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NTPC, DVC likely to join New Pension System

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On the heels of the state-owned Nalco joining the New Pension System, the public sector power firms such as NTPC and Damodar Valley Corporation (DVC) have shown interest in moving their retirement funds to the scheme.

"NTPC and DVC have shown interest in joining the New Pension System (NPS). We are holding talks with them," a senior Pension Fund Regulatory and Development Authority (PFRDA) official told PTI today.

The nation's largest power producer NTPC employees around 24,500 while DVC has over 11,000 in its rolls.

Recently, the interim regulator PFRDA wrote to the Department of Public Enterprises to help the Central PSUs bring their employees into the NPS for pension savings beyond the mandatory contributions at 24 per cent of the salary to the Employees Provident Fund Organisation.

"We expect more PSUs to put their retirement funds in the coming days into the NPS," the official added.

Initially, the NPS was launched for Central government employees joining service from January 1, 2004, but from last May it was extended to all citizens.

According to the information available on the PFRDA website, as many as 6,90,274 subscribers have joined the NPS till this January 2, which include 3,119 from the unorganised sector.

Out of this , the maximum 5,64,705 subscribers are the Central Government employees, apart from 1,20,517 state government employees.

The total corpus under these schemes is close to Rs 3,500 crore.
Source: Economic Times

Govt to raise gratuity ceiling for pvt sector employees

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After bringing teachers under the Payment of Gratuity Act, the Government is now proposing to raise the ceiling for payment of gratuity to private sector employees from Rs 3.5 lakh to Rs 10 lakh.

A decision in this regard is likely to be taken at the next Cabinet meeting scheduled for January 9, sources in the Labour and Employment Ministry said. The Cabinet's nod will bring parity between Government and private sector employees in enjoying equal gratuity benefits. The Sixth Pay Commission recommendation had raised the limit for Central government employees.

The trade unions and other bodies had been pressing for raising the ceiling for private sector employees. In fact, some trade union bodies had insisted against fixing any upper ceiling but the Labour Ministry was of the view that this would put burden on the employers, sources said.

The Ministry had held consultations with various stakeholders about raising the ceiling, they said.

In the last Parliament session, the Centre had amended the Gratuity Act to clarify the definition of an employee. According to the new law, anybody who is earning a wage is characterised as an employee and is liable to receive gratuity.

National Aluminium Company became the first public sector undertaking to move its employees retirement funds to the New Pension System to contribute six per cent of the basic pay into the NPS.

CGEGIS - Tables of Benefits for the savings fund for the period from 1.1.2010 to 31.12.2010.

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No.7(2)/EV/2009

Government of India

Ministry of Finance

Department of Expenditure

*********

New Delhi, the 29th December,2009.



Subject:- Central Government Employees Group Insurance Scheme - 1980 - Tables of Benefits for the savings fund for the period from 1.1.2010 to 31.12.2010.



The undersigned is directed to refer to this Ministry's O.M.No.7(2)/EV/2008 dated 22nd December, 2008 forwarding therewith Tables of Benefits under CGEGIS for the year 2009. New Tables of Benefits for the savings fund of the Scheme based on a subscription of Rs.10 per month from 1.1.1982 to 31.12.1989 and Rs.15 per month w.e.f. 1.1.1990 onwards have been prepaid for the year 2010 and a copy of the table is enclosed. Another Table of Benefits for the savings fund based on a subscription of Rs.10 per month for those employees who had opted out of the revised rates of subscription w.e.f. 1.1.1990 have also been drawn up for the year 2010 and a copy of that table is also enclosed. The amounts in the Tables have been worked out on the basis of interest @ 10% per annum(compounded quarterly) for the period from 1.1.1982 to 31.12.1982, 11% per annum (compounded quarterly) w.e.f. 1.1.1983 to 31.12.1986, 12% per annum (compounded quarterly) w.e.f.1.1.1987 to 31.12.2000, 11% per annum (compounded quarterly) w.e.f. 1.1.2001 to 31.12.2001, 9.5% per annum (compounded quarterly) w.e.f. 1.1.2002 to 31.12.2002, 9.0% per annum (compounded quarterly)w.e.f.1.1.2003 to 31.12.2003 and 8% per annum (compounded quarterly) w.e.f.1.1.2004 onwards. The mortality rate under the Scheme has been taken as 3.75 per thousand per annum up to 31.12.1987 and 3.60 per thousand per annum thereafter in both the cases. While calculating the amount it has been assumed that the subscription has been recovered or will be recovered from the salary of the month in which a member ceases to be in service failing which it should be deducted from accumulated amounts payable.

In its application to the employees of Indian Audit and Accounts Department this Office Memorandum issues in consultation with the Comptroller and Auditor General of India.

(MANOJ SAHAY)
DIRECTOR





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