• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Home
  • Allowances
  • Expected DA
  • CSD
  • DOPT
  • Pensioners Issues

CENTRAL GOVT EMPLOYEES NEWS

Quick updates for CG Staff and CG Pensioners

  • Holiday Homes
  • Holidays
  • Railway Board Orders
  • TA DA Rules

LATEST CENTRAL GOVERNMENT EMPLYOEES NEWS
Central Government Holidays 2023 PDF
42% DA Order for Central Govt Employees wef 01.01.2023 – Finmin Orders 2023
Revised Rates of HRA 27%, 18% and 9% from 01.01.2021 - Finmin Orders 2021


Kendriya Vidyalaya Class 1 Online Admission 2023-24 Latest Updates
KVS Class 1 Admission Lottery Result 2023-24 Live Updates 3rd list will be out on 04.05.2023 (Thursday)
Kendriya Vidyalaya Admission Schedule 2023-2024
KV Admission Age Limit 2023-24
KVS Admission Guidelines 2023-24 PDF

LATEST CENTRAL GOVERNMENT PENSIONERS NEWS
OROP-2 Pension Revision Table 1 to 121 for Defence Pensioners wef 1.7.2019
Annual Increment Due on 1st July to the Employees Retiring on 30th June
Notional Increment on the Day of Superannuation
FR 56(j) of CCS (Pension) Rules age of 50 years or on Completion of 30 years of Service
Coverage under CCS (Pension) Rules CG employees appointment before and after 01-01-2004

New Pension Scheme : Analysis of the Issues by the 7th Pay Commission

November 26, 2015

Central Govt Holiday List 2023 PDF | Holiday Calendar 2023 India

New Pension Scheme : Analysis of the Issues by the 7th Pay Commission

10.3.12 The Commission has examined these concerns raised by the stakeholders. The Commission also interacted with Chairman, PFRDA, and representatives of the Department of Pensions and Pensioners Welfare (DPPW), Department of Personnel and Training (DoPT), Department of Expenditure (DoE) and the Department of Financial Services (DFS).

10.3.13 In so far as the future value of pension under NPS is concerned, the Commission notes that this would depend upon a combination of factors:
(i) performance of the invested fund, which in turn would depend on the asset mix of the investment and general economic situation of the country,
(ii) cost of financial intermediation,
(iii) contribution rates,
(iv) period of contribution,
(v) performance of the fund manager and
(vi) development of the annuity market.

Grievances against the NPS

The NPS has now been in effect for over 10 years. During this period, there has been perceptible progress in putting together the architecture and providing information to subscribers. Major concerns, however, remain. Broadly, these are as under:

i. The larger federations and staff associations advocated scrapping the NPS on the ground that it discriminates between two sets of government employees.

ii. Individuals covered under NPS have pleaded for reverting to the OPS on the grounds of uncertainty regarding the actual value of their future pension in the face of market related risks.

iii. Individuals have pointed out that under NPS, the effective salary becomes less since the employee has to mandatorily contribute 10 percent of pay towards the pension fund.
iv. Individuals have stated that grievance redressal facility is not effective and consultation with stakeholders has been non-existent. This communication gap has generated insecurity in the minds of stakeholders including staff and Group ‘A’ officers of Central Government as well as All India Service Officers.

v. Associations have complained that Family Pension after the death of the employee is not ensured in the NPS. Moreover, if an employee dies at an early age, the family would suffer since annuity from the contribution would be grossly inadequate.

vi. Individuals have complained that NPS subscribers have no recourse to GPF for their savings. Their personal savings (10% of salary) are considered part of a larger corpus. It has been pointed out that the justify approach would be to consider only government’s contribution and the returns earned on it as the effective amount available for purchase of annuities.

vii. Associations have pointed out that unlike the facility under GPF, it is not possible to take refundable advances under NPS, even to meet obligatory social expenditure. This forces employees towards increased indebtedness as they have to borrow from elsewhere.

viii. Grievances also relate to tax treatment under NPS. While contributions and accumulations in NPS are exempt, lump sum withdrawals from NPS at any time are
taxable at par with any other income. In addition, there is a service tax liability on any amount utilised for purchase of annuity.

ix. It has been pointed out that though NPS became effective from 2004, detailed instructions were issued only in late 2009 and in many cases the credit of contributions began from 2012. In the case of AIS officers in some States, contributions by the concerned State Government are yet to be fully made and deployed. The net result of this has been that contributions for the period 2004-2012 have not been made in full or have earned simple interest and did not get any market linked returns. Because of the prevailing confusion, contributions made by some AIS officer have been returned to them without interest. This will have a huge impact on the eventual corpus as the benefits of compounding were not available for the first 8 -9 years.

x. Individuals, in their presentation before the Commission, stated that annuities under NPS have no compensation for inflation unlike dearness relief under OPS. Further, in the case of OPS there is a revision in basic pension itself after every Pay Commission. This too is not available in respect of annuity of NPS subscribers.

xi. It has been pointed out that government employees are not given freedom of choice in choosing their fund manager based on performance and track record as the contributions are divided in a pre-specified ratio among selected Pension Fund Managers. It has been stated that government employees have no say in asset allocation
of their money.

xii. Concerns were raised that the contribution of 10% + 10% will not be sufficient to create a corpus which provides reasonable assurance that pension will be 50 percent of the last pay drawn.

Authority : http://7cpc.india.gov.in/


No related posts.

ALLOWANCE NEWS

Dress Allowance for Defence Personnel Joining Service After 1st July of a Year – MOD Order

42 Percent DA Order to GDS Employees wef 01.01.2023

42% DA to CPSE Employees CDA Pattern wef 1.1.2023 as per 7th CPC Pay Scales

DA from April 2023 at 202.3% to CPSE Employees for 2007 Pay Scales

Payment of DA at Revised Rates from April 2023 at 37.7% to CPSE Employees for 2017 Pay Scales

GDS Latest News

Special Training Module on Social Media for Government Employees

May 9, 2023 By admin Leave a Comment

42 Percent DA Order to GDS Employees wef 01.01.2023

April 14, 2023 By admin Leave a Comment

Counting Leave without Allowance as Qualifying Engagement for Grant of Annual Increment to GDS

March 13, 2023 By admin Leave a Comment

Processing of Transfer Applications of GDS under Limited Transfer Facility through GDS Online Transfer Portal

November 29, 2022 By admin Leave a Comment

Processing of Transfer Applications of GDS – DoP

September 21, 2022 By admin 2 Comments

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar




Central Govt Employees News

7th CPC Pay Matrix Table for Central Government Employees
7th CPC Defence Pay Matrix Chart
7th Pay Commission Children Education Allowance
7th CPC House Rent Allowance
7th CPC Advances to Central Government Employees
Bank Holiday List 2023 India
LIC Office Holiday List 2023
Central Government Holidays 2023 PDF
CGHS Holidays 2023
ESIC Holiday List 2023
Indian Customs Office Holiday List 2023
Tamil Nadu Government Holidays 2023 Order PDF
Central Government Employees Festival Advance
CGHS Hospital List 2023
DA Chart for CG Employees and Pensioners
DoPT Orders Circulars 2023
ECHS Empanelled Hospitals and Nursing Homes 2023
Freezing of Dearness Allowance and Dearness Relief
Holiday Homes List 2023
Indian Post Office Holiday List 2023
Indian Passport Office Holidays 2023
50 New Kendriya Vidyalaya in India
KV School Holiday List 2023-24 PDF
Railway Board Orders 2023
Sainik School List in India 2023

DA LATEST NEWS 2022

4% DA Hike for Tamil Nadu Govt Employees from 01-04-2023

Revised Rate of VDA for Indian Railway Contract Workers wef 01.04.2023

41.72% DA for Bank Employees from May to July 2023

Revised Rates of 42% DA Order for Defence Employees from 1st Jan 2023

42 Percent DA Order to GDS Employees wef 01.01.2023

FAQ on LTC Cash Voucher Scheme

LTC Cash Voucher Scheme Calculator
LTC Cash Voucher Scheme and Leave Encashment for Central Govt Employees
FAQ No 1 Special LTC Cash Package Scheme – 20.10.2020
FAQ No 2 Special LTC Cash Package Scheme – 10.11.2020
FAQ No 3 Special LTC Cash Package Scheme – 25.11.2020
FAQ No 4 Special LTC Cash Package Scheme – 10.03.2021
LTC Cash Voucher Scheme for Defence Armed Forces Personnel
Grant of 4 Times LTC Scheme Eligible for Fresh Recruits of Central Govt Servants




Recent Comments on KVS Admission 2022-23

  • admin on KVS Admission Schedule 2023-24 Dates Announced – Check Details
  • admin on KVS Admission Schedule 2023-24 Dates Announced – Check Details
  • V. SEKAR on KVS Admission Schedule 2023-24 Dates Announced – Check Details
  • Nitya on KVS Admission Schedule 2023-24 Dates Announced – Check Details
  • admin on Latest CSD Price List of Air Conditioner(AC)
  • Hetinder Bansal on Latest CSD Price List of Air Conditioner(AC)
  • admin on Central Govt Holiday Home Rates
  • Raghunath Mahawat, Executive Engineer, PWD Gavt of Rajasthan Jaipur. on Central Govt Holiday Home Rates
  • admin on KVS Admission Schedule 2023-24 Dates Announced – Check Details
  • Devi on KVS Admission Schedule 2023-24 Dates Announced – Check Details

Copyright © 2023 - Central Govt Employees News - cgstaffportal.in - Log in