PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY
CIRCULAR

CIR No.:PFRDA/ 2023/ SUP-PoP/05

Date: 18 July 2023

To,

All Points of Presence (PoPs-NPS-Lite)

Dear Sir /Madam,

Subject: Guidelines for Operational Activities – to be followed by Point of Presence (PoPs-NPS-lite)

Please refer to Circular No PFRDA /2022/ 06/ SUP-POP/ 01 dated 16 March 2022 on Guidelines for Operational Activities -to be followed Point of Presence (PoPs-NPS-lite)

2. In exercise of the powers conferred under Section 14 of Pension Fund Regulatory and Development Authority Act, 2013 read with the Pension Fund Regulatory and Development Authority (Point of Presence) Regulations, 2018 (as amended) more particularly Regulation 41 and 42, thereof, the following paras of “Guidelines for The Points Of Presence Registered under Regulation 3(1)(iv) – NPS-Lite-Swavalamban Scheme Of Pension Fund Regulatory And Development Authority (Point Of Presence) Regulations, 2018, and Amendments thereof” issued vide above referred circular are changed as under:

[1] Introductory Para is replaced as under:

In exercise of the powers conferred under Section 14 of Pension Fund Regulatory and Development Authority Act, 2013 (hereinafter referred to as PFRDA Act, 2013) read with the Pension Fund Regulatory and Development Authority (Point of Presence) Regulations, 2018 (as amended) more particularly Regulation 41 and 42, the following guidelines are being issued. These guidelines shall supersede the earlier guidelines dated 1st January 2016 issued for compliance by all Points of Presence registered under Regulation 3(1 )(iv) – NPS – Lite-Swavalamban scheme (hereinafter referred to as ‘PoP-NPS-Lite’). Notwithstanding such supersession, anything done or any action taken under or in terms of the said guidelines, shall be deemed to be valid and have effect, for the period, when such guidelines was in force and remains applicable. The present guidelines may be modified by the Authority from time to time depending upon the service requirements/ amendments in the law, if any. These guidelines along with amendments shall be deemed to be effective from 1st April, 2022, save such provisions which are expressly to take effect from such date as has been specifically mentioned hereunder.

[II] Para 4(i) shall be substituted as below:

PoP-NPS-Lite shall pay compensation to subscribers @ repo rate + 2% p.a. of the transaction amount, which will be the contribution amount (in case of deposit) or exit proceeds (in case of exit/ withdrawal claim), rounded off to next integer value, or as per rate determined by the employer/ aggregator for their employees/ associates, whichever is higher, for the period of delay. The repo rate applicable shall be as declared by RBI Monetary Policy Committee from time to time and as prevalent on date of receipt of contribution.

2. The rate of compensation payable to subscribers (where applicable) under para 4(i) of the guidelines shall come into force w.e.f. 1% August 2023. Other content of the Circular No PFRDA /2022 /06/ SUP-POP/ 01 dated 16″ March 2022 on Guidelines for Operational Activities – to be followed Point of Presence (PoPs-NPS-lite) shall remain unchanged. All POP’s (PoP-NPS- Lite) are required to take notice and act in compliance of the PFRDA Act, 2013, the rules, Pension Fund Regulatory and Development Authority (Point of Presence) Regulations, 2018 and the guidelines, issued by the Authority.

(Gurminder Kaur)
General Manager

The post NPS Guidelines for Operational Activities to be followed by Point of Presence (PoPs-NPS-lite) appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

NFIR
National Federation of Indian Railwaymen

No. IV/NPS/PFRDA BILL/Part I

Dated : 24/10/2015

The Suresh Prabhu,
Hon’ble Minister for Railways
(Railway Board)
Rail Bhavan
New Delhi
Sub: Exemption of Railway employees from New Pension Scheme/National Pension System (NPS)-reg.

Ref: GS/NFIR’s letter No. IV/NPS/PFRDA BILL dated 26/08/2015 addressed to the Railway Board (MS).

The Government of India had introduced New Pension Scheme (NPS) applicable to the Central Government employees appointed on or after 01/01/2004. Under the scheme, 10% of the Pay of each employee is deducted from his/her salary every month and equal amount is contributed by the employer and credited to the NPS Trust controlled by the PFRDA. However those who were appointed prior to 01/01/2004 have been covered under “Liberalized Pension Scheme” and their pensionary benefits like Pension, Family Pension etc., are guaranteed by the Government. While the New Pension Scheme now being re-named as “National Pension System” is not applicable to Defence Forces, the same had unfortunately been made applicable for Railway employees with effect from 01/01/2004.

2. The duties, responsibilities, risk involved, remoteness, arduous and hazardous conditions of railway employee are akin to that of Army Personnel and therefore NFIR has been urging upon the Government as well the Railway Ministry to exempt Railway employees from New Pension Scheme. The Federation was compelled to take strike ballot on pending demands, among them “Abolition of New Pension Scheme” was one of the most important issues. Responding to the demands, the Railway Board (CRB, MS, FC) had held separate meeting with the Federations on 7’th February 2014, wherein the justification for exempting railway employees from New Pension Scheme was discussed, consequently the Railway Ministry had agreed to approach the Government. Hon’ble MR Shri Mallikarjun Kharge had sent communication to the Finance Minister on 29th March, 2014 explaining case and justifying that the Railways deserves to be exempted from NPS. Unfortunately, there has been no positive decision from the Government till now.

3. In this context, NFIR also brings to your kind notice that the JCM (Staff Side) as well the Federations have decided to launch industrial action as the Government has not responded to the charter of demands of Central Government employees. During the meeting with you on 6th August,20l5, we have also mentioned some of the issues continued unresolved when CRB and Member Staff were present.

Railway Board (CRB, NPS & FC) held another meeting with the Federations on lst October 2015 on eight short listed demands which include “Exemption of Railway Employees from New Pension Scheme”. After discussions, the Railway Board has agreed to pursue the case with the Government again. In this connection, NFIR has earlier sent a communication with full details to the Railway Board (MS) vide letter No. IV/NPS/PFRDA BILL dated 26/08/2015 (copy enclosed) to facilitate Railway Ministry to prevail upon the Government to grant exemption to Railway from NPS. Federation is confident that the Railway Ministry is taking necessary action on the inputs given by the NFIR for presenting the case before you.

4. It is, however, shocking to note that a notice has been issued by the National Pension System Trust (NPS Trust) to all the subscribers under NPS that the Trust will start recovering fee/charge @ 0.01% of the AUM on daily accrual basis to meet its expenditure w.e.f. 1st November 2015. (Copy of Notice dated 19/10/2015 is also enclosed) This provocative and arbitrary decision has generated deep sense of disappointment and anger among railway employees”

In view of the above, NFIR invites your kind attention to the communication dated 29th March 2014 of your predecessor (Shri Mallikarjun Kharge) to the Finance Minister and in-puts given by the Federation vide letter dated 26/08/2015 for taking special initiative at the level of Government for exempting Railway employees from “New Pension Scheme” (NPS) as a special case.

With regards.

Yours Sincerely
sd/-
(Dr.M.Raghavaiah)
General Secretary

Source: NFIR

The post Exemption of Railway employees from New Pension Scheme/National Pension System (NPS) – NFIR writes to Railway Board on 24th October 2015 appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

The post Review of progress of NPS (National Pension System) Implementation appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

CRA had reduced Annual Maintenance Charges (AMC) from Rs. 350 to Rs. 280 and Transaction Charges from Rs. 10 to Rs. 6 once the number of accounts (PRANs) crossed 10 lakhs. It was committed to reduce the charges once the number of accounts reaches 30 lakhs. However, with commendable increase in the number of subscribers in a short span of one year, CRA has reduced the AMC by almost 20% to Rs. 225 and Transaction Charges by more than 16% to Rs.5 even before reaching the milestone.

Source: https://www.npscra.nsdl.co.in/news_detail.php?id=24

The post CRA reduces AMC by almost 20% and transaction charges by more than 16% appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.