New Pension System – Features Released Recently for NPS Subscribers

New Pension System – Features Released Recently for NPS Subscribers

New Pension System (NPS) and its-implementation

GOVERNMENT OF INDIA

MINISTRY OF RAILWAYS

(RAILWAY BOARD)

RBA No. :54/2016

New Delhi, dated: . 16.08.2016

No.2016/AC-II/21/7

General Managers, FA&CAOS and CPOs,

All Indian Railways. and PUs

Sub: New Pension System (NPS) and its-implementation.

Please find enclosed PFRDA’S letter no. PFRDA/19/CG/1/39 dated 01.08.2016 on the above subject. In this regard, the “following has been desired:

i. Distribution of comprehensive brochure prepared by PFRDA for government Sector subscribers.

ii. Updation of contact details of all the underlying offices in the records of CRA for better communication flow.

iii Setting up of dedicated NPS Cell

iv. Displaying related information on the website of in the Ministry and incorporating the same link in the ‘Employee’s corner’.

As regards (iv.) above, all, the important instructions issued by Accounts Dte are available on the Indian Railway’s website as under:

www.indianrailways.gov.in

About Indian Railways

Railway Board Directorates

Accounts

Instructions on NPS

Kindly ensure circulation of these instructions so that the subscribers and nodal. offices are aware of initiatives taken for their benefit.

DA: As above

Sd/-

(Amitesh Kumar Sinha)

Director Finance/CCA

Railway Board

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

b-14/A, First Floor, Chhatrapati Shivaji Bhawan, 

Qutab Institutional Area, Katwaria Sarai, New Delhi-110016

R.V. Verma

Member

FILE NO. PFRDA/19/CG/1/39

01st August, 2016

Subject: National Pension System (NPS) and its implementation.

I am writing in the context of the National Pension System (NPS) and its implementation in theCentral Government sector – Ministries & departments including the Central Autonomous Bodies under their jurisdiction. I would like to highlight the important measures taken by PFRDA in strengthening the systems, in the interest of the ultimate beneficiary – the subscriber and other stakeholders.

2. After the passage of PFRDA Act, 2013, various regulations have been framed by PFRDA under the ambit of the Act. The basic purpose of framing regulations is to ensure protection of subscriber interest. Prominent ones among the regulations are PFRDA (Redressal of Subscriber Grievance) Regulations, 2015 and PFRDA (Exits Withdrawals under the NPS) Regulations, 2015. You will appreciate that PFRDA (Redressal of Subscriber Grievance) Regulations, 2015, had laid down clear guidelines with respect to redressal of subscriber grievances. Further, Exit Regulations of PFRDA

have specified the provisions and process relating to exit and withdrawal in detail.

3. It has been PFRDA’S endeavour to take various initiatives from time to time in order to simplify and improve the operational issues in National Pension System (NPS) for ease of transaction for subscribers. Towards this end, we have introduced a number of new functionalities under NPS architecture such as simplification of account opening, withdrawal, grievance management etc. In this regard, recently many new functionalities have been released by the Central Recordkeeping Agency (CRA) to ease operations for the benefit of subscribers and nodal offices. The details of the functionalities released recently for the nodal offices under Govt. Sector are enclosed as Annexure A.

4. As our main focus is on the subscriber, around whom the entire system revolves, we have also provided several facilities to them for easing the process and making them more user friendly. The following are the important initiatives taken in this direction:

(i) SMS and email alerts,

(ii) Centralized Grievance Management System (CGMS) with a pre-determined turnaround time for resolution of grievances related to different services.

(iii) Call Centre facility.

(iv) Periodic consolidated SoT (Statement of Transactions)

(v) Web based access to all subscribers to view SoTs and facility to modify certain data like mobile number & email id on their own.

(vi) Subscriber awareness programs at various locations and centers.

In addition to the above, several new functionalities have also been introduced in the CRA system for the benefit of the subscribers. The details of the same are enclosed as Annexure B.

5. We would very much appreciate if the Central Government ministries departments may undertake the following measures to enhance the effectiveness of the system:

(a) Distribution of comprehensive brochure prepared by PFRDA for government sector subscribers (copy enclosed).

(b) Updation of contact details of all the underlying offices in the records of CRA for better communication flow.

(c) Setting up of a dedicated NPS Cell

(d).Displaying NPS related information on the website of your Ministry and incorporating the same in link like ‘ Employee’s corner’.

6. We feel that there is urgent need to disseminate more information among the dealing officials -Pay & Accounts Offices(PAOs) Drawing & Disbursing officers (DDOs) of the CG Ministries & Departments for resolving the concerns and covering the gaps. We have recently engaged Crux Management Services Pvt. Ltd. as a training agency for imparting training to the nodal officers of CG Ministries/ Departments. We request you to nominate maximum number of DDOs from your Ministry to the training programmes which PFRDA is coordinating. Besides, workshops may be organized by CG Ministries & Department for their respective nodal offices also in order to increase

subscriber awareness and for imparting operational knowledge to PrAOs/PAOs/DDOs, wherein PF RDA and CRA officials may also participate.

We are confident that the implementation of NPS and streamlining .of the process is receiving your due attention. You may like to convene regular meetings to review the implementation of NPS and the new fun’ctionalities which wrll go a long way in ensuring smooth implementation of NPS. PFRDA will be glad to provide all necessary support and cooperation. Should your office need further clarifications, they are welcome to contact Sh. Ashish Kumar, General Manager at ashish.kumar@pfrda org.in.

With Regards,

Yours sincerely

Sd/-

(R.V.Verma)

Mr. S. Mookerjee,

Financial Commissioner

Ministry of Railways,

Room No.232, Rail Bhavan,

New Delhi – 110001.

Source:www.indianrailways.gov.in

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Frequently Asked Questions (FAQs) – eNPS

1. What is eNPS ?

eNPS is an online platform provided by NPS Trust for enabling individuals to open his/her Individual Pension Account under NPS (Tier-I & Tier-II) and also facilitate the new or existing subscribers to make initial or subsequent contributions respectively to their Individual Pension Account under NPS using netbanking and debit/credit cards. eNPS does not facilitate enrolment of individuals under Atal Pension Yojana.

2. How can I open the Individual Pension Account under NPS online?

An individual can open his/her Individual Pension Account under NPS by choosing any one of the following alternatives and having netbanking faci I iti es enabled with his/her bankers :-

Option # 1 by providing Aadhaar details

Option # 2 by providing PAN details and KYC details as recorded with the Bank in which he/she maintains his/her bank account and that Bank is empanelled in eNPS

3. How Aadhaar details are processed for online opening of the Individual Pension Account under NPS?

An individual opting to open the online Individual Pension Account using Aadhaar details must have his/her mobile number registered with Aadhaar because after providing the Aadhaar number in the eNPS portal, a One Time Password (OTP) needs to be generated from Aadhaar which is sent to his/her mobile number registered with Aadhaar for authentication purposes.

On authenticating the OTP received from Aadhaar in the eNPS portal, the individual’s KYC details (demographic and photograph) as recorded with Aadhaar database gets auto populated on the online application form. Only the photograph is allowed to be replaced/substituted in the online application form if he/she desires to upload a different photograph.

Other mandatory fields are required to be filled compulsorily for completing the account opening process and subsequent generation of Permanent Retirement Account Number (PRAN)

4. How PAN details and KYC details as recorded with his/her Bank are processed for online opening of the Individual Pension Account under NPS?

An individual opting to open the online Individual Pension Account using PAN details and KYC details as recorded with his/her Bank must have enabled net banking facility from the bank where his/her account is held/maintained and the concerned Bank selected should also be empaneled on the eNPS platform for performing the KYC verification.

An individual providing the PAN details will be required to compulsorily fill all the mandatory fields for completing the account opening process and subsequent generation of Permanent Retirement Account Number (PRAN)

The name provided in the online application form is validated with the PAN records. The bank and address details provided in the online application form is authenticated by the concerned bank selected by the applicant as per the records available with the Bank in respect of the applicant. In case of rejection of KYC by the selected Bank, applicant should contact the bank as the PRAN will be get immediately categorised as ‘temporarily frozen’ and the subscriber will not be allowed to undertake any further transactions.

5. What uploads are required to be made for online opening of the Individual Pension Account under NPS?

An individual opening the Individual Pension Account in eNPS platform is required to upload his/her scanned photograph and signature in *.jpeg/* .jpg format with file size ranging between 4kb-12kb.

Uploading of scanned photograph is optional for individuals opting to open the Individual Pension Account with Aadhaar details.

6. At what stage of the online process will I be able to know that my online application has been accepted and I have been allotted a Permanent Retirement Account Number?

An applicant on completion of providing online his/her personal details as selected with Aadhar or PAN and subsequently getting authenticated from Aadhaar or PAN will be provided with an unique Acknowledgement Number for identification and future references.

After the applicant fills in all the mandatory fields of the online application form and uploads his/her photograph (optional with Aadhaar) and signature, the applicant will be redirected for initiating payment of initial contribution through netbanking or debit/credit card.

An applicant who has opted to open his/her Individual Pension Account with Aadhaar will have the option to select the mode of payment (netbanking or debit card or credit card) for making the initial contribution.

An applicant who has opted to open the Individual Pension Account with PAN and KYC authentication by Bank will be required to make the payment of initial contribution though netbanking facility provided by the concerned bank selected in the online application form.

For all successful online payments the applicant will be provided an online receipt and the Permanent Retirement Account Number (PRAN) generated thereafter. An SMS and email alert is also sent to the Subscriber.

7. How will I know whether my Banker has verified the KYC details?

On acceptance or rejection of applicant’s KYC by the selected Bank an SMS and email alert is sent to the Subscriber towards acceptance or rejection. In cases of rejection by the concerned Bank, the reasons of rejections are also communicated to the subscriber through SMS and email and the applicant should contact the bank immediately.

8. What are the charges for online opening of Individual Pension Account under

NPS?

The online opening of Individual Pension Account with Aadhaar details is free of any charges.

An applicant opting for online opening of Individual Pension Account with PAN and KYC authentication by Bank will be charged an amount of Rs 125 (Rupees One Hundred Twenty Five Only) for KYC verification by the concerned bank selected by the applicant during the online account opening process.

9. What are the charges to be paid for making online contributions?

A subscriber contributing to his PRAN in the eNPS platform will be charged the following fees by the payment gateway services provider as permitted by NPS Tr ust:-

Sl Mode of Payment Charges

1 Credit Card 0.90% of Transaction Amount + Service Tax.

2 Debit Card 0.80% of Transaction Amount + Service Tax.

3 Net Banking of Banks 60 Paisa per Transaction + Service Tax.

10. What should I do after completing the online account opening processes?

After completion of online account opening process, he/she should take a print of the online application form, paste his/her photograph (not stapled or clipped or signed across), put his/her signature in the box provided for in the printed application form and dispatch the documents to the following address within 90 days from the date of allotment of online PRAN:-

Central Recordkeeping Agency (eNPS)

NSDL e-Governance Infrastructure Limited,

1st Floor, Times Tower, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013

11. What will happen if I do not submit the documents within 90 days from the date on online PRAN allotment?

Non-submission of printed online application form along with photograph and signature within 90 days of allotment of online PRAN will render the PRAN to be categorised as `temporarily frozen’ and he/she will not be able to undertake any further transactions.

12. What is the minimum amount of contribution to be made for online opening of the Individual Pension Account under NPS?

The minimum amount of contribution to be made using netbanking or debit/credit card for online opening of the Individual Pension Account is Rs 500/- (Rupees Five Hundred Only). If applicant chooses to open Tier-II along with Tier-1 The minimum amount of contribution is Rs 1000/- (Rupees One Thousand Only).

13. What is the maximum amount or times that I can contribute to my PRAN in a month using eNPS?

There are no limits or restrictions for making contributions by subscribers to his/her PRAN using the eNPS platform.

14. Where and when will I receive the PRAN kit?

An individual completing the online account opening process and submitting the online printed application form along with photograph and signature will receive the PRAN kit at his/her communication address provided during the online registration process within 10 days from the date of receipt of completed documents at CRA.

15. When will the contribution paid online get reflected in my PRAN?

It normally takes 3-4 days for the contributions made online using eNPS being reflected in his/her PRAN.

16. Can I make changes in the application and in PRAN details online?

Subscribers desirous of changing/revising the detai Is provided i n the online application form will be able to amend the details online until the stage of initiating online payment towards initial contribution for PRAN generation is completed.

After allotment of online PRAN, subscriber desirous of changing/revising the PRAN details has to contact a registered Point of Presence and comply with the existing procedures of filling up the relevant forms and submitting the with relevant documents mentioned therein.

17. How can I make subsequent contributions to my PRAN?

All subscribers (excluding NPS Lite & Atal Pension Yojana) irrespective of their PRAN being generated through online (eNPS) or physical mode (PoP) can contribute to their PRAN (Tier I & Tier II) using eNPS platform through netbanking of empanelled banks or through credit / debit cards. Subscribers are required to quote the correct PRAN and authenticate it using the OTP received by the subscriber in his/her registered mobile while initiating the payment for contribution towards his/her PRAN.

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Tax benefit available under National Pension System (NPS)

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

B- 14/A, Chhatrapati shivaji Bhawan

Qutab Institutional Area,

Katwaria Sarai, New Delhi – 110 016

Phone: 011-26517503

Fax:011 – 26517507

Website: www.pfrda.org.in

PFRDA/23/CORP/20/5

25th February, 2016

Dear sir,

Subject: Tax benefit available under National Pension System (NPS)

You would be aware that under the National Pension System (NPS), the subscribers can avail of tax benefit under Sec 80Cc D(1), up to 10% of their salary (Basic+DA) which is capped at Rs.1.50 lakhs under section 80CCE. From FY 2015-16, an additional tax deduction over and above the Rs.1.5 Lakhs, is available only to subscribers of NPS if they invest upto Rs.50,000 in NPS under Sec 80CCD(IB) of the Income Tax Act. any citizen of India including persons covered under old defined benefit pension scheme can open NPS account on voluntary basis and avail of the tax benefits u/s 80 CCD (IB) by contributing additionally Rs.50,000/- to NPS.

2. This additional tax benefit on investment upto Rs.50000/- provides an opportunity not only to those employees who are mandatorily covered under NPS, but also to all other employees who may be covered under old pension scheme/provident fund/superannuation fund, as well as to any other Indian citizen between 18 to 60 years of age, to avail of this tax benefit by opening an NPS account on voluntary basis and by investing the required amount.

3. PFRDA has provided an easy and convenient way to subscribe to NPS by recently introducing eNPS, which any individual can make use of to join NPS. A new subscriber can adopt the following eNPS methods for joining NOS:

(a) Using Aadhaar card issued by UIDAI which is authenticated through OTP received from UIDAI on the registered mobile of the applicant. In this case, the subscriber can instantly get himself/herself registered. He/she has to simply visit the eNPS module in NPS Trust website at www.npst.org.in.

(b) Using PAN and net banking of the selected bank chosen by the subscriber. In this case KYC verification is done by the Bank. The NPS account gets activated only after KYC verification by Bank. He/she has to go to eNPS module in NPS Trust website at www.npstrust.org.in.

4. A new subscriber can also open an account physically through any of the Points-of-Presence-Service Provider (POP-SP). The list is available on www.pfrda.org.in.

5. Therefore, your employees who are not NPS members can open their NPS account, and make contributions using any of the three options mentioned above. Existing NPS subscribers can also make additional contributions to avail of the tax benefit by using any of the options as stated above.

6. contribution upto Rs.50,000 in NPS for the additional tax benefit in the current year has to be made by 31-03-2016 and it is important that this message be conveyed to all your staff members and employees right upto the level of DDOs/DTOs, at the earliest. This will definitely help in their tax planning.

7. We request you to disseminate the above information to all concerned.

with regards,

Yours sincerely,

Sd/-

(Mamta Rohit)

chief General Manager

Source: http://pcdacc.gov.in/

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Conference on Implementation of National Pension System by Central Government

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

PRESS RELEASE

Conference on Implementation of National Pension System by Central Government

A conference on implementation of National Pension System by Central Government Ministries & Departments was organized by PFRDA on 16th March, 2016 at New Delhi. The prime objective was to provide a forum to all Central Government Ministries & Departments where the progress in the implementation of NPS with respect to subscriber coverage and services could be brought to the fore and a way forward could be provided. Senior officials from almost all the Ministries & Departments attended the conference.

Dr. B.S. Bhandari while welcoming the participants to the conference 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 of the nodal officers so that they could in turn enable the financial literacy and awareness of the subscribers. He advised about the passage of PFRDA Act in 2013 and subsequent notification in 2014. Besides, he also highlighted the robust mechanism put in place by PFRDA through notification of important regulations like Grievance Redressal and Exit & Withdrawals. The notification of regulations has cast obligations on the different functionaries in the system including the officials responsible for collection and upload of the periodic contributions.

He also stressed on maintaining discipline of timely remittance of subscriber contribution and reiterated about the OM issued by Department of Expenditure in 2009 regarding timelines to be followed by Civil Ministries. Member (Economics) advised that all three levels in government offices i.e. PrAO, PAO and DDO should enhance their knowledge for the benefit of the ultimate beneficiary i.e. the subscriber. Last but not the least, any deviation from the norms may result in levy of penalties, which will not be a desirable solution.

Chairman, PFRDA, Sh. Hemant Contractor, commended the substantial increase in the number of subscribers of the Central Govt. which crossed the figure of 16 lacs and the increase in AUM of the Central Govt. subscribers which crossed Rs. 46,000 Cr in March 2016 and account for 14% of total subscribers and 41% of total Assets under Management. He advised that the challenges before PFRDA , the  Pension Regulator were to ensure that subscriber’s interest were well taken care of and protected- that there was timely action in registration of new employees, remittances of their contributions, servicing of their requests and handling of their exit and withdrawal applications.

In this regard, he added that PFRDA was introducing online registration of government employees and online exit very soon which would streamline the process and help to render good services. He further hoped that all participants would utilise the conference to lend their suggestions and clear their doubts and other issues.

Dr. Shashank Saksena, Economic Adviser, Ministry of Finance addressed the participants and advised about the transformation from the Defined Benefit (DB) system to Defined Contribution (DC) system i.e. NPS. Further, he advised that the NPS is operating on such a mammoth scale and achieved the milestones relating to 1cr in terms of no. of subscribers and 1 lakh crores in terms of AUM.

Role of nodal offices involved in Central government sector was highlighted. He also stressed upon the importance of following timelines related to various activities involved in NPS and advised the delegates to make best use of this platform for enhancing the knowledge.

Sh. Ashish Kumar, GM while summing up advised the nodal officers to play an important role in effective NPS implementation. He also stressed upon the role which can be played by the FAs & CCAs of the respective Ministries in streamlining NPS operations.

Place: New Delhi

Date: 16.03.2016

Source: www.pfrda.org.in

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

Press Information Bureau 

Government of India

Ministry of Finance

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. 

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BSNL Clarification Regarding Employees Pension Scheme

BHARAT SANCHAR NIGAM LIMITED

(A Govt. of India Enterprise)

NO.500-85/CA-II/BSNL/EPF/2011/Vol.VI

Dated 19.01.2016

To,

The IFAs,

All Circles

BSNL

Sub.: Various Gazette Notifications issued by EPFO from Time to Time

This office has been receiving queries regarding Employees Pension Scheme.

In this regard, it is informed that EPFO vide its letter no. Actuarial / 18(2)2008/ Vol.III/7738 dated 29.08.2014 (copy enclosed) has already clarified that henceforth, EPS will apply only to EPF members whose pay at the time of becoming PF member is not more than Rs.15000/- per month on or after 01.09.2014. The entire employer and employee contribution shall remain in the Provident Fund and no diversion to EPS shall be made for all new PF members on or after 01.09.2014 having salary more than Rs. 15000/- at the time of joining.

In this connection, it is mentioned that this office has already issued instructions to act in accordance with the Gazette Notifications issued by EPFO, from time to time, without waiting for endorsement from the Corporate Office as the non compliance of the EPF guidelines attract penal provisions.

It is further mentioned that suitable action may be taken by the circles for rectification of any erroneous deduction made and deposited with EPFO under the EPS head for the employees covered under the above mentioned letter of EPFO dated 29.08.2014.

All BSNL units are hereby requested to kindly take necessary action in accordance with the instructions issued by EPFO.

Encl: As above

(V.M.Gupta)

Dy. General Manager (CA-III)

EMPLOYEES PROVIDENT FUND ORGANISATION

(Ministry of Labour & Employment, Govt. of India)

Head Office

Bhavishya Nidhi Bhawan, 14, Bhikaiji Came Place, New Delhi – 110 066.

No. Actuarial/18(2)2008/Vol.III/7738

Dated: 29.08.2014

To

All Addl. Central P.F. Commissioners (Zones)

All Regional P.F.Commissioners (In-Charge of Region)

Sub: Gazette Notification providing for increase in wage ceiling under EPS 1995 from Rs. 6500 to Rs.10000/- which shall come into force on and from the 1st day of Sept 2014.

Sir.

This is in continuation of this office circular No Actuary/l 8(2)2008/ Vol.111/5905 dated 23.07.2014 wherein it was informed that the Employees’ Pension Scheme 1995 is being amended to increase the wage ceiling from Rs.6500/- per month to Rs. 15,000/- per month in the Employees’ Pension Scheme, 1995.

2. The proposed amendments have since been noti red vide Gazette Notification No. GSR 609 (E) which shall come into force on and from the 1st day of September, 2014 (Copy of notification enclosed).

3. Accordingly, with effect from the 1st day of September, 2014, the pensionable salary for all cases of exit/death on or after 01.09.2014, for calculating pension shall be the average monthly pay drawn during the contributory period of service in the span of 60 months preceding the date of death/exit from the membership of the Employees” Pension Fund. The pensionable salary shall be calculated on pro-rata basis separately for the period up to 31.08.2014 up to wage ceiling of R.6,500/- per month and for the subsequent period upto the wage ceiling of Rs.15,000 per month. Similarly. the Withdrawal Benefit shall be based on the weighted wages at different wage ceilings. As already informed necessary amendments in the applicable on software are being carried out and the necessary software shall be released by I.S. Division at the earliest.

4. Accordingly, requisite steps may be taken so hat full details of wages for 60 months are available to settle the pension claims in accordance with the proposed modification. In this regard, Form 10-C & Form 10 D are also being redesigned to incorporate the above changes and shall be circulated soon. However in the meantime wage details be obtained by attaching additional sheet or giving details of 60 months of wages along with Form 10-D in respect of all members having date of exit from EPS 1995.

5. The members having date of exit from EPS, 1995 on account of superannuation/option date for commencement of early pension etc. prior to 01.09.2014 shall get Pensionary benefits on the basis of the existing pensionable salary calculations ie by taking 12 months average.

6. Further, with effect from 01.09.2014, wherever employer & employees have opted to contribute on salary exceeding Rs.6,500/- per month such employer & employees will have to exercise a fresh option to contribute on salary exceeding Rs.15,000/- per month subject to the condition that such member would have to contribute the Government’s share of contribution @ 1.16% on the salary exceeding Rs.15,000/- per month from his/her share of contribution. The fresh Option is to be exercised within a period of 6 months. It is essential to know with certainty the employee who are currently permitted to contribute to EPS on higher wages, so that fresh options can be called for. Accordingly, you may immediately flag all such cases of contribution on salary exceeding Rs.6,500/- per month and obtain fresh options in a time bound manner. It may be made known to the existing optees that if the fresh option is not exercised it shall be deemed that the employee has not Opted in allowing contribution over age ceiling and the contributions to Employees Pension Fund made above the wage ceiling in respect of the member shall be diverted to the Provident Fund account of the memer along with interest as declared under the Employees’ Provident Fund Scheme from time to time.

7. Furthermore, with effect from 01.09.2014 the provisions for contribution on higher salary has been deleted and as such no new options can be allowed to any member of EPS, 1995 on and after 01.09.2014.

8. As EPS will henceforth apply only to EPF members whose pay at the time of becoming PF member is not more than Rs. l5,000/- per month on or after 01.09.2014 the entire employer and employee contribution shall remain in the Provident Fund and no diversion to EPS shall be made for all new PF members on or after 01.09.2014 having salary more than 15,000/- at the time of joining. This must be ensured as any negligence on this issue may lead to unwarranted litigations.

9. The above actions may be taken without any deviation and officer in charge shall be responsible for compliance of above directions under his jurisdiction.

(This issues with the approval of CPFC)

Yours faithfully,

Sd/-

(CHANDRAMAULI CHAKRABORTY)

REGIONAL E.F.COMMISSIONER-I (Pensions)

Click to view the Copy of the BSNL Clarification

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Exemption of Railway Employees from New Pension Scheme/National Pension System (NPS)-reg

NFIR

National Federation of Indian Railwaymen

3, CHELMSFORD ROAD, NEW DELHI. 1 1O 055

Indian National Trade Union Congress (INTUC)

International Transport Workers’ Federation (ITF)

No. IVA/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. IVA/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. This provocative and arbitrary decision has generated deep sense of disappointment and anger among railway employees”

ln 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

(Dr.M.Raghavaiah)

General Secretary

Source: NFIR

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Fraudulent Collection of Funds in the name of National Pension System – Public Notice

Pension Fund Regulatory and Development Authority

First Floor, ICADR Building, Plot No 6, Institutional Area Phase II,

Vasant Kunj, New Delhi-110070 Tel. 011-26897948

PUBLIC NOTICE

It has come to notice of the Authority recently that some organizations, NGOs, societies, individuals, etc. are resorting to offer employment to students/ members of general public under and/or in the name of National Pension System. It has also been reported that some of these entities are also collecting funds from the students in the name of security money for offer of jobs or using the National Emblem and PFRDA logo on their website and other documents. It is hereby informed that PFRDA has not authorized any entity to engage in any such activity, which is illegal and fraudulent. Any entity/ or person found to be engaged in such fraudulent activities, is liable to be prosecuted in law.

The Authority is the regulatory body for National Pension System and other pension schemes under the provisions of the PFRDA Act, 2013, and detailed information pertaining to its functions are available on its website being www.pfrda.org.in.

Members of general public are hereby advised not to pay heed to or act on such false and misleading propaganda issued by such organizations/ individuals. Authority shall not be liable for any loss suffered by any person on account of any dealings with such unauthorized entities/individuals which shall be at his/ her own risk. Members of the general public are also requested to report such unauthorized activities to local authorities/ police department with a copy addressed to grc@pfrda.org.in;

This public notice is issued in interest of members of the general public.

Date: 20.08.2015

Ashish Kumar

General Manager

Source: www.pfrda.org.in

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Grievance redressal policy under National pension System in r/o PC of A (Fys)

OFFICE OF THE PRINCIPAL CONTROLLER OF ACCOUNTS (FYS)

10-A, S K BOSE ROADM KOLKATA – 700 001

MINISTRY OF DEFENCE

Ph- 033-22488878/5077-5080(Ext-665), Fax-03322480991, e-mail cda-cal@nic.in

Grievance redressal policy under National pension System in r/o PC of A (Fys)

Introduction:-

Office of the principal controller of factories has been envisaged to control the functioning of forty one branch AO under 9 Group controllers. The following PAO comes under purview of this office as being pr.PAO so far as NPS is concerned. The main aim/objective behind the creation in factory organization is to render efficient, correct, prompt accounting and payment services besides financial/expertise services to factory management and OFB Authorities.

Government of India has introduced a New Pension Scheme replacing the defined benefit pension scheme. The New Pension Scheme comes into operation w.e.f from 01.01.2004 and applicabel to all new entrants of Central Government Service on or after 01.01.2004. The New Pension Scheme is working on defined contribution basis and will have two tiers-Tier-I and Tier-II. Tier-I is mandatory for all Govt. Servants/employees of autonomous institutes. In Tier-I government will have to make a contribution of 10% of the Basic pay, DP and DA which will be deducted from his salary bill every month. Government will make equal matching contribution and will deposit the same in non-withdrawal pension Tier-I account.

Scope:-

Under NPS system Branch Accounts Offices are termed as “Pay Accounts Offices (PAO)”, As a Central Govt. Office, the correct and timely deposit of contribution in Tier-I account by the respective Branch Accounts Offices (PAOs) is the prime concern. As a part of PFRDA (Redressal of Subscriber Grievance) Regulation, 2015, every intermediary is required to follow the Grievance Redressal policy. Accordingly, the below stated Grievance Redressal policy (GRP) is made for prompt redressal of the grievances arising out of various services offered by the Branch Accounts Offices in the capacity of intermediary. The scope of this GRP is restricted to redressal of grievances raised against intermediary.

The term “Grievances”is defined as “Grievances of complaint”includes any communication that expresses dissatisfaction, in respect of the conduct or any act of omission or commission or deficiency of service on the part of Branch Accsilnts offices, an intermediary and in the nature of seeking a remedial action but do not incrude following:

(i) Complaints that are incomplete or not specific in nature;

(ii) communications in the nature of offering suggestions:

(iii) Communications seeking guidance or explanation.

(iv) complaints which are beyond the powers and functions of the PAOs/Pr.AO or beyond the provisions of the PFRDA Act and the rules regulations framed there under; and

(v) complaints that are subjudice (cases which are under consideration by court of law or quasi-judicial body) except matters within the exclusive domain of the PFRDA under the provisions of the Act.

Objectives:

The purpose of this policy is to set forth the policies and procedures to be followed in receiving, handling and responding to any grievance against the concerned PAOs in respect of the services offered by them. The following are broad objectives for handling the customer grievances.

1. To Provide fair and equal treatment to all employees of respective Factory/Branch Offices without bias at all times.

2. To ensure that all issues raised by employees are dealt with courtesy and resolved in stipulated timelines.

3. To develop an organizational framework to promptly address and resolve employees Grievances fairly and equitably.

4. To Provide enhanced level of satisfaction.

5. To provide easy accessibility to the employees of respective Factory/Branch offices for an immediate Grievance redressal.

6.To put in place a monitoring mechanism to oversee the functioning of the Grievance Handling Policy.

How to raise the grievance:- (Tier-I)

The subscribers can raise grievances through the following mode:

By raising a grievance in writing – in the specified format/letters/representation addressed to the Grievance Redressal Officer,PAO/Chief Grievance Redressal Officer, pr.AO.

Resolution mechanism for grievances:-

The grievance will be resolved by concerned PAO and then appropriate reply will be sent to the complainant by the PAO/Pr.AO.

Turn Around time (TAT)

Every grievance has to be disposed – Off by the PAO within a period of thirty days of its receipt at both the redressal tiers.

Grievance Redressal Officer (GRO) and chief Grievance redressal Officer (CGRO):-

The details of respective Grievance Redressal Officer (GRO) at PAO level are:

Sl.No          Name and address

1            Shri Nabarun Dhar, IDAS

           Joint Controller of Accounts (Fys)

     Grienvance Redressal Officer (GRO), NPS

     O/O the PCA(Fys), AYUDH BHAVAN,

    10-A S.K.Bose Road, Kolkara – 700 001.

      Phone No. (033) 22484341 Fax No. (033) 22480991.

       Email address: nabarundhar@gmail.com

2.          Shri Abhiram Mandal, IDAS

        Deputy controller of Accounts (Fys)

        Grievance Redressal Officer (GRO), NPA

         O/O the PCA (Fys), AYUDH BHAVAN,

        10-A S.K.Bose Road, Kolkata – 700 001.

        Phone No. (033) 22484341 Fax No. (033) 22480991.

3.                Shri Vidhu Aggarwal, IDAS

            Assistant Controller of Accounts (Fys)

        Grievance Redressal Officer (GRO), NPS

         O/O the PCA(Fys), AYUDH BHAVAN,

        10-A S.K.Bose Road, Kolkata – 700 001.

     Phone No. (033) 22484341 Fax No. (033) 22480991

           Email address: vidhugupt @gmail.com

4.              Shri Rajesh Kumar, Sr A.O.

       Grievance Redressal Officer (GRO), NPS

                  O/O the AO OF NALANDA,

       Ordance Factory Nalanda(P), Rajgir 803121

       Phone NO. (06112) 257105 Fax No. (06112) 257102.

                  Email address: ao-ofn-bih@nic.in

If the complainant is not satisfied with the refressal of his grievances or if it has not been resolved by Grievance Redressal Officer, concerned PAO by the end of thirty days of the filing of the complaint, he/she may escalate the grievance to the chief Grievance Redressal Officer (CGRO).

The present Chief Grievance Redressal Officer (CGRO) details are:-

Shri M.C.Chakrabortty, IDAS

Controller of Accounts (Fys),

Chief Grievance Redressal Officer (CGRO), NPS

O/O the PCA(Fys), AYUDH BHAVAN,

10-A S.K.Bose Road, Kolkata – 700 001.

Phone No. (033) 22484341 Fax No. (033) 22480991

Email address: moloycc.cgda@nic.in

The record of grievances will be maintained by the concerned Redressal Officer.

Sd/-

(Nabarun dhar)

Joint Controller of Accounts (Fys)

Source:www.pcafys.nic.in                                         

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Is NPS better 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.

But if you are targeting a comfortable retirement, note that EPF alone won’t be enough as it is pegged only to your basic pay. The NPS is a voluntary account; you can contribute anything starting from ?500 a month (?6,000 a year).

To avail of the tax breaks on the investment, the maximum limit is ?2 lakh a year. Unlike the EPF, the NPS allows you to skip contributions for a few months if you can’t afford it (investing once a year is mandatory).

So, the NPS scores over the EPF on two counts — you can save much more and do it with greater flexibility. But currently all your EPF contributions are matched by your employer. Not so for the NPS.

Portfolio

The money you pay into EPF is invested in ultra-safe options — Central and State Government securities, bonds and deposits from PSUs and a special deposit scheme from the Government. Last we know, G-Secs made up 40 per cent of the portfolio, PSU debt 32 per cent, with the deposit making up the rest of the EPF kitty. The EPF doesn’t actively manage its portfolio — it mostly buys and holds till maturity. This makes for low but predictable returns.

The key differentiator with the NPS is that it allows you to add an equity component to your retirement kitty. You also get to flexibly allocate your money between equities (up to 50 per cent), liquid funds/bonds and Government Securities (G-Sec) in any proportion you like.

You also have the choice of deciding who, among the six pension fund managers, will manage your money. Their individual track records are available on their websites.

You can rejig allocations once a year and also change your fund manager. Both the equity and the debt portions of the NPS have delivered double-digit returns in the last one year. But because they are invested in market instruments, your returns will fluctuate from year to year.

The G-Sec portion, for instance, delivered negative returns during the rising rate scenario, but is faring well with falling rates. Given that you are looking at the NPS as a long-term option, you need not worry too much about shorter term losses in the debt portfolio. Due to its portfolio structure, the NPS is likely to earn higher returns but with greater variability.

Returns

The interest you earn on your EPF account is decided by the EPF trustees who announce the rate every year. In the last four years, interest rates have been 9.5, 8.25, 8.5 and 8.75 per cent, respectively.

The returns on NPS depend on your asset allocation as well as choice of fund manager. If you choose a 30-50 per cent equity component, returns are likely to be in the double-digits, even assuming equities manage only 15 per cent a year and debt securities 8 per cent.

Disclosures

The EPF’s portfolio is not made public. But it is a government-backed scheme and the presumption is that it will not default on any payments. Returns are also announced and well-publicised.

With the NPS, you know exactly where it invests, with all the managers regularly disclosing their portfolios. But unlike the EPF, gauging NPS returns is not easy. Returns earned by different plans/managers are not available at one location. You need to compile them individually from the historical NAVs put out by the different fund managers.

So, the EPS is your best bet if you like to know exactly what you’re earning. The NPS works if you don’t mind leaving it to market forces.

Liquidity

The EPF allows you to withdraw your money before retirement if you resign from one job and take up another, after a gap. You can also draw money from it for constructing/buying a home, illness, marriage or education of children. You can use the sums withdrawn for these purposes.

In the NPS, if you withdraw before the age of 60, you need to compulsorily use 80 per cent of the proceeds to buy an annuity plan from an insurer. Even withdrawals after the age of 60 require you to use 40 per cent to buy an annuity. Only 60 per cent will be available to you to deploy as you please.

The EPF is certainly more flexible than NPS on early withdrawals. But withdrawing too much or too often can leave you short of a retirement kitty when you most need it.

Taxability

Contributions to the EPF are tax-free under Section 80C. Interest earned and withdrawals aren’t taxed either, unless you do so within five years of starting the account.

Investments in the NPS, up to ?2 lakh are tax-free. But the sums you withdraw at retirement are taxable at the prevailing income tax rates.

Source:www.thehindubusinessline.com

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Review of progress of NPS (National Pension System) Implementation

KENDRIYA VIDYALAYA SANGATHAN

18, Institutional Area, Shaheed feet Singh Marg,

New Delhi-110 016 (India)

Tel.:91-11-26855532,Fax : 91-11-26514179, 26565536

E-mail:addl.com.admn@ gmail.com ,

Website : www.kvsangathan.nic.in

 F.No.110126125/2012/KVS-NPS/PF/75-107

Dated:03.02.2015

To,

Deputy Commissioner/Director,

Kendriya Vidyalaya Sangathan,

All Regional Offices / ZIETs

Subject: Review of progress of NPS (National Pension System) implementation.

I am to inform that the Pension Fund Regulatory and Development Authority (PFRDA), New Delhi organised a review meeting on NPS (National Pension System) on 15th January 2015 from 10.30 A.M. to 12.30 P.M.. The following points were discussed in the above meeting:

(a) Subscriber coverage – It is intimated that all the employees who join in service on or after 01.01.2004 will come under New Pension System as per the policy of the Government. They also advised that as and when a candidate joins the service, the process for joining in NPS is to be completed immediately & efforts are to be made to enhance subscriber’s awareness by distributing brochures, updating S2 Form, issuing statement of transactions and redressing grievances in February 2015.

(b) Delay in uploading/remitting contributions – PFRDA took serious note for delays in uploading or remitting contributions. As per existing policy NPS contribution (Own and management share) is to be uploaded by 5th of  month vide Min. Of Fin. Deptt of Expenditure, New Delhi 0.M No following 1(7)(2003/TA/Part File/279) dt 02.09.2008. The delay in this matter will have serious consequences. Statutory penal provisions may also be enacted soon. So appropriate priority and extra attention is to be given.

(c) Confirmation of uploading legacy amount – The legacy amount is to be uploaded immediately and necessary confirmation to be obtained from the Pay & Accounts Office so that no legacy amount is left pending for uploading.

(d) Resolution of pending grievances under CGMS (Centralized Grievance Management System) – The grievances pending with PAO are to be resolved immediately. The delay in this matter will not be tolerated.

 (e) Nomination details for subscribers — PFRDA advised that all the subscribers should provide the nomination details in the S2 form. Once the nomination details are provided by the subscribers, these details can be updated in the CRA system. This facility has been extended to subscriber also i.e. subscriber can himself revise nomination, address and mobile number.

(f) Refund of NPS contribution — PFRDA advised that employee’s contribution with management contribution along with interest up to the date of settlement may be returned to the official who has tendered resignation/expired while in service if their contribution is lying with office. And amount may be transferred to the concerned organization where the official is presently working in case of technical resignation. In this regard it is relevant to comply KVS(HQ) letter No.1101260125/2010/KVS/NRDCPS/Allot/PPAN/PF/1159-1232 dated 29.12.2010.

(g) Assessment of the performance of KVS in the field of NPS reveals that much more priority and attention is required by your Regional Office/ZIETs to achieve the ideal target of 100% uploading in time and zero grievances. In view of this it is advised to earmark one staff and one computer with Internet facility for the same at RO level and monitor the same personally and ensure regular compliance, positively, to avoid penal consequences.

(h) Please sensitize your office and all KVs under your control in this matter and a report be sent to the undersigned by 28.02.2015.

Yours sincerely

Sd/-

G.K. Srivastava, I.A.S

Addl. Commissioner (Admn. & Vig.)

Source: http://kvsangathan.nic.in/GeneralDocuments/ANN-03-02-15.PDf

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Review of New Pension Scheme

Press Information Bureau 

Government of India

Ministry of Finance 

05-December-2014 17:00 IST

Review of New Pension Scheme 

           

            The Government has not undertaken any comparative study to examine the efficacy of the National Pension System (NPS) (earlier known as the New Pension Scheme) vis-à-vis the odl defined benefit scheme.

            However, the NPS has launched based on the need for pension reform felt by the Government of India in the year 2003, to meet obligations related to pensions in a sustainable manner. The NPS for government employees is conceived on sound principles involving regular contributions by the employee and the Government, and prudent investment of the corpus under regulatory supervision.

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Number of Subscribers Registered Under National Pension System (NPS) has more than Doubled

Number of Subscribers Registered Under National Pension System (NPS) has more than Doubled

Pfrda Working Towards Notification of Various Regulations in Respect of Efficient Management of Funds, Seamless Grievance Handling and Systems for Risk Mitigation and Containment Among Others

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Is there a possibility for NPS Employees to become a Crorepathi at the time of Retirement?

GConnect has published an article titled, ‘NPS is far beneficial than Government Pension’ – Comparison of New Pension Scheme (National Pension Scheme) and Central Government Pension

A very popular website among Central Government employees, GConnect, which began functioning more than 8 years ago, continues to be a strong line of communication between the Central Government and its employees.

The article that was published yesterday seeks to answer critics who claim that the new pension scheme is outright bad. GConnect has made it very clear that the opinions expressed in the article belong to its writer, Mr. Dorai, Deputy Director, ESIC Model Hospital and that the website doesn’t necessarily subscribe to them.

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Applicability of Old Pension Scheme to the substitutes who attained temporary status prior to 01.01.2004 and regularized after 01.01.2004— clarification regarding.

GOVERNMENT OF INDIA (BHARAT SARKAR)

MINISTRY OF RAILWAYS (RAIL MANTRALAYA)

(RAILWAY BOARD)

No.2012/F(E)III/1(1)/2

New Delhi, dated 14.11.2014

The General secretary,

NFIR,

3, Chelmsford Road,

New Delhi-110055.

Sub: Applicability of Old Pension Scheme to the substitutes who attained temporary status prior to 01.01.2004 and regularized after 01.01.2004— clarification regarding.

The undersigned is directed to refer to NFIR’S letter No. II/-16 dated 21.10.2014 on the above subject and to state that necessary instructions have been issued in this regard vide this office letter of even No. dated 29.10.2014 (copy enclosed).

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67.11 lakh members enrolled under the National Pension System with a corpus of Rs 51.14 crore.

Press Information Bureau 

Government of India

Ministry of Finance 

67.11 lakh members enrolled under the National Pension System with a corpus of Rs 51.14 crore. 

The passage of PFRDA Act has been a major milestone of the year 2013-14. The Act vests PFRDA with statutory status to allow it to perform its developmental role effectively and to extend the social security cover to hitherto uncovered working population through the National Pension System(NPS). Introduced for the new recruits who join government service on or after January 2004, the NPS represents a major reform of Indian pension arrangements, and lays the foundation for a sustainable solution to ageing in India by shifting to an individual account, defined-contribution system. The Economic survey says till 7 May 2014 a total of 67.11 lakh members have been enrolled under the NPS with a corpus of Rs 51,147 crore. The growth rate of members and assets is likely to considerably accelerate from this foundation. From 1st May 2009, the NPS was opened up for all citizens in India to join on a voluntary basis. 

The Swavalamban Scheme for workers in the unorganized sector launched in 2010, has now been extended to five years for the beneficiaries enrolled in 2010-11, 2011-12, and 2012-13 and thus the benefits of co-contribution under the Scheme would be available till 2016-17. 

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Registration of Government employees aged 60 years and above under National Pension System (NPS)

CIRCULAR

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

22 April, 2014

PFRDA/2014/3/PDEX/12

Subject: Registration of Government employees aged 60 years and above under National Pension System (NPS)

The Authority has been receiving several requests from various governments (central & state) to approve the registration of subscribers under National Pension System (NPS) who are aged 60 years and above and which are being approved on case by case basis by PFRDA at present.

Keeping in view of the difficulties being faced by subscribers, now the Authority has decided to enroll all eligible Government employees (central & state) who are on the rolls of the government in to NPS, irrespective of the age at the time of entry, subject to the condition that the total period of contribution to NPS account shall not be more than 42 years. The NPS applications of such subscribers need to be submitted through the appropriate nodal officer of the Govt/ Deptt, in line with the procedure adopted for NPS registration for Government employees aged below 60 years. Also, the responsibility for ensuring that the employee is eligible for being covered under NPS and that the NPS contribution is not paid beyond 42 years during the entire service period for such an employee, lies with the department submitting the subscriber registration form.

This is for the information of all concerned.

Sd/ -

Venkateswarlu Peri

General Manager

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