Sunday, April 8, 2018

Grant of Minimum Guaranteed Pension under NPS – 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: PBMS

No comments:

Recent Stories...

Civilian Pay Matrix

Defence Pay Matrix

Pay Matrix Table

90 Paisa Blog touches new heights

10 crore viewers…90 Paisa Blog touches new heights
Making a Mark Achieved 100 Million Page Views - "Central Government Employees News" Blog
We are proud of our latest accomplishment – 90Paisa Blog, the first ever blog for Central Government employees, has now crossed 10 crore hits!!!
From the bottom of our hearts, we express our sincere gratitude to all our patrons who have been supporting us all along.


90Paisa - Dedicated to Central Government Employees and Pensioners. As and when orders amending the rules are published by the Government, the amendment orders will be published in our blog immediately. Readers are requested to refer to the source link is given at the end of the post.
All efforts have been made to ensure accuracy of the content on this blog, the same should not be construed as a statement of law or used for any legal purposes. 90paisa accepts no responsibility in relation to the accuracy, completeness, usefulness or otherwise, of the contents. Users are advised to verify/check any information with the relevant department(s) and/or other source(s), and to obtain any appropriate professional advice before acting on the information provided in the blog.
Links to other websites that have been included on this blog are provided for public convenience only.
90paisa is not responsible for the contents or reliability of linked websites and does not necessarily endorse the view expressed within them. We cannot guarantee the availability of such linked pages at all times.