals to the Government of India (Ministry of Finance) highlighting the uniqueness of Railways working and the necessity to exempt Railways from the NPS.

 

I trust that you would do the needful for obtaining favourable decision which would motivate all sections of Railway employees to work with grater determination and commitment for providing efficient services.

With regards,

Yours sincerely,

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


No.IV/NPS/PFRDA BILL/Part 1

Dated : 26 Oct,2017

Shri Piyush Goyal,
Ho’ble Minister of Railways,
Rail Bhavan,
New Delhi

Respected Sir,

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

Ref:  (i)    Hon’ble MR’s D.O. No. 2012/F(E)111/1/4-Pt dated 29th March 2014 to Hon’ble Finance

Minister, Government of India.

(ii)           Hon’ble MR’s D.O. No. 2012/F(E)111/1/1/4-Pt dated 20th Nov 2015 to the Hon’ble Finance Minister Shri Arun Jaitely.

(iii)          NFIR’s letter No. IV/NPSIPFRDA BILL/Part I dated 13th Feb, 2017.

Federation invites kind attention of the Hon’ble AIR relating to exemption of Railways from New Pension Scheme (NPS), which was agreed upon by the Railway Ministry, consequently the Railway Minister Shri Suresh Prabhu bad sent proposal to the Hon’ble Finance Minister vide letter No. 2012/F(E)III/1/1/4-Pt dated 20th November, 2015, seeking Government’s approval to exempt Railways from New Pension Scheme (NPS) now called “National Pension System“. Shri Mallikarjun Kharge then Railway Minister had also urged upon the Government to exempt Railways from New Pension Scheme (letter No. 2012/F(E)III/1/4-Pt dated 29th March 2014).

 

In this connection, NFIR desires to reiterate that Pension is very sensitive issue so far as Railways is concerned, due to the reason that the Railway employees have been working at remote places, stations located in jungle areas and have been facing all odds foregoing basic necessities of life, similar to the Defence Forces Personnel, safeguarding the Nation’s Borders, and are involved fully in ensuring uninterrupted flow of Railway Traffic. The Railway employees in their day-to-day working face war like situations to ensure that movement of trains is not adversely affected under any circumstances and in the process they get killed on duty as confirmed by the High Level Safety Review Committee (BLSRC) headed by Shri Anil Kakodkar (Chapter 11-2.3).

 

NFIR, therefore urges upon you to kindly reach the Hon’ble Prime Minister and apprise the Railways unique nature of working as already highlighted by previous Railway Ministers and impress the need for granting exemption of Railways from the New Pension Scheme to enable those Railway employees appointed from January, 2004 get covered by the Liberalized Pension Scheme for receiving guaranteed Pension. Federation strongly believes that your kind intervention and Ell&WS-fivi: with the Hon’ble Prime Minister would result positive decision for exempting Railways from New Pension Scheme soon.

With regards,

Yours sincerely,/

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

Source : NFIR

 

Be the first to comment - What do you think?  Posted by admin - December 13, 2017 at 9:50 am

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

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

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

More than 1.80 crore subscribers join under NPS-Private sector

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

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

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

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

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

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

PIB

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

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

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

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

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

To

All Stakeholders in the National Pension System

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

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

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

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

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

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

All concerned are advised to take note of the same.

Yours faithfully
(Akhilesh Kumar)
Deputy General Manager

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

CIRCULAR

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

To

All Stakeholders in the National Pension System

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

 

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

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

Intermediary Service

Charge

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

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

Intermediary Service

Charge

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

Yours faithfully,

(K Mohan Gandhi)
Deputy General Manager

Source: PFRDA

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

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Maximum age of joining National Pension System (NPS) increased from the existing 60 years to 65 years under NPS

Maximum age of joining National Pension System (NPS) increased from the existing 60 years to 65 years under NPS – Private Sector

In continuance of the several initiatives under taken by Pension Fund Regulatory and Development Authority (PFRDA) during the last few years to increase the pension coverage in the country, PFRDA has now increased the maximum age of joining under NPS-Private Sector (i.e. All Citizen and Corporate Model) from the existing 60 years to 65 years of age.

Now, any Indian Citizen, resident or non-resident, between the age of 60- 65 years, can also join NPS and continue up to the age of 70 years in NPS. With this increase of joining age, the subscribers who are willing to join NPS at the later stage of life will be able to avail the benefits of NPS.

NPS provides a very robust platform to the subscriber to save for his/her old age income security. Due to the better healthcare facilities and increased fitness, along with the opportunities and avenues available in the private sector as well as in the capacity of self-employment, more and more people in their late 50s or 60s are now living an active life allowing them to be employed productively.

The subscriber joining NPS beyond the age of 60 years will have the same choice of the Pension Fund as well as the investment choice as is available under the NPS for subscribers joining NPS before the age of 60 years.

Subscriber joining NPS after the age of 60 years will have an option of normal exit from NPS after completion of 3 years in NPS. In this case, the subscriber will be required to utilize at least 40% of the corpus for purchase of annuity and the remaining amount can be withdrawn in lump-sum.

In case of such subscriber willing to exit from NPS before completion of 3 years in the NPS, he/she will be allowed to do so, but in such case, the subscriber will have to utilize at-least 80% of the corpus for purchase of annuity and the remaining can be withdrawn in lumpsum.

In case of unfortunate death of the subscriber during his stay in NPS, the entire corpus will be paid to the nominee of the subscriber.

The increase in joining age will provide the options to the subscribers who are at the fag-end of the employment and expecting lump-sum amount at the time of retirement, but willing to defer their retirement planning for future, to open the NPS account and contribute the lump-sum corpus to NPS for better fund management by Professional Fund Manager to fetch better returns and plan for the regular income after some time. The Annuity rates available in the older age fetch better annuities than that at the age of 60 or less age.

This initiative will allow a larger segment of the society particularly senior citizens to reap the benefits of NPS and plan for their regular income.

PIB

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

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

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

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

The following Table gives the details of increase in incentives:


Principal Distribution Point

Services offered

Current Charge

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

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

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

PIB

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

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