Home Blog Page 904

CGEGIS – CENTRAL GOVERNMENT EMPLOYEES GROUP INSURANCE SCHEME – Overview

By
igeadmin
-

CENTRAL GOVERNMENT EMPLOYEES GROUP INSURANCE SCHEME

Eligibility
(i) The scheme is compulsory for all regular employees including canteen employees.

(ii) Employee joining service from Ist January of a year will be a member of the Scheme from the date of joining.

(iii) Employee joining service on any other date will be entitled for insurance cover alone from the actual date of joining till the end of that year and will become full fledged member from the 1st January of the next year.

(iv) Re-employed defence personnel shall not be admitted to this scheme until the expiry of extended insurance cover under the Group Insurance Scheme for Armed Forces.

Subscription and Insurance Cover

(i) Under the scheme monthly subscriptions are to be made by each group of employees to get the appropriate insurance cover as follows

  • (a) For members as on 31.1.1989, who opted for the old scheme :
Group of
Employees		 Subscription per
month (Rs.)		 Amount of Insurance
cover (Rs.)
A 80 80,000
B 40 40,000
C 20 20,000
D 10 10,000
  • (b) For members as on 31.1.1989 who opted for the new scheme and those joining on or after 1.2.1989 :
Group of
Employees		 Subscription per
month (Rs.)		 Amount of Insurance
cover (Rs.)
From date of joining to
succeeding Is January		 From succeeding Ist January
A 40 120 1,20,000
B 20 60 60,000
C 10 30 30,000
D 5 15 15,000

(ii) If an employee is promoted to a higher grade in between a calendar year, his subscription will be raised w.e.f. the following 1st January.

(iii) If an employee is reverted to a lower grade, his subscription and insurance will not be changed. It will remain as applicable to the higher grade to which he belonged before reversion.

(iv) Subscription for a month shall be recovered from the employee’s salary for that month.

(v) Subscription shall be recovered even for the month in which the employee ceases to be in service on account of retirement, death, resignation, removal etc. from service, or is on leave or suspension.

(vi) If subscription is not paid during any period of extraordinary leave, the arrears will be recovered with interest due under the Scheme, in maximum 3 instalments, from the month following the month in which employee returns for duty. If an employee dies while on extraordinary leave , the arrears will be recovered with compound interest @ 12% p.a. from the amount payable to the family under the scheme.

(vii) If subscription is delayed due to delayed payment of salary, no interest will be charged.

(viii) In exceptional circumstances, when employee cannot subscribe to CGEGIS, he can make non-refundable withdrawal from his PF account and pay the subscription.

(ix) 30% of the subscription will go to Insurance Fund and the balance 70% will go to Savings Funds.

Fifth Pay Commission has recommended to revise the proportion to 25% and 75% provisionally and review the same based on mortality rates.

Interest on Savings Fund

Interest will be paid on the balance in the Savings Fund at prescribed rates, compounded quarterly.

Benefits under the Scheme

(i) On Resignation/Retirement :- Amount of subscription credited to the Savings Fund alongwith interest thereon will be paid to the employee.

(ii) On Death : Amount of insurance cover of the group to which he belongs on the date of death and the accumulation in Savings Fund will be paid to his nominee/heirs.

(iii) If an employee dies before he was enrolled as a member (i.e. between the date of his joining service and the following Ist January), only the insurance amount will be paid to the nominee/heirs.

(iv) Assignment of Insurance Cover and Savings Fund for obtaining loans : An employee can assign the insurance cover and accumulation in the savings fund to a recognised financial institution, for obtaining housing loans. However, no loans/advance or withdrawals are permitted from Insurance Fund/Savings Fund.

(v) The amount of subscription is eligible for Income Tax Rebate u/s 88 of IT Act.

Mode of Payment

(i) The payment under the scheme shall be made to the employee in case of retirement, or quitting service otherwise.

(ii) In case of employee’s death, the amount shall be paid to :

  • (a) if there is a valid nomination, to the nominee(s) in the manner prescribed.
  • (b) if there is no valid nomination, as per valid nomination for GPF.
  • (c) if there is no valid nomination for PF also, then in equal shares to widow(s)/minor sons and unmarried daughters. When none of these are alive, then to other members of the family in equal shares.
  • (d) if neither any valid nomination is there, nor any member of the family is alive then to legal heirs on furnishing the succession certificate.

(iii) When the whereabouts of an employee are not known :

  • (a) Savings Fund accumulation will be paid to the nominees/members of the family/legal heirs after one year following the month of disappearance on furnishing a police report that employee is not traceable in spite of all efforts and an Indemnity Bond.
  • (b) The insurance amount will be paid after 7 years of the disappearance on production of decree of presumed death of the employee.

(c) Full subscription for the first year and reduced subscription for the insurance premium alone for the next 6 years will be recovered from the amount payable.

Other Conditions :

(a) The amount due to the minor can be paid to mother as natural guardian without any certificate in the case of non-Muslims and with guardianship certificate in the case of Muslims.

(b) If any person eligible for share of benefits is charged with murder or abetting murder of the employee, his claim will be suspended. If he is convicted he will be debarred from receiving any share, if he is acquitted his share will be paid without any interest.

(c) Any dues to the government cannot be recovered from amount payable under the scheme.

CENTRAL GOVERNMENT EMPLOYEES’ GROUP INSURANCE SCHEME

CENTRAL GOVERNMENT EMPLOYEES’ GROUP INSURANCE SCHEME

By
igeadmin
-

CENTRAL GOVERNMENT EMPLOYEES’ GROUP INSURANCE SCHEME, 1980.

The Scheme, Central Government Employees’ Group Insurance Scheme (CGEGIS) came into force from 1st January,1982. This scheme provides for the Central Govt. employees the two fold benefit viz. (1) insurance cover to help their families and (2) lump sum payment to augment their resources on retirement.

The scheme has two funds namely (1) Insurance Fund and (2) Savings Fund. A portion of the subscription is credited to Insurance Fund and the other portion to the Savings Fund in the ratio of 3:7. The Savings Fund will earn interest at the prescribed rate to be compounded quarterly.

All these employees’ who had entered Central Government Service after 1st November,1980 will be compulsorily covered under the scheme from the date it came into force i.e. from 1st January,1982. The employees will be enrolled as members of the scheme only from 1st January every year. If an employee enters service on or after 2nd January in any year, he will be enrolled as a member only from 1st January of the next year. However, he will be entitled to insurance cover from the actual date of entry of service till the end of that calender year by paying monthly subscription of Rs. 5/- p.m. as premium for every Rs. 15,000/ – of the insurance cover.

Similarly, on regular promotion of a member of a lower Group to a higher Group after 1st January in a year, his subscription will be raised from the 1st January of the next year.

Note :- If an employee once admitted to a higher Group is subsequently reverted to the lower Group for one reason or the other, he will continue to subscribe at the same rate as that of higher Group.

Contract employees, persons on deputation from State Government Public Sector Undertakings, or other autonomous organisations locally recruited staff in the Missions abroad, casual labourer, part-time and ad-hoc employees will not be covered by the scheme. It will also not apply to persons recruited in the Central Government after attaining the age of 50 years.

Re-employed Defence personnel availing of the extended insurance cover under the Group Insurance Scheme applicable to the members of Armed Forces shall not be eligible to become members of this Scheme until expiry of the extended insurance cover.

Subscription at the appropriate rate should be recovered by the DDO from each member every month irrespective of whether the member is on duty, leave or under suspension. In the case of absence on Extra Ordinary leave, subscription due should be recovered in arrears in not more than 3 instalments after the member rejoins duty, alongwith appropriate interest thereon. In the event of death of a member during Extra-ordinary leave, the DDO should recover arrears in subscription alongwith interest, from the payment to the nominee admissible under the scheme.

Note:- Subscription is payable till the end of service including the month in which an employee retires, dies or is removed from service. If an employee dies during a month before recovery of subscription for that month, his dues will be paid after deducting the subscription.

In the case of members proceeding on foreign service, the recovery of subscription would be watched by the PAO concerned in the same manner as recovery of leave salary and pension contributions is watched.

The Head of Office should obtain Nomination(s) in Form 7 or Form 8, as the case may be, from all members without delay, and after counter signature, have them pasted in their service books.

The Head of Office should ensure that Group-wise register of members is maintained in Form 9 and kept up-to-date. This register shall be sent to the DDO concerned once a year to verify whether appropriate subscription are being recovered from all employees who have joined the Insurance Fund or both the Insurance Fund and the Savings Fund under the Scheme and to record a certificate to this effect.

PROCEDURE FOR THE MAINTENANCE OF GPF ACCOUNTS OF GROUP `D’ EMPLOYEES OF THE CENTRAL GOVERNMENT Maintenance of GPF Accounts

By
igeadmin
-

PROCEDURE FOR THE MAINTENANCE OF GPF ACCOUNTS OF GROUP `D’ EMPLOYEES OF THE CENTRAL GOVERNMENT Maintenance of GPF Accounts

The detailed procedure to be followed by the Heads of Office for the maintenance of the GPF Accounts of Group `D’ employees of the Central Government has been prescribed in the Ministry of Finance(Department of Expenditure) O.M.No. 52(2)-EV/60 dated the 27th June,1960 reproduced in Appendix 49 of Chowdhary’s Compilation of the CSR Vol.II(Part II), 12th Edition. Some important provisions of the said procedure are briefly stated in the ensuing paragraphs.

Allotment of GPF Account Number
All permanent employees and temporary employees in continuous service for more than one year should be admitted to the fund and assigned account numbers, which should be duly intimated to the subscribers.

GPF Ledger

A ledger account for each subscriber should be maintained in the prescribed form. These forms should be in bound volumes, which should be machine numbered.

Schedule of GPF recoveries

Each month the Drawing Officer should prepare a schedule of GPF deductions for posting in the ledger accounts. The schedule of GPF deductions should not be enclosed to the pay bill but, instead, a certificate in the prescribed form should be attached to the pay bills, indicating the total amount deducted as GPF subscriptions and as refund of advances.

Entries in GPF accounts of subscriber
The Head of Office should initial the entries in the P.F. Accounts monthly, as a token of check of the correct postings of the amount of subscriptions deducted, refund of advances and drawal of advances, part final and final payments.

Broadsheet of GPF
A broadsheet in the prescribed form should be maintained by each Head of Office. All deposits and withdrawals posted in the ledgers should also be posted in the broadsheet. The broadsheet should be posted direct from the ledgers and not from the schedules or vouchers. The broadsheet should be closed on or before the 5th of the following month and submitted to the Head of Office for review.

The Head of Office should ensure that the amount as booked in broadsheet agrees with the total of the certificate of deductions attached to the pay bills and the payments made during the month.

GPF nominations
Nominations in the prescribed form should be obtained/scrutinised in accordance with the GPF Rules and kept in the personal custody of the Head of Office. A note to this effect should also be kept in the ledger as well as in the General Index Ledger to be maintained in the prescribed form.

Transfer of Accounts
In the case of transfer of any employee from one office to another, his account should be transferred to the new Head of Office with a statement, showing the closing balance as on 31st March of the preceding financial year, which should include interest uptodate plus bonus if due, subscriptions and recovery of temporary advances monthwise drawal of advances/withdrawal if any, on or after 1st April, details of drawal of temporary advances/withdrawal and closing balance as on 31st March during the preceding three years. Two copies of the statement should also be furnished to the Head of the Department for noting and transmitting one copy to the concerned Pay and Accounts Officer.

Reconciliation of Accounts
Each Drawing Officer should send every month to his Head of Department the totals of debits and credits in the prescribed form to enable the latter to arrive at the total credits and debits in respect of all the drawing officers in a month and to communicate the same to the concerned PAO for reconciliation.

Annual Calculation of interest on GPF deposits
Interest for each year should be calculated and entered in the ledger accounts as well as in the broadsheet. The statement of interest thus credited should be forwarded to the Head of the Department to enable him to work out the consolidated figure in respect of all the DDOs under him and send a consolidated statement to the Accounts Officer for incorporation in the accounts.

Incentive Bonus
Incentive bonus, wherever admissible, should be credited to the subscriber’s account. The balance on which bonus shall be calculated would be the balance inclusive of the interest credited for the year.

Pass Books
Instead of preparing and issuing annual statements of GPF balances to the subscribers, the Head of the Office should prepare and issue a Pass Book to each subscriber in the prescribed format. At the end of each year the Head of Office should collect the Pass Books of all the Group `D’ employees for completion and return. In the case of transfer of any employee during the course of the year, his Pass Book should be completed and returned indicating the No. and date of the letter under which his GPF account has been transferred to the new office.

GPF final Payment
In case of retirement, or death, or quitting of service, when the final payment of GPF money becomes payable, the Head of Office should obtain application in the prescribed form. The final payment of GPF money should be made after the account has been thoroughly checked. The Heads of Offices are authorised to make final payment of GPF money without reference to the Accounts Officer concerned.

Payment under DLI Scheme
In the case of death in harness, the Head of Office should ensure that final payment made includes the amount admissible under Deposit Linked Insurance Scheme under Rule 33A of GPF (C.S.)Rules.

Issue of revised PPOs for pre-2006 pensioners.

By
igeadmin
-

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF EXPENDITURE
CENTRAL PENSION ACCOUNTING OFFICE
TRIKOOT II, BHIKAJI CAMA PLACE.
NEW DELHI-110066
PHONES : 26174596. 26174456, 26174438

CPAO/Tech/Nodal Officer/Vol-II/2010/552

Dated: 13.07.2010

OFFICE MEMORANDUM

Subject: Issue of revised PPOs for pre-2006 pensioners.

A meeting with representatives of bank under the Chairmanship of Secretary (Pension, AR & PG) was held on 15th June. 2010 at 3rd Floor, Department of Pension & Pensioners Welfare, Lok Nayak Bhawan, regarding issuance of revised PPOs for pre-2006 pensioners.

Unanimously it was decided that:

Every bank would appoint Nodal Officer for monitoring the work of issuance of revision authority for pre-2006 retirees who in turn would collect the information from all branches and manually send Annexure-III to the concerned PAOs with a copy to CPAO It would be the responsiblity of the banks to ensure that the data sent to PAOs are complete and correct. Further the time frame for completion of this work was fixed as 31st July. 2010 to which also all the representatives of all the banks agreed

Kindly ensure that necessary action is undertaken by your bank in respect of above requirements/ action at the earliest.

(P.Sarada)
Sr.Accounts Officer(Tech)

Original Copy

Implementation of Modified Assured Carrier Progression Scheme (MACPS) in CPWD. (Constitution for Screening Committee)

By
igeadmin
-

No. 55/4/2006-S&D/ACP

Dated : 16 JUL 2010

Subject: Implementation of Modified Assured Carrier Progression Scheme (MACPS) in CPWD. (Constitution for Screening Committee)

Reference is invited to this Directorate of OM No. 12/19/2009-EC-IV(SC) dated 20.10.2009 vide which orders for the constitution of the screening committee for Group B, C & D employees to process the MACPS cases were issued.

This Directorate has been receiving several references from different units of CPWD regarding applicability of above orders of composition of screening committee in case of Group B & C employees who are to be granted MACPS in PB3 / PB4 scales in Grade Pays of Rs. 5400, 6600, 7600 etc.

In this regard, it is stated that screening committee for Group A (except officers of Organized Group A Service), B & C employees including adhoc Executive Engineers, who are to be granted MACPS in PB3 / PB4 scales in the Grade Pays of Rs.5400, 6600, 7600 etc. shall be as per following composition.

1. Director General, CPWD -Chairman
2. Addl. DG (S&P) – Member
3. Director (W) MoUD – Member

As per the above referred MACPS orders dated 19.5.2009 of DoPT, the recommendations of screening committee shall be placed before the competent authority for approval.

This issues with the approval of Director General, CPWD.

Original Copy

Railway Order – Implementation of Government’s decision on the recommendations of the Sixth Central Pay Commission – Revision of pension of pre-2006 pensioners/family pensioners etc.

By
igeadmin
-

PC-VI 213
RBE No. 97/2010

GOVERNMENT OF INDIA (BHARAT SARKAR)
MINISTRY OF RAILWAYS (RAIL MANTRALAYA)
(RAILWAY BOARD)

No. F(E)III/2008/PN1/12

New Delhi, Dated: 07.07.2010.

The GMs/FA&CAOs,
All Indian Rallways/Production Units.
(As per mailing list)

Subject: Implementation of Government’s decision on the recommendations of the Sixth Central Pay Commission – Revision of pension of pre-2006 pensioners/family pensioners etc.

A copy of Department of Pension and Pensioners’ Welfare (DOP&PW)’s O.M. No. 38/37/08-P&PW(A) dated 25th June, 2010 on the above subject is enclosed for information and strict compliance. Accounts Department of the Railways to whom the copies of documents relating to proof of age /date of birth have been forwarded by the pension disbursing banks for formal authorization of additional pension, and the Personnel Department of the Railways to whom such documents may have been forwarded by Accounts Departments for having the additional pension/family pension sanctioned from Head of Office/Head of Department, should take immediate action thereon so that the final authorization of additional pension/family pension could be issued at the earliest.

2.DOP&PW’s O.Ms dated 21.5,2009 and 11.08.2009, referred to in the enclosed O.M., were circulated on the Railways vide this office letters of even number dated 26.5.2009 and 19.08.2009 respectively.

3. Please acknowledge receipt.

(SUNIL BHARDWAJ)
Deputy Director Finance(Estt.)III
Railway Board.

O.M. No. 38/37/08-P&PW(A) dated 25th June, 2010

Limited transfer facility to Gramin Dak Sevaks.

By
igeadmin
-

File no. 19-10/2004-GDS (part)
Government of India
Ministry of Communications & IT
Department of Posts
(Establishment Division)

Dak Bhawan, Parliament Street
New Delhi-110001
Dated 21-07-2010

All Chief Postmaster General
Postmaster General

Sub: Limited transfer facility to Gramin Dak Sevaks.

Sir/Madam,

I am directed to refer to this office letter no. of even dt 17-7-2006 on the above mentioned subject.

2. One-men Committee with Shri R.S. Nataraja Murti as Chairman, for examining Gramin Dak Sevaks system, studied the above issue and made recommendations in para 16.12.1 of the report.

3. The recommendations of the Committee were examined by the Department and after a careful consideration, the Competent Authority has ordered the following:

(i) All the five grounds stipulated for allowing the Transfer of Gramin Dak Sevak in para 2 of letter no. 19-10/2004-GDS dt. 17-7.2006 will be retained. The transfer facility can be availed by Gramin Dak Sevaks only once in whole career. However, an exception has been made for women Gramin Dak Sevaks, who availed the transfer facility on the ground of extreme hardship due to a disease and for medical attention/treatment before their marriage, can avail the facility for a second time in the event of their marriage/remarriage.

(ii) Past service of Gramin Dak Sevaks will be counted for the eligibility for appearing in the Departmental Examinations and for Ex-gratia gratuity and will rank junior in the seniority list of new unit.

(iii) However on transfer to a new post, the Gramin Dak Sevaks cannot have any claim for protection in their Time Related continuity Allowance drawn in the old Post. His/her Time Related Continuity Allowance will be fixed at the minimum of the Time Related Continuity Allowance slab of the transferred post, depending upon the work load of the aid post. In the case of Mail carrier/ Mail deliverer/packer, the work load has to be assessed on cycle beat. The transfer has to be approved only if the Gramin Dak Sevkas is willing for the new post, and an undertaking to the effect has be obtained and kept on record. This condition is provided to prevent the misuse of the limited transfer facility so that it can be availed only by those who genuinely need it.

4. All the other conditions laid down in letter no. 19-10/2004-GDS dt. 17.7.2006 will continue to apply.

5. The Heads of circle are requested to keep the above modifications in view while deciding the cases of transfer application of Gramin Dak Sevaks.

6. The contents may be communicated to all concerned for wide circulation amongst the Gramin Dak Sevaks in vernacular understanding.

7.This issues with the approval of Secretary (Posts)

Yours faithfully
(K. Rameswara Rao)
Assistant Director General (Estt)

Combined Duty Allowance to Gramin Dak Sevaks employees

By
igeadmin
-

No.6-1/2009-PE-II
Government of India
Ministry of Communications & IT
Department of Posts
(Establishment Division)

Dak Bhawan, Parliament Street
New Delhi-110001
Dated 15-07-2010

The Chief Postmaster General
UP Circle
Lucknow—226001

Sub: Combined Duty Allowance to Gramin Dak Sevaks employees who perform the duties of Gramin Dak Sevaks Branch Postmasters in addition to their own duties.

Sir,

I am directed to refer to your letter no.Estt/M-377/34/GDS/Corr./2009/1 dated 24-06-2010, on the above mentioned subject.

2.The issue has been examined. DG Posts letter no.14-11/1988-PAP dated 16-07-1990 provided for payment of Rs.50 as combined duty allowance to GDS MD/MC who perform the work of EDBPM in addition to their normal charge of duties. It was also clarified that, GDS Mail Deliverer/Mail Carrier are not eligible for this Combined Duty Allowance if they perform duties other than that of GDS BPMs

3.As per the recommendations of One—man Committee and approved by the government, the GDS MD/MC attached with the addition duty of another Gramin Dak Sevak, revised rate of allowance will be at the rate of Rs.25 per day subject to a maximum of Rs.625 per month. Accordingly, the Mail Deliverer/Mail Carrier entrusted with the duties of BPMs in addition to their own work, are eligible for this additional remuneration as compensation. However, they will not be eligible for any Combined Duty Allowance which is now paid to Branch Postmasters towards delivery and conveyance work

To cite an illustration, if a Branch Post Office has one BPM and one GDS MD/MC on its establishment. In the event of GDS MD/MC performing the duties of Branch Postmasters in addition to his own, he will be eligible for a compensation of Rs.25 per day subject to a maximum of Rs.625 per month in addition to his normal Time Related Continuity Allowance. However, he will not be eligible for further Combined Duty Allowance paid to Branch Postmasters.

4.This issues with the approval of DDG(Establishment).

Yours faithfully
(K Rameswara Rao)
Assistant Director General (Estt.)

Grant of full pension to Government servants who retired on or after 01.01.2006 – recovery of excess payment of Retirement Gratuity from the employees who retired voluntarily after getting the benefit of adding years of service

By
igeadmin
-

RBE No. 95/2010
PC-VI No. 212

GOVERNMENT OF INDIA
MINISTRY OF RAILWAYS
(RAILWAY BOARD)

No. F(E)III/2008/PN1/13

New Delhi, dated: 06.07.2010.

The GMs/FA&CAOs,
All Indian Railways & Production Units.
(As per Mailing List)

Subject: Grant of full pension to Government servants who retired on or after 01.01.2006 – recovery of excess payment of Retirement Gratuity from the employees who retired voluntarily after getting the benefit of adding years of service – Clarification reg.

The Department of Pension & Pensioners’ Welfare (DOP&PW) vide their O.M. No.38/37/08-P&PW(A) dated 10.12:2009, circulated vide this Ministry’s letter of even number dated 15.12.2009, have dispensed with the provision relating to linkage of full pension with 33 years of qualifying service, with effect from 01.01.2006 instead of 02.09.2008. These instructions, inter-alia, provide that the benefit of adding years of qualifying service for the purpose of computation of pension and gratuity shall stand withdrawn w.e.f. 01.01.2006. Simultaneously, para 4 of the said O.M. also provides that the overall calculation, may take into account revised gratuity and revised pension, including arrears up to the date of revision based on these instructions and that no recoveries would be made in the cases already settled.

2. In this connection, clarification has been sought from this office as to whether in the .case of employees who retired voluntarily during the period from 01.01.2006 to 01.09.2008, after getting the benefit of adding years of service, the excess payment of gratuity ;is to be recovered or adjusted from the arrears of pension and commuted value of additional pension arising out of implementation of the instructions contained in DOP&PW’s O.M. dated 10.12.2009 ibid. The matter has, therefore, been examined by this Ministry in consultation with DOP&PW and it is clarified that the recovery of excess payment of gratuity on the above account, shall be regulated as under:

S.No Point Clarification
1 In cases where the employees , retired volu ntarily after 1.1.2006 with pro-rata pension calculated for the qualifying service Loss than 33 years, pension will under go upward revision and additional amount of pension will also be commutable Excess payment of gratuity on account of withdrawal of weightage w.e.f. 1.01.2006 will be adjusted against arrears of pension (and not commuted value of pension). However, this adjustment will be restricted to the amount of arrears of pension. If the recovery of gratuity is more than the amount of arrears of pension, no recovery in excess of arrears of pension will be made.
2 In cases where employees retired voluntarily after 1.1.2006 after getting the benefit of adding years of qualifying service and were granted pension @ 50% of emoluments/average emoluments, as the case may be, due to their qualifying service having reached 33 years, there will be no revision in the amount of pension but the amount of retirement gratuity will undergo a change due to exclusion of the benefit of adding years of service, already extended to them. Where there is no increase of pension, no recovery of gratuity will be made.

3. All Zonal Railways etc., are, therefore, advised to settle the cases of the employees who retired voluntarily after 01.01.2006 but before 02.09.2008, in accordance with the above clarification.

(Sunil Bhardwaj)
Deputy Director Finance (Estt.)III,
Railway Board.

Original Copy

PFRDA Introduces NPS-Lite Scheme for Economically Disadvantage Sections of Society and to Promote Small Savings among them

By
igeadmin
-

Pension Fund Regulatory and Development Authority (PFRDA), the apex body established by Government of India to regulate and develop the pension sector, has introduced NPS-Lite which specifically targets the economically disadvantages sections of society and promotes small savings during their productive life. It aims at building up a corpus sufficient enough to buy an annuity for their old age. Earlier PFRDA had extended New Pension System (NPS) to all citizens of India with effect from 1st May, 2009.

“Swavalamban Scheme” of Govt. of India, which grants an incentive of Rs.1000 to all eligible NPS accounts shall be available to all NPS-Lite account holders as well, if they meet the prescribed criteria.

“NPS-Lite Model” has been designed to ensure ultra-low administrative and transactional costs for making such small investments viable. NPS-Lite works on a “group” model and shall be available through “Aggregators” appointed by PFRDA. It also aims at harnessing the outreach and capacity of the Government operated schemes, NGOs, MFIs, NBFCs etc. in targeting and servicing the old age savings needs of low income workers.

“Andhra Pradesh Building and Other Construction Workers Welfare Board” has already been appointed as an aggregator under NPS-Lite for making NPS available to its more than a million potential member base.

Other details of NPS-Lite are available at PFRDA website www.pfrda.org.in.

Source : PIB

1...903904905...921Page 904 of 921

Just In