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Benefits of National Pension System

By
igeadmin
-

Benefits of National Pension System

  • Flexible- NPS offers a range of investment options and choice of Pension Funds (PFs) for planning the growth of the investments in a reasonable manner and monitor the growth of the pension corpus. Subscribers can switch over from one investment option to another or from one fund manager to another.
  • Simple – Opening an account with NPS provides a Permanent Retirement Account Number (PRAN), which is a unique number and it remains with the subscriber throughout his lifetime. The scheme is structured into two tiers:
    • Tier-I account: This is the non-withdrawable permanent retirement account into which the regular contributions made by the subscriber are credited and invested as per the portfolio/fund manager chosen of the subscriber.
    • Tier-II account: This is a voluntary withdrawable account which is allowed only when there is an active Tier I account in the name of the subscriber. The withdrawals are permitted from this account as per the needs of the subscriber as and when required.
  • Portable- NPS provides seamless portability across jobs and across locations. It would provide hassle-free arrangement for the individual subscribers while he/she shifts to the new job/location, without leaving behind the corpus build, as happens in many pension schemes in India.
  • Well Regulated- NPS is regulated by PFRDA, with transparent investment norms, regular monitoring and performance review of fund managers by NPS Trust. The account maintenance costs under NPS are the lowest as compared to similar pension products across the globe. While saving for a long-term goal such as retirement, the cost matters a lot as the charges can shave off a significant amount from the corpus over 35-40 years of investment period.
  • Dual benefit of Low Cost and Power of compounding: Till the retirement, pension wealth accumulation grows over the period of time with a compounding effect. The account maintenance charges being low, the benefit of accumulated pension wealth to the subscriber eventually become large.
  • Ease of Access: The NPS account is manageable online. An NPS account can be opened through the eNPS portal. Further contributions can be also be made online through the eNPS portal.
    Once the PRAN account is opened, an online login id and password is provided to the subscriber. He/she can login and view/manage his NPS account online, over a click.

What is National Pension System ?

By
igeadmin
-

National Pension System (NPS) is a voluntary, defined contribution retirement savings scheme designed to enable the subscribers to make optimum decisions regarding their future through systematic savings during their working life. NPS seeks to inculcate the habit of saving for retirement amongst the citizens. It is an attempt towards finding a sustainable solution to the problem of providing adequate retirement income to every citizen of India.

Under NPS, individual savings are pooled in to a pension fund which are invested by PFRDA regulated professional fund managers as per the approved investment guidelines in to the diversified portfolios comprising of Government Bonds, Bills, Corporate Debentures and Shares. These contributions would grow and accumulate over the years, depending on the returns earned on the investment made.

?At the time of normal exit from NPS, the subscribers may use the accumulated pension wealth under the scheme to purchase a life annuity from a PFRDA empaneled Life Insurance Company apart from withdrawing a part of the accumulated pension wealth as lump-sum, if they choose so.

NFIR – 7th CPC recommendations with regard to upgradation of Grade Pay and merger of commercial categories

By
igeadmin
-

NFIR

No. II/2/Part VIII

Dated: 03/12/2017

The General Secretaries of
Zonal Unions of NFIR

Dear Brother,

Sub: 7th CPC recommendations with regard to upgradation of Grade Pay and merger of commercial categories-reg.

Ref: (i) Railway Board’s letter No. 2016/E(LR)I/NM 1-14 dated 27/11/2017.

(ii) NFIR’s Message No. II/2/Part VIII dated 02/12/2017 to the Zonal Unions.

**********

Please refer NFIR’s message No. II/2/Part VIII dated 02/12/2017 (copy enclosed) on the above subject.

For the appreciation of Zonal Unions, copies of the following are also enclosed.

(a) Record Note of discussions held on 12th July 2017 at 15/- Hrs in the chamber of AM (Staff) with both the Federations.

(b) GS/NFIR’s reply to Railway Board on record note of discussions vide No. II/2/Part VII dated 24/07/2017.

According to the record note of discussions dated 12th July, 2017, the existing staff working in the cadres of ECRCs and Commercial Clerks/Inspectors may be merged with the option to interchange them. This indicates that those opt for interchange will be posted according to their option. Yesterday, CRMS contacted the undersigned on phone and I clarified on the doubt.

The above is for information of affiliates.

Encl: As above

Yours fraternally,
S/d,
(Dr. M. Raghavaiah)
General Secretary

Source : NFIR

DA from Jan & July 2017 to Railway employees continuing to draw their pay in the pre-revised pay scale / grade pay as per 6th CPC

By
igeadmin
-

Dearness Allowance applicable w.e.f. 01.01.2017 & 01.07.2017 to Railway employees continuing to draw their pay in the pre-revised pay scale / grade pay as per 6th Central Pay Commission

Government of India
Ministry of Railways
(Railway Board)

S. No PC-VI/379
No. PC-VI/2008/I/7/2/1

RBE No. 169/2017
New Delhi, dated 17.11.2017

The GMs/CAO(R)
All Zonal Railways & Production Units
(as per mailing list)

Subject :- Rate of Dearness Allowance applicable w.e.f. 01.01.2017 & 01.07.2017 to Railway employees continuing to draw their pay in the pre-revised pay scale / grade pay as per 6th Central Pay Commission.

Please refer to this Ministry’s letter of even number dated 14.12.2016 (S. No, PC-VI/372, RBE No. 150/2016) revising the rate of Dearness Allowance w.e.f. 01.07.2016 in respect of railway employees continuing to draw their pay in the pre-revised pay scale/grade pay as per 6th Central Pay Commission.

2. The rate of DA admissible to Railway employees of above category shall be enhanced from the existing rate of 132% to 136% w.e.f. 01.01.2017 and from 136% to 139% w.e.f. 01.07.2017.

3. The provisions contained in Paras 3, 4 & 5 of this Ministry’s letter of even number dated 09.09.2008 (S. No. PC-VI/3, RBE No. 106/2008) shall continue to be applicable while regulating Dearness Allowance under these orders

4. This issues with the concurrence of the finance Directorate of the Ministry of Railways.

(Authority:- MoF’s OM No., 1/3/2008 – E(II)B dated 07.04.2017 & 26.09.2017)

(U.K. Tiwari)
Dy. Director, Pay Commission-VI
Railway Board.

Signed Copy

Source : NFIR

Brief on the discussion with the CRB on date – AIRF

By
igeadmin
-

airf

No.AIRF/24(C) Dated: December 1, 2017

The General Secretaries,
All Affiliated Unions,

Dear Comrades!

Sub: Brief on the discussion with the CRB on date

I met the CRB in the forenoon on date and had discussion on the following issues:-

1. Benchmarking for financial upgradation under MACPS consequent upon implementation of VII CPC – I explained the CRB that, prior to implementation of VII CPC recommendations, benchmarking for financial upgradation under MACPS, and that for regular promotion had been similar. With the implementation of higher benchmarking for financial upgradation under MACPS, there is serious resentment among the Railwaymen as majority of them is deprived of this legitimate benefit. The CRB assured to look into the matter on priority.

2. Appointment on Compassionate Ground of the wards/widows of the Railwaymen either died in harness or medically incapacitated – With the direct recruitment qualification for open market recruitment in erstwhile GP Rs.1800 having been upgraded to High School + ITI or Course Completed Act Apprenticeship, appointment on Compassionate Ground to those wards of the Railwaymen who are not in possession of this qualification is being denied. I had, therefore, raised this issue and the CRB has assured us that this issue shall also be dealt with on priority and the provision as existed earlier, i.e. placing them in -1S pay scale would be considered.

On the issue of Compassionate Ground Appointment, in general, the CRB said that, it would continue on Indian Railways on 1:1 basis.

3. Implementation of upgraded pay scales as recommended by the VII CPC to certain categories of Railwaymen – I had also discussed this issue with the CRB, explaining that the VII CPC has recommended upgraded pay scales to certain categories of Railwaymen, viz. SSO(A/Cs)/Sr. Travelling Inspector(A/Cs)/ Sr. Inspector(Stores A/Cs), Chemical & Metallurgical Asstt., Chemical & Metallurgical Supdt., Asstt. Chemist & Metallurgist, but the same are yet to be implemented, and the Ministry of Railways have unnecessarily referred the issue to the DoP&T, which is quite unfair and urged upon the CRB to implement the same without further delay. He also assured a positive action in the matter.

4. Absorption of Course Completed Act Apprentices in the Railways – AIRF has raised this issue many times, wherein we have requested that, the Apprentices who have completed their course before making quota of 20% should be regularized without subjecting them to any RRCs examination as has been done earlier with paper screening. The CRB assured that he would definitely do the needful and would try that this skilled workforce should join the Indian Railways at an earliest.

5. Improvement in the condition of Railway Quarters and Colonies – Regarding complaints pertaining to maintenance of railway quarters and colonies, I suggested the CRB to think on the subject out of the box. He appreciated the sincere suggestion given by me that, old railway colonies should be demolished and replaced with multi-storey railway colonies, equipped with lift, CCTVs, boundary etc., so that, the employees and their families, living therein, should feel secure. I also mentioned that, till they get proper railway quarter maintenance, the staff should be paid “Maintenance Allowance” for petty repairs, whitewash and painting etc.

This is for information and wide publicity.

Comradely yours,

(Shiva Gopal Mishra)
General Secretary

Source : AIRF

PFRDA conducts the Workshop with Corporates to create an awareness about the features of NPS

By
igeadmin
-

PFRDA conducts the Workshop with Corporates to create an awareness about the features, benefits and the process of joining National Pension System (NPS); Also to create awareness about the role of Pension Funds under NPA architecture;

More than 1.80 crore subscribers join under NPS-Private sector

Pension Fund Regulatory Development Agency (PFRDA) in its endeavor to promote NPS among the corporates have embarked upon conducting NPS Workshops at various locations across the country. In continuation of that exercise, a Corporate Meet was held today in Pune in association with FICCI, Maharashtra State Council and Mahratta Chambers of Commerce, Industry and Agriculture.

More than 100 participants from around 55 corporates attended the workshop. PFRDA officials gave a detailed presentation on NPS and informed the participants about the features, benefits and the process of joining NPS to the employees as well as to the employer. The role of the Pension Funds under NPS architecture and the benefits of long term investment and the optimal return being generated by the Pension Fund following the investment guidelines issued by PFRDA was highlighted.

PFRDA officials also clarified the queries regarding joining of NPS, tax benefits, POPs details, timelines, transfer of superannuation fund to NPS, annuity etc. to the participants.

The recent developments under NPS-Private Sector (All citizen and Corporate) are listed below:

i.Process of Transfer of Superannuation / Recognized Provident Fund to National Pension System.

ii.Allowing option to change the investment choice or asset allocation ratio twice in a financial year
iii.Dispensing of requirement of submission of physical application form in case of subscriber opening account online and e-Signing the document.

iv.Introduction of Alternative Investment Fund-a separate class of Asset “A”

v.Introduction of two new life cycle funds (LC 75 and LC 25)

vi.Under Tier-I account, minimum contribution requirement in a financial year is reduced from Rs 6,000/- to Rs 1,000/-

As on 25th November 2017, more than 1.84 crores subscribers have joined under NPS-Private sector (Corporate and All Citizen model) . More than 6.58 lacs employees of 4,027 registered Corporates have joined NPS under NPS Corporate Model, and more than 5.46 lacs subscribers have joined NPS under NPS-All Citizen Model. The overall number of NPS and APY subscribers have crossed 1.80 crore with overall Asset under Management (AUM) of more than 2,15,461 crore. PFRDA’s endeavour is to significantly scale-up these segments during the ongoing months.

PIB

DOPT ORDER : Recommendations of 7th CPC with regard to EDP Cadre

By
igeadmin
-

DOPT ORDER : Recommendations of 7th CPC with regard to EDP Cadre

No.AB-14017/14/2016-Estt.(RR)(Pt.)
Government of India
Ministry of Personnel P.G & pensions
Department of Personnel and Training

North Block, New Delhi
Dated: 30th November, 2017

Office Memorandum

Sub: Recommendations of Seventh CPC with regard to EDP Cadre

The undersigned is directed to refer to this Department’s OM of even number dated 17.10.2016 (copy enclosed) requesting therewith to furnish information on the following points:

I. Whether EDP cadre is existing, if yes, the hierarchy and the strength in each grade/level thereof;

II.Copy of existing Recruitment Rules for all the levels.

III. Suggestions, if any, regarding the cadre restructuring in the cadre.

IV.Comments on the recommendations of 7th CPC.

2. As reply/comments from Ministries/Departments is still awaited even after a lapse of a year, it is requested to furnish information, if any, at the earliest so to enable this Division to expedite the matter of revisiting the model Recruitment Rules for the EDP cadre. If there is no information/comments to be provided the same may kindly be intimated in a fortnight.

sd/-
(Shukdeo Sah)
Under Secretary (RR)

DOPT Order Copy

AICPIN for the month of October 2017

By
igeadmin
-

AICPIN for the month of October 2017

Consumer Price Index for Industrial Workers (CPI-IW) — October, 2017

No.5/1/2017-CPI
GOVERNMENT OF INDIA
MINISTRY OF LABOUR & EMPLOYMENT
LABOUR BUREAU

‘CLEREMONT’,SHIMLA-171004
DATED : 30th November,2017

Press Release

Consumer Price Index for Industrial Workers (CPI-IW) — October, 2017

The All-India CPI-IW for October, 2017 increased by 2 points and pegged at 287 (two hundred and eighty seven). On 1-month percentage change, it increased by (+) 0.70 per cent between September, 2017 and October, 2017 when compared with the increase of (+) 0.36 per cent for the corresponding months of last year.

The maximum upward pressure to the change in current index came from Food group contributing (+) 1.94 percentage points to the total change. At item level, Rice, Milk (Buffalo), Onion, Bitter Gourd, Brinjal, Cabbage, Cauliflower, Carrot, Gourd, Coconut, French Beans, Green Coriander Leaves, Lady’s Finger, Parval, Potato, Tomato, Torai, Cigarette, Cooking Gas, Doctor’s Fee, Cinema Charges, Repair Charges, Tailoring Charges, etc. are responsible for the increase in index. However, this increase was checked by Arhar Dal, Fish Fresh, Poultry (Chicken), Chillies Green, Peas, Apple, Banana, Orange, Petrol, etc., putting downward pressure on the index.

The year-on-year inflation measured by monthly CPI-IW stood at 3.24 per cent for October, 2017 as compared to 2.89 per cent for the previous month and 3.35 per cent during the corresponding month of the previous year. Similarly, the Food inflation stood at 2.26 per cent against 1.30 per cent of the previous month and 2.99 per cent during the corresponding month of the previous year.

At centre level, Darjeeling and Tiruchirapally reported the maximum increase of (10 points each) followed by Munger-Jamalpur (8 points) and Puducherry (7 points). Among others, 6 points increase was observed in 2 centres, 5 points in 8 centres, 4 points in 7 centres, 3 points in 8 centres, 2 points in 19 centres and 1 point in 14 centres. On the contrary, Mercara recorded a maximum decrease of 4 points followed by Goa and Bhavnagar (3 points each). Among others, 2 points decrease was observed in 1 centre and 1 point in another 6 centres. Rest of the 6 centres’ indices remained stationary.

The indices of 33 centres are above All-India Index and 43 centres’ indices are below national average. The indices of Madurai and Amritsar centres remained at par with All-India Index.

The next issue of CPI-IW for the month of November, 2017 will be released on Friday, 29th December, 2017. The same will also be available on the office website www.labourbureaunew.gov.in.

(AMRIT LAL JANGID)
DEPUTY DIRECTOR

DA Calculation Sheet

Eligibility of Divorced Daughter of Armed Forces Personnel for Grant of Family Pension

By
igeadmin
-

Eligibility of Divorced Daughter of Armed Forces Personnel for Grant of Family Pension

As per Ministry of Defence (MoD) letter of September 2015, presently only those children who are dependent and meet other conditions of eligibility for family pension at the time of death of the Government servant or his/her spouse, whichever is later, are eligible for family pension. Accordingly, divorced daughters who fulfil other conditions are eligible for family pension if a decree of divorce had been issued by the competent court during the life time of at least one of the parents.

The Government has been receiving grievances from various quarters that the divorce proceedings are a long drawn procedure which take many years before attaining finality. There are many cases in which the divorce proceedings of a daughter of a Government employee/pensioner had been instituted in the competent court during the life time of one or both but none was alive by the time the decree of divorce was granted by the competent authority.

The matter has been examined and it has been decided vide Ministry of Defence letter dated 17 November 2017 to grant family pension to a divorced daughter of Armed Forces personnel in such cases where the divorce proceedings has been filed in a competent court during the life time of the employee/pensioner or his/her spouse but divorce took place after their death – provided that the claimant fulfils all other conditions for grant of family pension. In such cases, the family pension will commence from the date of divorce.

PIB

Clarification to pensioners about the hike in exemption limit to Rs 3 Lakhs from Minister of State for Finance

By
igeadmin
-

Clarification to pensioners about the hike in exemption limit to Rs 3 Lakhs from Minister of State for Finance

Shiva Pratap Shukla

D.O. No. 370150/9/2017- TPL
MINISTER OF STATE FOR FINANCE
GOVERNMENT OF INDIA
NEW DELHI-110001

14th November 2017

Dear Dr.Tharoor Ji,

Kindly refer to your D.O. letter No. DO/SI/09/2017/986 dated 26.09.2017 requesting for providing the exemption of Rs. 5 lakhs per annum to pension income.

I have got the matter examined. Currently, the basic exemption limit for individual taxpayer is Rs, 2,50,000, However, considering the specific needs of the senior citizens, the basic exemption limit for a senior citizen above 60 year, is fixed at Rs.3,00,000 and for very senior citizen i.e. above 80 years, the same is fixed Rs.5,00,000. Therefore, a pensioner who is a senior citizen is not required to pay any income-tax if his total income, including pension., does not exceed Rs.3 lakhs. Similarly, a pensioner who is very senior citizen is not required to pay tax if his total income, including pension, does not exceed Rs. 5,00,000. However, the suggestions that pension up to Rs.5 lakhs per annum should be exempt in all cases would require amendment to the existing provisions of the Income-tax Act, 1964.

Accordingly, the proposal would be examined during the exercise for the ensuing Union Budget, 2018 and the outcome would be reflected in the Finance Bill 2018.

With regards

Yours sincerely,

(Shiv Pratap Shukla)

Signed Copy

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