• 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

Central Government Offices Holidays 2021
Kendriya Vidyalaya Admission 2021-22: Application Form, Eligibility Criteria, Important Dates
Kendriya Vidyalaya Admission 2021-22 Online registration for Class 1 to commence from 1st April 2021 on kvsonlineadmission.kvs.gov.in
Freezing of Dearness Allowance and Dearness Relief – Finmin Orders 2020
DA Loss Calculation Table 2020

LATEST CENTRAL GOVERNMENT PENSIONERS NEWS
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

SCRAPPING OF NEW PENSION SCHEME

April 3, 2018

SCRAPPING OF NEW PENSION SCHEME

GOVERNMENT OF INDIA
MINISTRY OF PERSONNEL, PUBLIC GRIEVANCES AND PENSIONS
(DEPARTMENT OF PENSION AND PENSIONERS’ WELFARE)
LOK SABHA

UNSTARRED QUESTION NO. 5486
TO BE ANSWERED ON 28.03.2018)

SCRAPPING OF NEW PENSION SCHEME

5486. DR. RAGHU SHARMA:
SHRI KUNDARIYA MOHAN BHAI KALYANJI BHAI:
SHRI SUKHBIR SINGH JAUNAPURIA:
SHRI BHAIRON PRASAD MISHRA:

Will the PRIME MINISTER be pleased to state:

(a) whether the Government has received requests for scrapping the New Pension Scheme;

(b) if so, the details thereof and the response of the Government thereto;

(c) whether the Government proposes to re-introduce old pension scheme in place of New Pension Scheme (NPS);

(d) if so, the details thereof and whether the Government has received request for the same, if so, the details thereof; and

(e) whether the NPS is more beneficial to the employees than the old pension scheme and if so, the details thereof?

ANSWER

MINISTER OF STATE IN THE MINISTRY OF PERSONNEL, PUBLIC GRIEVANCES AND PENSIONS AND MINISTER OF STATE IN THE PRIME MINISTER’S OFFICE  (DR. JITENDRA SINGH)

(a) to (d): Representations have been received regarding the implementation of National Pension System (NPS) which, inter alia, include demand that NPS may be scrapped and the Government may re-introduce old defined benefit pension system.

Government has made a conscious move to shift from the defined benefit pay-as-yougo pension scheme to defined contribution pension scheme, now called as National Pension System (NPS), after considering the rising and unsustainable pension bill. The transition also has the added benefit of freeing the limited resources of the Government for more productive and socio-economic sectoral development.

There is no proposal to replace the NPS with old pension scheme in respect of Central Government employees recruited on or after 01.01.2004.

Central Government Offices Holidays 2021
Kendriya Vidyalaya Admission Schedule 2021-22

(e): National Pension System (NPS) had been designed giving utmost importance to the welfare of the subscribers. There are a number of benefits available to the employees under NPS. Some of the benefits are enlisted below:

• NPS is a well designed pension system managed through an unbundled architecture involving intermediaries appointed by the Pension Fund Regulatory and Development Authority (PFRDA) viz. pension funds, custodian, central record keeping and accounting agency, National Pension System Trust, trustee bank, points of presence and Annuity service providers. It is prudently regulated by PFRDA which is a statutory regulatory body established to promote old age income security and to protect the interest of subscribers of NPS.

• Dual benefits of Low Cost and Power of Compounding- The pension wealth which accumulates over a period of time till retirement grows with a compounding effect. The all-in-costs of the institutional architecture of NPS are among the lowest in the world.

• Tax Benefits- Contribution made to the NPS Tier-I account is eligible for tax deduction under the Income Tax Act, 1961. An additional tax rebate of Rs.50000 is also allowed for contributions made to NPS Tier-I under Section 80CCD (IB) of the Income Tax Act, 1961.

• Transparency and Portability is ensured through online access of the pension account by the NPS subscribers, across all geographical locations and portability of employments.

• Partial withdrawal- Subscribers can withdraw up to 25% of their own contributions before attaining age of superannuation, subject to certain conditions.

The amount of monthly annuity payable to a Government servant on exit from NPS depends upon various factors such as accumulated pension wealth of the Government servant, portion of accumulated pension wealth utilized for the purchase of annuity and the type of annuity purchased.

Under the defined benefit pension system applicable to Government servants appointed before 01.01.2004, pension is calculated based on qualifying service and the last pay drawn by the Government servant.

Read in Hindi Version

Related News:

  1. Clarification about Changes made in the Tax Treatment for Recognised Provident Fund & National Pension System (NPS)
  2. Exemption of Railway employees from New Pension Scheme/National Pension System (NPS) – NFIR writes to Railway Board on 24th October 2015
  3. Deletion of unmatched Subscriber Contribution Files (SCFs) in CRA system after 10 days of SCF upload
  4. NPS – Concept Paper on Pension Funds, Investment Pattern and Life Cycle Funds for Government Employees
  5. New Pension Scheme : Analysis of the Issues by the 7th Pay Commission
  6. NPS subscribers of Central Government are 14.1% of the total subscribers as Jan 2016
  7. Last date of submission of Digital Life Certificate through Jeevan Pramaan Patra extended upto 31.03.2017
  8. SCRAP NPS – STOP OUTSOURCING
  9. Guidelines for Pensioners: Restoration of Commuted Pension
  10. Guidelines for Pensioners: Court Attachment

ALLOWANCE NEWS

Travelling Allowance – Reimbursement of Travelling Charges Admissible under Daily Allowance on tour

Transport Allowance for Central Govt Employees During Nation-wide Lockdown due to COVID-19 Pandemic

7th Pay Commission Risk Allowance to Central Govt Employees – Dopt Order

7th CPC Night Duty Allowance to Railway Employees w.e.f. 01-07-2017

Review of Cost of Over Time Allowance and Travelling Allowance to Railway Servants

GDS Latest News 2021

Compensation of Rs.10 lakhs to GDS to Cover Death Due to Covid-19

Counting of Service of GDS for Grant of Pension

Provision of Ten lakh to GDS and Postal Employees of Department of Posts due to COVID19 Death

Increase Awareness of Welfare Scheme for Department of Postal and GDS Employees

Revision in Rule 4 of Gramin Dak Sevaks (Conduct and Engagement) Rules, 2020

Reader Interactions

Leave a Reply Cancel reply

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

Primary Sidebar




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
Bank Holiday List 2021
BSNL Office Holiday List 2021
Central Government Holidays 2021 pdf
CGHS Holidays 2021
CSD Canteen Holiday List 2021
Indian Customs Office Holiday List 2021
Tamil Nadu Government Holidays 2021 (G.O) Order
Central Government Employees Festival Advance
CGHS Hospital List 2021
DA Chart for CG Employees and Pensioners
DoPT Orders Circulars 2021
ECHS Empanelled Hospitals and Nursing Homes
Freezing of Dearness Allowance and Dearness Relief
Holiday Homes List 2021
Indian Post Office Holiday List 2021
Indian Passport Office Holidays 2021
50 New Kendriya Vidyalaya in India
KVS Holiday Calendar 2021-22
Railway Board Orders 2021
Sainik School List in India 2021
UGC Academic Calendar 2020-21 pdf

DA NEWS 2021

Freezing Of DA When Released From 01.07.2021 Will Be Retrieved

BPMS-Observance of Demand Day on 19-03-2021 for Guarantee of Minimum Pension and DA under NPS

BPMS Wrote Letter to Agenda Points for National Council JCM meeting

IRTSA Write a Letter To Hon’ble Minister for Finance for Freezing of DA and DR till July 2021, Appeal for Review of Decision

Release of 3 Installments of DA to Central Govt Employees and Pensioners – NJCA




Copyright © 2021 · Magazine Pro On Genesis Framework · WordPress · Log in