Pension to Retired Employees

Press Information Bureau
Government of India
Ministry of Finance

30-March-2012 17:22 IST

Pension to Retired Employees

The Government had introduced the New Pension System (NPS) from 1st January, 2004 through a Notification dated 22nd December, 2003 for new entrants to Central Government service, on mandatory basis, except to Armed Forces, joining service on or after 01.01.2004 replacing the existing system of defined benefit pension system. NPS has also been extended to autonomous bodies, State Governments and un-organised sector. The employees working in Central Public Sector Enterprises (CPSEs) are not covered mandatorily under NPS. However, three CPSEs, viz Konkan Railway Corporation Ltd. Manganese Ore (India Ltd. ) and NALCO have adopted NPS on voluntarily basis with effect from 01.01.2004, 01.07.2011 and 01.01.2007 respectively.

This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in the Lok Sabha today.

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Comments

  1. psr murthy says:

    The retired CPSE employees are miserably starving with the meager amount being paid to them under employee pension scheme 1995. The Govt should be generous enough to modify the scheme to enhance the minimum pension, allow DA and revise from time to time proportionately along with those who are still serving.