New Pension Scheme in Public Sector Undertakings

New Pension Scheme 2011 NewsNew Pension Scheme in Public Sector Undertakings

The Minister of Heavy Industries and Public Enterprises Shri Praful Patel told Lok Sabha in a written reply regarding the implementation of ‘New Pension Scheme’ in Public Sector Undertakings on 1.12.2011.

"Department of Public Enterprises (DPE) is the nodal Department in Government of India for issue of policy guidelines in respect of the Central Public Sector Enterprises (CPSEs). These CPSEs are under the administrative control of different Ministries/Departments. There is no CPSE under the administrative control of DPE. The responsibility for implementation of DPE guidelines rests with the concerned administrative Ministries/Departments and the respective CPSEs.

DPE O.M. dated 26.11.2008 read with O.M. dated 02.04.2009 for 2007 pay revision in respect of executives and non-unionized supervisors of CPSEs following Industrial Dearness Allowances (IDA) pattern of pay scales w.e.f. 01.01.2007, inter alia, provide for superannuation benefits to those employees of CPSEs upto 30% of basic pay and DA. These superannuation benefits also include pension. The superannuation benefits are dependent on various conditions including affordability.

With regard to the adoption of the New Pension Scheme (NPS) formulated by the Pension Fund Regulatory and Development Authority (PFRDA), in the CPSEs, DPE has circulated the NPS to all administrative Ministries/Departments and Chief Executives of CPSEs for their guidance and necessary action.

Three CPSEs namely Konkan Railway Corporation Limited, Manganese Ore (India) Limited and National Aluminium Company Limited have joined NPS till now. CPSEs may adopt NPS by fulfilling the parameters laid down in DPE O.Ms".

Comments

  1. Sailendra Prasad says

    New pension Scheme is not a good scheme because there is not any guaranty of amount under any formula It is totally depend on share market and performance of company opted by the subscriber. The future of Share market is dark. Ministers, Member of Parliament and Legislative assembly are not implementing this policy for themselves.

  2. says

    Even after six years of pay Revision to Executives, The new pension scheme is yet to be implemented in almost all the public sector undertaking except few organizations. In case an Executive who was retired on 1st Jan 2007 means he is already 66 years old, then how many years he has to live to get the pension ?. There should be time limit to pay the superannuation benefits which includes Pension. This is really exploitation of retired employees.

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