Railway has announced very benefited Voluntary Retirement Scheme to their Employee (Drivers and Gangmen) i.e. Safety Related Retirement Scheme (SRRS) was introduced in January 2004 exclusively for two front line safety categories i.e.. Drivers and Gangmen.
The ward of the employee seeking retirement under the scheme is considered for appointment in the respective category subject to fulfillment of eligibility / suitability etc. The existing scheme has been renamed as Liberalized Active Retirement Scheme for Guaranteed Employment for Safety Staff (LARSGESS) and will cover all safety categories including Gangman with grade pay of Rs. 1800/-.
The condition of having minimum 33 years qualifying service has been reduced to minimum 20 years and the eligibility age group from 55-57 years to 50-57 years. However, in the case of Drivers, the condition of qualifying service i.e. 33 years and eligibility age group i.e. 55-57 will remain the same.
The scheme will result in younger workforce and boost morale of staff by way of provision of job to their eligible dependent wards.
This information was given by the Minister of State for Railways, Shri E. Ahamed in a written reply in Rajya Sabha on 12.11.2010.
What are the new Pension Plans?
The New Pension Scheme (NPS) was introduced by the Union Government in 2003. According to the new scheme, employees appointed on or after January 1, 2004 will contribute 10 per cent of their Pay and Dearness Allowance to the Pension Fund Regulatory and Development Authority under the Ministry of Finance. An equal amount will be contributed by the Centre. The scheme is mandatory for Government employees, but optional for other citizens of India. NPS merely declared that tax benefits would be applicable as per the Income Tax Act 1961 as amended from time to time.
How to Revise your Pension?
Subject to the provisions of rule 97 I Pension once authorized after final assessment shall not be revised to the disadvantage of the non-teaching employee, unless such revision becomes necessary on account of detection of the clerical error subsequently.
Provided that, no revision of pension to the disadvantage of the pensioner shall be ordered by the Director of Higher Education without the concurrence of the Finance Department if the clearing error is detected after a period of two years from the date of authorization of pension.
For the purpose of sub-rule (1), the retired non-teaching employee concerned shall be served with a notice by the Director of Higher Education requiring him to refund the excess payment of pension within a period of two months from the date of receipt of notice by him.
In case the non-teaching employee fails to comply with the notice, the Director of Higher Education shall, by order in writing, direct that such excess payment, shall be adjusted in installments by short payments of pension in future, in one or more installments, as the Director of Higher Eduction may direct.
Equity Pension Plans:
Pension regulator, PFRDA, today said that it would like to maintain the 50 per cent limit on investment in equities for the new pension fund, regardless of the recommendation of the Bajpai committee.
These fund managers include LIC Pension Fund Ltd, SBI Pension Funds Ltd, UTI Retirement Solutions, IDFC Pension Fund Management, ICICI Prudential Pension Funds Management, Kotak Mahindra Pension Fund and Reliance Capital Pension Fund.
The ward of the employee seeking retirement under the scheme is considered for appointment in the respective category subject to fulfillment of eligibility / suitability etc. The existing scheme has been renamed as Liberalized Active Retirement Scheme for Guaranteed Employment for Safety Staff (LARSGESS) and will cover all safety categories including Gangman with grade pay of Rs. 1800/-.
The condition of having minimum 33 years qualifying service has been reduced to minimum 20 years and the eligibility age group from 55-57 years to 50-57 years. However, in the case of Drivers, the condition of qualifying service i.e. 33 years and eligibility age group i.e. 55-57 will remain the same.
The scheme will result in younger workforce and boost morale of staff by way of provision of job to their eligible dependent wards.
This information was given by the Minister of State for Railways, Shri E. Ahamed in a written reply in Rajya Sabha on 12.11.2010.
What are the new Pension Plans?
The New Pension Scheme (NPS) was introduced by the Union Government in 2003. According to the new scheme, employees appointed on or after January 1, 2004 will contribute 10 per cent of their Pay and Dearness Allowance to the Pension Fund Regulatory and Development Authority under the Ministry of Finance. An equal amount will be contributed by the Centre. The scheme is mandatory for Government employees, but optional for other citizens of India. NPS merely declared that tax benefits would be applicable as per the Income Tax Act 1961 as amended from time to time.
How to Revise your Pension?
Subject to the provisions of rule 97 I Pension once authorized after final assessment shall not be revised to the disadvantage of the non-teaching employee, unless such revision becomes necessary on account of detection of the clerical error subsequently.
Provided that, no revision of pension to the disadvantage of the pensioner shall be ordered by the Director of Higher Education without the concurrence of the Finance Department if the clearing error is detected after a period of two years from the date of authorization of pension.
For the purpose of sub-rule (1), the retired non-teaching employee concerned shall be served with a notice by the Director of Higher Education requiring him to refund the excess payment of pension within a period of two months from the date of receipt of notice by him.
In case the non-teaching employee fails to comply with the notice, the Director of Higher Education shall, by order in writing, direct that such excess payment, shall be adjusted in installments by short payments of pension in future, in one or more installments, as the Director of Higher Eduction may direct.
Equity Pension Plans:
Pension regulator, PFRDA, today said that it would like to maintain the 50 per cent limit on investment in equities for the new pension fund, regardless of the recommendation of the Bajpai committee.
These fund managers include LIC Pension Fund Ltd, SBI Pension Funds Ltd, UTI Retirement Solutions, IDFC Pension Fund Management, ICICI Prudential Pension Funds Management, Kotak Mahindra Pension Fund and Reliance Capital Pension Fund.
0 comments:
Post a Comment