PFRDA Organizes Conference for State Governments to Discuss Implementation of National Pension System

Press Information Bureau 
Government of India
Ministry of Finance

19-December-2016 19:52 IST

PFRDA Organizes Conference for State Governments to Discuss Implementation of National Pension System

A conference for State Governments was organized by PFRDA on 19th December 2016, at New Delhi to discuss NPS implementation by the state governments.

In his inaugural address, Chairman, PFRDA, Sh. Hemant Contractor congratulated winners of awards instituted by PFRDA for the State Government sector. He observed that the number of subscribers registered in State Government sector has increased to 32 lacs and also the Assets Under Management is touching approx. Rs. 79,000 crores. He urged the State Governments to frame timelines for all the activities specified by PFRDA. Currently, only 11 State Governments have issued instructions regarding timelines. Besides, framing of NPS rules for the respective states is also gaining importance and fixation of salary date will help in fixing accountability. He discussed various changes in product features and processes which will lead to increase in appeal of NPS. The prominent among them are mobile app and feature of making contributions through it, increase in usage of Tier 2 accounts due to increased returns, etc. He also referred to the various user friendly functionalities developed in coordination with the Central Recordkeeping Agency (CRA) for providing ease of transaction to the subscriber and the nodal offices. He advised the delegates about appointment of Ombudsman which puts onus on the State Governments to ensure prompt resolving of grievances in Centralized Grievance Management System (CGMS). He also discussed about the appointment of second CRA which will provide more choice to the State Governments. He added that this conference and more in the coming years would act as a platform for discussion with PFRDA and interactions among States to share their experiences and practices in order to enhance cross learning.

Shri R. V. Verma, Member (Finance) while welcoming the participants to the conference commended the substantial improvement in performance of State Governments since the last such conference held in December 2016. He advised the State Governments to ensure 100% subscriber coverage month on month. He laid stress on the inclusion of NPS related activities within the scope of audit of the State Governments. He also emphasised the need for discipline of remitting of the subscriber contribution especially in view of the enhanced role of the Government nodal officers as envisaged in the regulations and the provisions of the Act. He stressed on the need for enhancing capacity building both at the nodal officer level and subscriber level. Training of nodal officers will help in enhancing the financial literacy and awareness of the subscribers. This will also help in fixing accountability of the respective officers with respect to delays in various activities of NPS.

Dr. B.S. Bhandari, Member (Economics) advised the participants about the areas of concern which need to be looked on priority. Besides, he also highlighted the responsibility of nodal officers handling NPS and advised to know the product & process. He also referred to the mandatory inclusion of employees under NPS other than those which are covered under EPF. Further, he urged the participating states to introduce NPS related training programmes in their own State Training Institutes.

PFRDA instituted awards in April 2016 for the State Government sector in order to boost the best performers and also to encourage other states to improve their performance on the same lines. Awards were distributed to Andhra Pradesh, Bihar, Haryana, Jharkhand, Kerala, Mizoram, Odisha, Rajasthan, Sikkim and UT of Chandigarh on various parameters of NPS implementation, in the Conference.

Sh. Pravesh Kumar, DGM made a presentation on performance of NPS on various important parameters. Besides performance, past trends and future challenges were also discussed in the presentation. The feedback was positively taken by the participating state governments with the assurance to working towards plugging the gaps. Sh. Sumit Kumar, NPS Trust made a presentation on pending withdrawal claims and grievances, with emphasis on early resolution. Sh. Sunil Samuel, AVP, NSDL made a detailed presentation on new functionalities introduced in the software, mobile app, online PRAN generation, DDO login, etc. Officials of 3 states – Andhra Pradesh, Odisha and Madhya Pradesh also made presentations sharing their best practices.

Sh. Ashish Kumar, General Manager concluded the session by proposing the vote of thanks.

Currently, NPS has more than 1.03 crore subscribers with total Asset Under Management (AUM) of more than Rs.1,60,000 crores.

NPS subscribers of Central Government are 14.1% of the total subscribers as Jan 2016

NPS subscribers of Central Government are 14.1% of the total subscribers as Jan 2016

Press Information Bureau 

Government of India

Ministry of Finance

02-February-2016 16:35 IST

1.15 Crore Subscribers for National Pension System (NPS) as on 23.1.2016

National Pension System (NPS) had 11,459,555 subscribers with a total corpus of Rs. 90, 327 crore as on 23rd January, 2016. The total Assets under Management are worth Rs. 109,140 crore while Assets under Management per subscriber is Rs. 95,000 on an average.

The number of NPS Subscribers of the Central Government are 1611,020 with a total corpus of Rs. 34,754 crore while subscribers from the different State Governments are 2,859,094 with a total corpus of Rs. 45,486 crore. The number of NPS subscribers in the Corporate Sector are 448,509 while in Unorganized Sector is 128,484, the total being 576,993. The number of subscribers under NPS Lite include 4,463,637 and under Atal Pension Yojana (APY) 1,948,811, with a total number of subscribers 6,412,448 in these two categories.

NPS subscribers of Central Government are 14.1% of the total subscribers while that of the State Governments are 24.9%. The NPS subscribers under NPS Lite constitute 39% while under APY 17% of the total subscribers.

Since PFRDA has completed two years of its statutory status on 1st February, 2016, to mark this occasion, PFRDA in collaboration with all its intermediaries in the National Pension System including Central and State Governments’ Nodal Offices, POPs, Aggregators, Central Recordkeeping Agency and NPS Trust etc. is observing NPS Service Week from 1st to 6th February, 2016. This week-long campaign is being dedicated to service-orientation towards the subscribers and aimed at awareness building and improved information dissemination. During this Service Week, besides sharing of information on the range of functionalities and services now available under the NPS, the subscriber community will be apprised about the need for constant updation of data/information to enable the system to operate at its optimum service level, so that the intended benefits can reach all the employees/subscribers under NPS. Besides, the subscribers will also be able to make best use of all the opportunities and facilities.

The Pension Fund Regulatory and Development Authority (PFRDA) is organizing the 2nd Pension Conclave in national Capital on 4th February 2016 with the theme, “Towards Universal Pension: Coverage, Adequacy and Sustainability” in which all the stake holders are expected to participate and share their experiences. PFRDA proposes to use this occasion to acknowledge/award the best performing banks and Post Offices in mobilization and registration of subscribers under the Atal Pension Yojana (APY) up to 31st December 2015, and institute awards for best performing POPs under the Voluntary segment of the National Pension System.

Earlier, PFRDA launched NPS Awareness Programme for State autonomous bodies, Unorganized Sector, Corporate Sector and other categories in order to highlight the benefits of joining NPS and has requested the various State Governments to implement NPS more inclusively among the State Autonomous Bodies, Boards, Corporations, Societies, Universities and State aided institutions under various State Government departments. During the awareness programme, key features and benefits of NPS, details and process of joining NPS, details about NPS architecture investment and exit guidelines of NPS are highlighted.

Source: PIB News

Recovery of NPS subscription fee/charge – NC JCM writes to DoPT

Recovery of NPS subscription fee/charge – NC JCM writes to DoPT

Ph: 23382286

National Council (Staff Side)

Joint Consultative Machinery for Central Government Employees

13-C, Ferozshah Road, New Delhi – 110001

E-Mail: nc.jcm.ni@gmail.com

No.NC/JCM/2015

Dated: October 31, 2015

Shri Sanjay Kothari,

Secretary,

Ministry of Personnel, Public Grievances & Pensions,

(Government of India)

North Block,

New Delhi – 110001

Dear Sir,

Sub: Recovery of NPS subscription fee/charge

Ref : Dy. General Manager, NPS Trust, New Delhi’s notice dated 19.10.2015

It has come to our notice that, @0.01% of the AUM on daily accrual basis is proposed to be imposed on the NPS Subscribers.

In this connection, it is worth-mentioning that, in the past, it was assured to the Central Government Employees that, no Administrative Charge/Fee would be imposed on any of the Government employees.

Orders to this effect, if so issued, should immediately be withdrawn.

Comradely yours,

sd/-

(Shiva Gopal Mishra)

Secretary(Staff Side) NC/JCM & Convener

Authority: www.ncjcmstaffside.com

Click to view the letter

Click to view all the letters 

PFRDA - New Pension Scheme : Clarification of Deferred withdrawal of lump sum

New Pension Scheme : Clarification of Deferred withdrawal of lump sum – PFRDA

PENSION FUND REGULATORY AND 

DEVELOPMENT AUTHORITY

1st Floor, ICADR Building, Plot No. 6,

 Vasant Kunj Institutional Area, Phase – II, 

New Delhi – 110070

CIRCULAR

PFRDA/2015/24/EXITS/1

October 29, 2015

To,
NPS Trust, All POP’s, Aggregators, CRA,CentraI, State Governments and All Subscribers

Dear Sir/Madam,

Sub: Clarification of Deferred withdrawal of lump sum

PFRDA (Exits and Withdrawals from Nation Pension System) Regulations 2015 provides option to subscriber to defer withdrawal of lump sum (60%) up to the age of 70 years.

Under the Deferred withdrawal facility, the subscribers at the time Of exit from National Pension System (NPS) can exercise an option to defer the withdrawal of eligible lump sum withdrawal and stay invested in the NPS. Subscriber has an option to withdraw the deferred lump sum amount in maximum ten annual installments up to the age of 70 years or withdraw the entire amount at once by giving 15 days advance notice during such a period of deferment.

If no such notice is given, the accumulated pension wealth would be automatically monetized and credited to his bank account upon attaining the age of 70 years.

This is for the information of all concerned. The circular also is being placed on PFRDA website at http://www.pfrda.org.in, NPS Trust website www.npstrust.org.in and CRA website at http://www.npscra.nsdl.co.in.

Yours faithfully,

sd/-

Subroto Das

Chief General Manager

Authority: http://pfrda.org.in/

Exemption of Railway employees from New Pension Scheme/National Pension System (NPS) – NFIR writes to Railway Board on 24th October 2015

Exemption of Railway employees from New Pension Scheme/National Pension System (NPS) – NFIR writes to Railway Board on 24th October 2015

NFIR

National Federation of Indian Railwaymen

No. IV/NPS/PFRDA BILL/Part I

Dated : 24/10/2015

The Suresh Prabhu,

Hon’ble Minister for Railways

(Railway Board)

Rail Bhavan

New Delhi

Sub: Exemption of Railway employees from New Pension Scheme/National Pension System (NPS)-reg.

Ref: GS/NFIR’s letter No. IV/NPS/PFRDA BILL dated 26/08/2015 addressed to the Railway Board (MS).

The Government of India had introduced New Pension Scheme (NPS) applicable to the Central Government employees appointed on or after 01/01/2004. Under the scheme, 10% of the Pay of each employee is deducted from his/her salary every month and equal amount is contributed by the employer and credited to the NPS Trust controlled by the PFRDA. However those who were appointed prior to 01/01/2004 have been covered under “Liberalized Pension Scheme” and their pensionary benefits like Pension, Family Pension etc., are guaranteed by the Government. While the New Pension Scheme now being re-named as “National Pension System” is not applicable to Defence Forces, the same had unfortunately been made applicable for Railway employees with effect from 01/01/2004.

2. The duties, responsibilities, risk involved, remoteness, arduous and hazardous conditions of railway employee are akin to that of Army Personnel and therefore NFIR has been urging upon the Government as well the Railway Ministry to exempt Railway employees from New Pension Scheme. The Federation was compelled to take strike ballot on pending demands, among them “Abolition of New Pension Scheme” was one of the most important issues. Responding to the demands, the Railway Board (CRB, MS, FC) had held separate meeting with the Federations on 7’th February 2014, wherein the justification for exempting railway employees from New Pension Scheme was discussed, consequently the Railway Ministry had agreed to approach the Government. Hon’ble MR Shri Mallikarjun Kharge had sent communication to the Finance Minister on 29th March, 2014 explaining case and justifying that the Railways deserves to be exempted from NPS. Unfortunately, there has been no positive decision from the Government till now.

3. In this context, NFIR also brings to your kind notice that the JCM (Staff Side) as well the Federations have decided to launch industrial action as the Government has not responded to the charter of demands of Central Government employees. During the meeting with you on 6th August,20l5, we have also mentioned some of the issues continued unresolved when CRB and Member Staff were present.

Railway Board (CRB, NPS & FC) held another meeting with the Federations on lst October 2015 on eight short listed demands which include “Exemption of Railway Employees from New Pension Scheme”. After discussions, the Railway Board has agreed to pursue the case with the Government again. In this connection, NFIR has earlier sent a communication with full details to the Railway Board (MS) vide letter No. IV/NPS/PFRDA BILL dated 26/08/2015 (copy enclosed) to facilitate Railway Ministry to prevail upon the Government to grant exemption to Railway from NPS. Federation is confident that the Railway Ministry is taking necessary action on the inputs given by the NFIR for presenting the case before you.

4. It is, however, shocking to note that a notice has been issued by the National Pension System Trust (NPS Trust) to all the subscribers under NPS that the Trust will start recovering fee/charge @ 0.01% of the AUM on daily accrual basis to meet its expenditure w.e.f. 1st November 2015. (Copy of Notice dated 19/10/2015 is also enclosed) This provocative and arbitrary decision has generated deep sense of disappointment and anger among railway employees”

In view of the above, NFIR invites your kind attention to the communication dated 29th March 2014 of your predecessor (Shri Mallikarjun Kharge) to the Finance Minister and in-puts given by the Federation vide letter dated 26/08/2015 for taking special initiative at the level of Government for exempting Railway employees from “New Pension Scheme” (NPS) as a special case.

With regards.

Yours Sincerely

sd/-

(Dr.M.Raghavaiah)

General Secretary

Source: NFIR

National Pension System for Central Government Employees

Subscriber details of CG Employees under National Pension System as on 3.10.2015

Number of subscribers and their asset details of Central Government employees under National Pension System as on 3rd October 2015 has been published by PFRDA. More than 15 lakh CG employees registered under NPS and their ‘Asset Under Management’ value have more than 42 thousand crore. All employees unions and federations including NC JCM

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

PRESS RELEASE

Assets under Management (AUM) of National Pension System (NPS) crosses Rs. 1 lac crore

NPS has been implemented for all Government Employees (except armed forces) joining Central Govt. on or after 01 January 2004. Most of the State/UT Governments have also notified the National Pension System (NPS) for their new employees. NPS has been made available to every Indian Citizen from 01st May 2009 on a voluntary basis.

Further, from 1st June 2015, the Atal Pension Yojana, has been launched which has given the much required impetus to the social security schemes Currently, NPS and APY together have more than One Crore subscribers with total Asset Under Management (AUM) of Rs.1,00,275 crores. The segment wise status of the NPS and APY as on 03.10.2015 is as under:

PFRDA has taken various steps at the policy as well as operational level to make NPS more subscriber friendly. In addition to this additional tax benefits made available exclusively to NPS has given a fillip to the scheme. This is further expected to result into a substantial increase in the subscriber base by end March 2016.

The following steps have been taken in the recent past for the convenience of the subscriber:

• The investment guidelines for NPS have been revised to expand the investment avenues for optimisation of the returns.
• Partial withdrawal upto 25% of subscriber’s own contribution for specific purposes like higher education of children, marriage of children, construction of house and specified illness have been allowed to the NPS subscribers after
  completion of 10 years in NPS.
• NPS Private Sector subscribers can continue contributing beyond 60 years upto 70 years of age.
• NPS Subscriber can defer the withdrawal of lumpsum amount upto the age of 70 years and also have the option to defer purchase of annuity upto 3 years from the date of superannuation or 60 years. The funds during this period remain invested in the system.
• The Statement of Transactions (SOT) being sent by CRA to the existing subscribers has been modified to reflect the returns of the individual subscriber since the date of account opening and also the return generated during the last
  financial year.
• To facilitate and operationalize the deposit of additional contribution of Rs.50,000/- to avail of the additional tax benefit under Section 80 CCD(1B), Government Subscribers already covered under NPS have been provided the
  facility to deposit voluntary contributions in their Tier I account through any POPSP. Government employee covered under old pension scheme can also avail this tax benefit by opening individual Tier I account through any POP-SP and contributing to the same.
• Online reset of password and facility to change mobile no. and email Id have been provided to all the NPS subscribers.
• SMS alerts on balances in the NPS account being sent to the subscribers on quarterly basis, in addition to regular monthly alerts on contribution and other changes in the PRAN.

APY scheme provides minimum Govt guaranteed monthly pension to subscribers ranging from Rs 1000 to Rs 5000. Further, Govt. of India also co-contributes 50% of the total contribution made by a subscriber during a financial year subject to maximum of Rs 1,000/- per annum for a period of five years, if eligible subscribers open the account by 31st December 2015. All Indian Citizens, in the age group of 18-40 years are eligible to join the scheme through any bank branch. About 8 lakh subscribers have joined APY till date.

Source: PFRDA

Payment of Gratuity and Guaranteed Benefits under New Pension Scheme (NPS) Beneficiaries – BPMS Resolutions

Removal of ceiling for Compassionate Appointment, Payment of Gratuity to NPS Beneficiaries and Minimum Guaranteed Benefits under NPS

BPMS Resolutions adopted in CEC Meeting held in Hyderabad

BHARATIYA PRATIRAKSHA MAZDOOR SANGH

(An All India Federation of Defence Workers)

(An Industrial Unit of B.M.S.)

(Recognized by Govt of India, Min of Defence)

Central Office: 2A, NaVin Market, Kanpur – 208001

REF: BPMS/ RESOLUTION/ 10(7/1/M)

Dated: 21.09.2015

To,

The Secretary,

Govt. of India, Min of Defence,

South Block, DHQ PO,

New Delhi – 110011

Subject: Resolutions adopted in the Central Executive Committee meeting of BPMS.

Respected Sir,

With due regards, it is submitted for your kind information that the Central Executive Committee meeting of this federation has held on 08th & 09”” Sep. 2015 at Dr APJ Abdul Kalam Complex, DRDO Township, Kanchanbagh, Hyderabad and 03 Resolutions have been unanimously adopted by the CEO of the federation & the same are enclosed herewith for your kind consideration and further necessary action please.

This federation is in full hope to get favourable consideration in this regard.

Thanking you in anticipation.

Sincerely yours

(M P SINGH)

General Secretary

RESOLUTION No. 1: Payment of Gratuity to NPS Beneficiaries

In spite of our strong opposition, the Government has made the New Pension Scheme applicable to all recruits after 01-01-2004. While continuing our opposition to the scheme, BPMS have given several inputs from time to time to ensure that maximum benefit be given to the employees.

As a part of this, the entire bye-laws and other issues pertaining to the formulation of the New Defined Contribution Pension System (popularly known as the NPS) was studies and it was found that as per clarification issued by the Ministry of Finance (Department of Economic Affairs) the NPS is a replacement for only Pension, and thus, other benefits provided to employees like Gratuity remains constant i.e. the employees enrolled under NPS are also eligible for Gratuity as per provision of extant law.

After vigorously pursuing the issue, the Department of Pension & Pensioners Welfare had issued O.M. No. 38/41/06/P&PW (A) DT. 05-05-2009, with the approval of Cabinet to provide for Invalid Pension, Family Pension, Disability Pension, Extra-Ordinary Family Pension, Retirement Gratuity and Death Gratuity in respect of NPS subscribers on provisional basis.

Consequent thereof, BPMS has been consistently demanding that this “Provisional” basis be converted into a PERMANENT BASIS feature of the NPS. The Government has, now vide DC. No. 1(4)/E-2006 DT. 17-08-2015 of JS (Pers) of the Ministry of Finance (Department of Expenditure) circulated a note proposing that the budget for the payment of gratuity be projected from the office of the Controller General of Accounts.

Subsequently, the issue has been earmarked to various Ministries, who in turn have further asked comments from various channels.

The federation having taken stock of the present situation feels that asking comments etc. is not required on a Policy decision and demands that the feature of payment of Gratuity to all NPS subscribers upon Retirement or Death, be made a Permanent feature, without further loss of time.

This resolution is therefore, unanimously adopted at the Central Executive Committee Meeting of the Federation on September 08th, 2015.

RESOLUTION No. 2: Minimum Guaranteed Benefits under NPS

In spite of our strong opposition, the Government has made the New Pension Scheme applicable to all recruits after 01-01-2004. While continuing our opposition to the scheme, BPMS have given several inputs from time to time to ensure that maximum benefit be given to the employees.

Even after a lapse of more than 10 years since the arbitrary implementation of the scheme, the Government has failed to formulate a policy ensuring “Guaranteed Minimum Pension” to the subscribers of the NPS.

Having examine the issue in detailed, BPMS now demands that without any further waste of time, the Government should frame a policy to ensure that irrespective of the financial/market conditions at the time of Retirement and/or Death of the NPS subscriber, he should get a minimum guaranteed pension equivalent to FIFTY PERCENT of his last drawn Basic Pay plus dearness relief for neutralization of price rise.

This Central Executive Committee Meeting of the Federation held at Hyderabad, on September 08th, 2015, hereby RESOLVES, to call upon the Government to frame a policy to ensure that the NPS subscribers receive a minimum guaranteed pension equivalent to FIFTY PERCENT of his last drawn Basic Pay plus dearness relief thereupon at par with Central Government Employees/Pensioners.

RESOLUTION No. 3: One time relaxation & removal of ceiling for Compassionate Appointment

The Government has imposed an arbitrary limit of 5% only for filling up of vacancies on compassionate grounds, subject to several conditions. As a result of this decision, many families are living in distress and the very concept of helping the families of those employees who die in harness, stands defeated due to imposition of this ceiling.

The Federation has been taking up the issue at all levels to relax the ceiling to enable the deserving candidate get employment and thereby provide help to the families of the deceased. Having examine the issue in detailed, BPMS now demands that without any further waste of time, the Government should frame a policy to ensure that as a onetime measure, all existing cases of compassionate appoints are provided suitable employment assistance immediately.

This Central Executive Committee Meeting of the Federation held at Hyderabad, on September 08th , 2015, hereby RESOLVES, to call upon the Government to frame a policy to ensure that one time measure, all existing cases of compassionate appoints are provided suitable employment assistance immediately and to further scrap the artificial ceiling of 5% with immediate effect.

(M P SINGH)

Source: BPMS

DA Merger, NPS, Interim Relief, Promotion and Bonus issues – NC JCM writes to PM

NC JCM writes to PM regarding the pending demands of Central Govt Employees – DA Merger, NPS, Interim Relief, Promotion and Bonus issues

The letter is translated to English and given below for your kind consideration…

Shiv Gopal Mishra

Secretary

Ph: 2338226

National Council (Staff side)

Joint Cumulative Machinery

For Central Government Employees

13-C Feroz Shah Road, New Delhi – 110001

Email: nc.jcm.np@gmail.com

Letter No: NJC/2015

Date: 27.4.2015

Respected Prime Minister,

Government of India,

New Delhi

Sub: Reg. the grievances of Central Government Employees

Sir,

For the past few years, a solution hasn’t been found to the problems faced by the Central Government Employees. The National council JCM formed for the grievances of Central Government Employees has been totally disabled and the NC JCM meeting has not been held for the past five years.

The Pending demands of the Central Government, which include the merge of Dearness Allowance with Basic Pay, the enforcement of Old Pension Scheme in the place of New Pension Scheme, Interim Relief, Filling up of Vacancies, Increasing the bonus range, Promotion Opportunities, etc didn’t yield to a decision, hence the Railway, Defence (Civil Employees), Postal, other Central Government Sectors are forced to give a presentation in the Parliament under NC J.C.M. on 28th April 2015.

We Central Government Employees whether in Railways, Defence, Postal Department or other Central Government Sectors, are working with complete devotion towards service to the society and progress to the country. Being an integral part of your administration, we hope that you would provide us an opportunity to meet you as well as extend your help to solve our problems.

Yours Faithfully,

(Shiv Gopal Mishra)

Coordinator and Secretary

Employee Division

N.C. J.C.M.

Click to view the original letter in Hindi

Source: NC JCM Staff Side Website

Central employees to march Parliament on 28th, demand scrapping of NPS, merger of DA

Central employees to march Parliament on 28th, demand scrapping of NPS, merger of DA

Central Government employees have decided to hold a demonstration near Parliament on April 28 for bringing to notice their long-pending demands such as scrapping of the new pension scheme, merger of dearness allowance, and putting a stop to outsourcing, among others.

According to a release, the demonstration would press the long-pending demands of Central Government employees including scrapping the New Pension Scheme (NPS), merger of dearness allowance (DA) in Pay, redressal of pending anomalies of the Sixth Central Pay Commission, interim relief, scrapping foreign direct investment, and public private partnership schemes, filling of vacancies, stopping outsourcing, enhancement of the limit of bonus, and on the other side various amendments in labour laws, among others.

On the call of the National Joint Council of Action (NJCA), the Convener of NCJCA Shiva Gopal Mishra said in a release various associations will participate in the demonstration including the All-India Railway Men’s Federation, the National Federation of Indian Railwaymen, the All-India Defence Employees’ Federation, the Indian National Defence Workers’ Federation, the National Federation of Postal Employees’ Federation, the Federation of National Postal Organisation, and the Confederation of Central Government Employees. Besides, some state employees will also participate in the demonstration.

Mishra further said if the Government does not take the “united movement seriously” to resolve the issues, they would be forced to take precipitate action for which the Centre would be responsible.

Source: paycommissionupdate.blogspot.in

NPS is more beneficial than EPF

NPS is more beneficial than EPF

Is NPS better than EPF?

The NPS is more complicated than EPF, but it may ensure a sufficient retirement kitty

If there’s one investment option that has received generous tax breaks in the Budget, it is the National Pension System (NPS). In a watershed move, the Finance Minister has also announced that employees in the organised sector will now be able to opt out of contributions to the Employees Provident Fund (EPF) and invest in the NPS instead. So, if given this choice, what should you do? Here’s how they compare.

Contributions

EPF contributions are mandatory for employees earning up to ₹15,000 a month in the organized sector. Many employers however insist on EPF contributions for all their employees. The contribution is pegged at 12 per cent of your pay (basic plus dearness allowance). Your statutory EPF contributions are matched by your employer. If you are an employee who usually struggles to save, the EPF is a good option for you as it forces you to save at least 12 per cent of your pay.

Read more at The Hindu Business Line

Employees Provident Fund(EPF) to be Provided two Options

Employees Under the Employees Provident Fund(EPF) to be Provided two Options

The Union Finance Minister Shri Arun Jaitley has announced that with respect to Employees Provident Fund (EPF), the employee needs to be provided two options. Firstly, the employee may opt for EPF or the New Pension Scheme (NPS). Secondly, for employees below a certain threshold of monthly income, contribution to EPF should be optional, without affecting or reducing the employer’s contribution. He said, with respect to ESI, the employee should have the option of choosing either ESI or a Health Insurance product, recognized by the Insurance Regulatory Development Authority (IRDA).

The Finance Minister announced that he intends to bring amending legislation in this regard, after stakeholders’ consultation.

Source: www.7thpaycommissionnews.in

55 Point Charter of Demands Including DA Merger, Interim Relief and Scrap NPS

NFIR’s 55 Point Charter of Demands Including DA Merger, Interim Relief and Scrap NPS

1. Withdraw FDI, PPP in Railways – Stop Out Sourcing, Contractorisation and Privatization.

2. Scrap New Pension Scheme in Railways and restore liberalised pension scheme.

3. DA merger with pay with retrospective effect and payment of Interim Relief to Central Government employees (serving and retired).

4. Calculation and payment of Productivity Linked Bonus (PLB) on actual wages.

5. Transport Allowance be exempted from the purview of Income Tax.

6. Increase contribution to Group Insurance Scheme (GIS) by atleast 10-times for all Government employees.

7. Merge Technician-II with Technician-1 with Grade Pay Rs.2800/- (PB-I) in Railways.

8. Revise entry grade pay of Station Masters as Rs.4200/- in PB-2.

9. Replacement of Grade Pay Rs.4600/- with Rs.4800/- (PB-2) w.e.f. 01/01/2006.

10. Revise upwardly the kilometrage rates of Running Staff w.e.f. 01/01/2006 – Settle Running Staff issues as per agreement dated 7th February, 2014.

11. Implement agreement for Up-gradation of Apex Group ‘C’ posts to Group ‘B’ Gazetted in Railways.

12. Allotment of higher Grade Pay to the Loco Pilots and Guards.

13. Count Temporary status Casual Labour Service in full as qualifying service for retirement and other purposes.

14. Allot entry Grade Pay of Rs.5400/- to the Group ‘B’ Gazetted staff.

15. LARSGESS be extended to GP Rs. 2400/- and above.

16. Track patrolling – Support man provision be complied with.

17. Rectify MACPS anomalies.

18. Rectify Sixth CPC anomalies.

19. Enhance Fixed Medical Allowance of Rs.500/- p.m. to not less than Rs.2000/- p.m., for all retired employees.

20. Extend special privileges and facilities for Women employees for their
empowerment.

21. Ensure full implementation of the report of Joint Committee for career
growth of Track Maintainers.

22. Abolish 12/- Hours duty in Railways – Introduce 8 hours duty roster for Running and Safety categories staff. Classify Running Staff working high
speed trains as “Intensive” – NFIR’s proposals on the recommendations of High Power Committee (R&S) be considered for reaching negotiated settlement.

23. Remove hardships being faced by Train Controllers.

24. Reduce Duty Hours of Nursing Staff, thus honour Government’s decision.

25. Create ticket checking staff posts for manning trains.

26. Casual Labour acquired temporary status prior to 01/01/2004 should be covered under Liberalised Pension Scheme.

27. Implement norms approved by Railway Board and sanction new posts of SSE/JE (Signal), ESM, Helper (Signal) etc.

28. Amend Rules for providing employment to Wards of Employees.

29. Provide quality Health care to employees, their families besides retired employees.

30. Fill vacancies of Doctors, Para Medical Staff and provide Super specialists in all Railway Hospitals — enhance superannuation age of Railway Doctors.

31. Cover all Railway employees under Incentive Scheme in Workshops, PUs etc., wherever not covered.

32. Grant parity in Pay Structure for Stenographers in Railways at par with CSS/RBSS.

33. Training Allowance should be revised to 30% of pay in all Training Centres/Schools.

34. Implement agreement on stepping up of pay of Loco Inspectors.

35. Review SPAD definition – Prevent harassment and victimisation of Running and safety categories staff.

36. Make upward revision of Income Tax exemption limit in the case of running staff.

37. Running Rooms should be improved, air-conditioned and upgraded on priority.

38. Grant Project incentive allowance to the staff working in projects on Indian Railways.

39. Negotiating foras of PNM, DC/JCM & NC/JCM should be made effective for resolving issues speedily – Implement agreements reached in PNM, DC/JCM & special meetings etc., immediately.

40. Ensure creation of posts in safety/operational/public image categories for manning new services and maintaining new assets without linking to matching surrender.

41. Grant Daily Allowance to Staff Car Drivers.

42. Absorb quasi administrative units/offices staff against posts in GP Rs. 1800/- PB-1.

43. Induct Course Completed Act Apprentice against vacancies.

44. Ensure quality Uniform to all employees and supply of quality protective gears — concede NFIR’s proposals.

45. Grant Patient Care Allowance to all para-medical staff.

46. Provision of single woman Hostel facility at all Divisional Headquarters and important stations.

47. Setting up of a multi-disciplinary training institute for imparting training in rail related electronic technologies for the wards of Railway Employees.

48. Extension of medical facilities to the dependent parents of railway employees.

49. Liberalize compassionate appointment provisions.

50. Remove restrictions on payment of Children Education Allowance/Hostel subsidy.

51. Allot adequate funds for maintenance of Railway Quarters as well as construction of new quarters.

52. Introduce warning/ Hooter system to prevent deaths of Track Maintainers etc., while on duty.

53. Grant Study leave with attendant incentives liberally o the employees for pursuing higher studies.

54. Enhance Night Patrolling Allowance for Track Maintainers.

55. Allot Pay Band-4 to Junior Administrative Grade Officers in Railways.

Source: www.7thpaycommissionnews.in

New Website of National Pension System Trust Launched

New Website of National Pension System Trust Launched

New Website of National Pension System Trust Launched; To Provide Proper and Effective Information Dissemination to the Stakeholders and Provide Ease of Access to Various Beneficiaries Under NPS

The National Pension System Trust has been set-up and constituted by Pension Fund Regulatory Development Authority (PFRDA) for taking care of the assets and funds under the National Pension System (NPS) in the interest of the beneficiaries (subscribers).

The National Pension System Trust has launched its new website www.npstrust.org.in here today.. The website was launched by Shri G. N. Bajpai, Chairman & Trustee of the Board of NPS Trust. The website is aimed to provide proper and effective information dissemination to the stakeholders and provide ease of access to various beneficiaries under NPS.

www.npstrust.org.in

About NPS Trust

The National Pension System Trust (NPS Trust) was established by PFRDA on27th February, 2008 with the execution of the NPS Trust Deed. The NPS Trust has been set up and constituted for taking care of the assets and funds under the National Pension System (NPS) in the interest of the beneficiaries (subscribers). Individual NPS subscribers shall be the beneficiaries of the NPS Trust. The NPS funds are managed by the Board of Trustees to realize and fulfill the objectives of the NPS Trust in the exclusive interest of the Subscribers.