Hi all! Could anyone tell me about New Pension Scheme (NPS) and how it will be implemented in Public Sector Companies? Whether we will be eligible for gratuity or not after that?
From India, Calcutta
From India, Calcutta
Dear Poonam Rani,
Employees Pension Scheme 1995 is a part of Employees Provident Fund and Miscellaneous Provisions act and has replaced the earstwhile Family Pension Scheme. (For more details please go to concerned threads already posted in citeHR).
Gratuity and pension are independant and seperate benefits. Hence your eligibility to get gratuity will not be denied by pension.
Abbas.P.S
From India, Bangalore
517Employees Pension Scheme 1995 is a part of Employees Provident Fund and Miscellaneous Provisions act and has replaced the earstwhile Family Pension Scheme. (For more details please go to concerned threads already posted in citeHR).
Gratuity and pension are independant and seperate benefits. Hence your eligibility to get gratuity will not be denied by pension.
Abbas.P.S
From India, Bangalore
Hi Abbas,
Thanks for your reply but actually I am asking about New Pension Scheme which has been implemented from Jan 2004. In this scheme, employees who have joined the organisation on of after Jan 2004 will be included and they have to contribute 10% of their basic salary and DA every month in the Pension fund and concept of Provident Fund won't be there for such employees.
If anybody has some experience regarding this matter or any kind of knowledge regarding this matter, kindly discuss.
From India, Calcutta
Thanks for your reply but actually I am asking about New Pension Scheme which has been implemented from Jan 2004. In this scheme, employees who have joined the organisation on of after Jan 2004 will be included and they have to contribute 10% of their basic salary and DA every month in the Pension fund and concept of Provident Fund won't be there for such employees.
If anybody has some experience regarding this matter or any kind of knowledge regarding this matter, kindly discuss.
From India, Calcutta
New Pension Scheme was introduced with effect from 01 January 2004 vide Notification 5/7/2003-ECB&PR issued on 22 December 2003 by the ECB&PR Division of the Department of Economic Affairs, Ministry of Finance, Government of India.
It is an initiative to minimize the burden of pension wealth on Govt Sector. Under this scheme an employee have to contribute 10% of salary(basic + GP + NPA(if any)) every month. The same matching contribution would be paid by government also and the whole amount is to be deposited to Trustee Bank(Bank of India) by the employer. The NSDL has been appointed as the Record keeping agency for all pension information. The money is again divided amongst the Pension fund Managers (responsible for buying assets(bonds, securities etc) with the money ). PFM/PFMs can be chosen by the subscriber and the ratio of distribution can also be changed from time to time.
From India, Guwahati
It is an initiative to minimize the burden of pension wealth on Govt Sector. Under this scheme an employee have to contribute 10% of salary(basic + GP + NPA(if any)) every month. The same matching contribution would be paid by government also and the whole amount is to be deposited to Trustee Bank(Bank of India) by the employer. The NSDL has been appointed as the Record keeping agency for all pension information. The money is again divided amongst the Pension fund Managers (responsible for buying assets(bonds, securities etc) with the money ). PFM/PFMs can be chosen by the subscriber and the ratio of distribution can also be changed from time to time.
From India, Guwahati
Dear Poonam
Please go through the following links which will help you in explaining the complete details.
New Pension Scheme India (NPS) Details
http://pfrda.org.in/
All the best
From India, Kumbakonam
Please go through the following links which will help you in explaining the complete details.
New Pension Scheme India (NPS) Details
http://pfrda.org.in/
All the best
From India, Kumbakonam
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