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View Full Version : Government declared Family Pension/Invalid Pension under NPS on provisional basis



kgkacharya
13-06-2009, 01:04 PM
Dear Readers,
Considering the Hardship faced by the employees appointed on or after 01.01.2004, the Government of India has extended the benefits available under Rule 38, 49, 50 and 54 of CCS [Pension] Rules 1972 on provision basis to those employees who discharged on invalidation/disablement and for the families of such employees who have died during service since 01.01.2004. Please see the orders by link to http://persmin.gov.in/WriteData/CircularNotification/ScanDocument/Pension/NPS_05052009.pdf . As per this orders, the families of the deceased employee who appointed on or after 01.01.2004 will now get the Family Pension and Death Gratuity as per the provisions of Rule 50 and Rule 54 of CCS (Pension) Rules 1972 on provisional basis in addition to the benefits available under NPS.

ramanrao60
21-07-2010, 02:42 PM
PFRDA (Pension Fund Regulatory and Development Authority), India has opened New Pension Scheme ( NPS) to all Indian citizens starting today, on 1st May, 2009.

Its a safe, flexible and portable scheme introduced by Indian Government’s cell PFRDA; to replace the existing System of Pension System in the country and to provide income security after retirement.

PFRDA was established by the Government of India to promote old age income security by establishing, developing and regulating pension funds, to protect the interests of subscribers to schemes of pension funds.


Highlights

Any Indian citizen will be able to start a New Pension Scheme account and can start investing any amount up for a pension.

Open to all citizens aged between 18-60 years
Exit age for new pension scheme will be 60 years.
Attractive investment schemes to choose from
Professional record-keeping and fund management
Technology driven, Transparent fee based system
Withdrawal facility as and when you wish, under Tier II
No entry and exit loads
Multiple fund managers
Multiple investment options
Minimum Contribution per installment: Rs 500
Minimum Contribution per year: Rs 6000
Minimum Contributions per year : 4
Under this scheme, an investor can deposit their contributions in Bank Branches and Post offices all over the country. Unlike EPF (employee provident fund schemes), there will be only one number allotted to each investor, In case of change of job or location of job, it can be easily transferred to another branch. Each Investor will be allotted a unique 16 digit Permanent Pension Account Number (PPAN) it will valid for life like current PAN number. There will be no need to open a new account every time you change job or location unlike the current EPF (Employee Provident Fund)

In starting, there will be 23 Points of Presence (POP) including PSU banks and post offices, and they will be provide account opening and other transactions facility. Following is the participating POP list: Allahabad Bank, Axis Bank, Bajaj Allianz General Insurance Co, Central Bank of India, Citibank, CAMS (Computer Age Management Services), ICICI Bank, IDBI Bank, IL&FS Securities, Kotak Mahindra Bank, LIC (Life Insurance Corporation of India), Oriental Bank of Commerce, Reliance Capital, State Bank of Bikaner & Jaipur, State Bank of Hyderabad, SBI (State Bank of India), State Bank of Indore, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore, South Indian Bank, Union Bank of India, UTI.