New Pension System to retired employees

March 31, 2012 10:49
New Pension System to retired employees

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.

Minister of State for Finance, Namo Narain Meena said the Lok Sabha on Friday that 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.

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