The National Pension System reflects Government’s effort to find sustainable solutions to the problem of providing adequate retirement income. As a first step towards instituting pensionary reforms, Government of India moved from a defined benefit pension to a defined contribution based pension system by making it mandatory for its new recruits (except armed forces) with effect from 1st January, 2004. Since 1st April, 2008, the pension contributions of Central Government employees covered by the National Pension System (NPS) are being invested by professional Pension Fund Managers in line with investment guidelines of Government applicable to non-Government Provident Funds.

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DRAFT – Pension Fund Regulatory and Development Authority (Pension Fund) Regulations, 2014

1. The PFRDA Act was passed by Parliament on Sep/19/2013 and notified on Feb/01/2014. In accordance with section 52 of the Act, the Authority may, by notification make regulation consistent with the Act and rules made thereunder for carrying out the provisions of the Act.

2. “Pension fund” is defined under Section (2) (l) of the Act as “intermediary which has been granted a certificate of registration under sub-section (3) of section 27 by the Authority as a pension fund for receiving contributions, accumulating them and making payments to the subscriber in the manner as may be specified by regulations”.

3. The objective of these Regulations is to standardize and to provide regulatory framework for Pension Fund (PFs) that would provide interalia criteria for registration, capital adequacy, code of conduct, obligation and responsibilities etc. Further, the regulation would ensure an effective procedure for inspection and audit to protect the interests of subscribers.

4. Therefore, in order to safeguard the interest of the subscribers, PFs as an intermediary, through this regulation, are required to adopt high level of standard practices that requires compliance with standards for internal control and operational conduct, with the aim of protecting the NPS assets, proper management of risk and generation of optimum returns.

5. Public comments are invited on the draft regulations on Pension Fund Regulatory and Development Authority (Pension Fund) Regulations, 2014 . All comments from the public will be considered before the regulations are finalized. Comments may be forwarded by email to sumeet.kapoor@pfrda.org.in or may be sent at the under-mentioned address latest by 18th Aug 2014 as per format given below.

Aug 2014 as per format given below.

Instruction to fill up the format:

1. All letters or emails to clearly specify the name and number of the regulation, sub-regulation and clause.
2. Separate letters/emails to be used for different regulations.
3. Each proposed amendment to be given separately.
4. Each proposed amendment (preferably) not to exceed 200 words*

Your letter(s) can be addressed to:

Ms. Sumeet Kaur Kapoor
General Manager
Pension Fund Regulatory & Development Authority (PFRDA)
1st Floor, ICADR Bldg, Plot No.6
Vasant Kunj Institutional Area, Phase II
New Delhi -110070

Source: www.pfrda.org.in
[http://www.pfrda.org.in/writereaddata/linkimages/Draft%20PF%20Regulations%20Letter1.pdf]

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The extended meeting of the National Executive of Confederation of Central Government employees and workers held at New Delhi on 10th January, 2014 had deliberated upon the course of negotiation the Staff Side of the JCM National Council had with the Government on the terms of reference of the proposed 7th Central Pay Commission and noted that despite assurance, the Government had not convened the meeting to finalise the same. The meeting recalled the discussions at the 24th National Conference of the Confederation held at Kolkata in May 2013 and the consequent resolution on Policy and Programme adopted at the Conference.. Through the said resolution which was adopted after analysing and evaluating the political and economic situation in the country and various other factors, the Conference had directed the National Executive as under:-

The Indian ruling class continued with their obsession and pursuance of the neo-liberal policy of Globalisation, despite the crisis. We are presently confronted with a regime which is wholly subservient to the interest of the monopoly capital and the imperialist powers. Free from the dependence of the Left Parties, the UPA II intensified the reform agenda. It resulted in the abject surrender of all that this Nation achieved in the post independent era. The phasing out of all welfare measures, divestment of PSUs; the systematic withdrawal from large areas of governance, privatisation of Government organisations; closure of Industrial establishments; outsourcing; Contractorisation; curtailment of Trade Union rights, allowing unbridled entry of foreign capital; the ruination of indigenous industries, consolidation of land and wealth in a few people’s hand; privatisation of health care and education, unfettered permission to exploit the water sources of the country to the soft-drink giants; gifting away mines, mineral and metal deposits were a few of the things, the Government did during this period to pauperise the Indian people. While this being one side of the picture, we are witness to the surging protest actions by the common people against the capitalist exploitation and imperialism. The political upheaval in Latin America, in West European Nations, in the Middle East, North African countries provides us not only courage and enthusiasm but also a sense of confidence that we are not alone.
In this scenario, we must strive our best to forge unity with the broadest mass of the working people as we must know that we cannot fight against this menace single handedly. We must realise that unless we remain united and build joint struggles along with the suffering millions of our countrymen, the situation is bound to be worse.
We have taken the resolve that we shall stand firm against the Neo-liberal policies; against the divisive forces; against the forces of religious fundamentalism; against the caste and communal organizations and we have lived up to that solemn pledge. The 24th conference asserts that the Confederation and all its affiliates will be in the forefront of all struggles against the neo-liberal economic policies of Globalization.

 

We had been proud partners in the struggles of the working class against these policies. In all the Strike actions, rallies demonstrations and other trade union actions, the central Government employees have taken part and we are proud of our commitment and involvement. Along with the State Government employees, Defence workers, School and University Teachers, we fought
against the PFRDA Bill and pension fund privatisation.

 

We made independent initiative and organized series of agitational actions, including one day strike on 12th December 2012. The large scale participation of our members in these struggles must embolden us to pursue the 15 point charter of demands with much more intensity.
The 24th Conference calls upon the newly elected secretariat and the National Executive to Strive to forge Unity and bring into existence a wider platform for action with the Railway and Defence Workers and Chalk out programmes including Strike actions to pursue the 15 point charter of demands and generate requisite sanctions to compel the Govt. to negotiate and settle.

The meeting noted that despite the submission of the draft terms of reference by the Staff Side JCM National Council, the Government has been dilly dallying the finalisation thereof. The Government in its press statement issued in September, 2013, had indicated that the 7th CPC recommendations would be effective only from 1.1.2016, which had been in direct contravention of the demand for a five year wage revision in the Government sector, as is the case of Public Sector workers and the employees in Banking and Insurance Industry and in most of the private Sector firms. The Government has been silent on the demand of the employees for merger of Dearness allowance and interim relief, a practice normally follows the setting up of the Pay Commissions. No indication has been given by the official side during the first round of discussion as to its stand on the demand of the Staff Side to bring the Grammen Dak Sewaks of Postal Departments within the ambit of the 7th CPC treating them as Civil Servants as per the observation of the Supreme Court. The Government has also not responded so far to the demand for inclusion of a labour representative in the Commission, a practice followed upto the setting up of the 4th Central Pay Commission, but discarded from the 5th CPC onwards. The non-inclusion of a labour representative, the meeting noted, resulted in suppression of wages of the low paid employees whereas hefty pay packets were awarded to the personnel in Group A cadres both by the 5th and 6th CPCs. The meeting was of the firm view that the 7th CPC must have a member from the working class and there must not be any compromise in the matter.

The meeting noted that the earlier Pay Commissions had recommended for the grant of Interim Relief at the rate of 20% of the pay and the Government must either suo motu decide upon this demand or refer the same to the proposed Pay Commission to decide the same within a specified time schedule.
The meeting noted that the very announcement of the intention of the Government to effect
wage revision of Central Government employees was to obtain political mileage in the scenario of
the five States going for election in November/December, 2013 The Central Government
employees and their suffering family members have however emphatically registered their anger and protest over the gimmicks as was evidenced from the election results, especially of Delhi where large number of Central Government employees are located.
The meeting took note of the fact that the Indian Parliament has passed the PFRDA Bill, which the ruling class could not do for the past ten years due to the stiff opposition of the Left Parties
inside the Parliament and the workers outside. The UPA II Government could get it passed in the
Parliament by soliciting the support of the main opposition party in the country, the BJP. The PFRDA Act now contains the provision empowering the Government/Authority to extend the ambit of the contributory pension scheme to those who are presently stand exempted i.e. the Government employees recruited prior to 1.1.2004 and the defence personnel. In spite of the recommendation of the Standing Committee of the Parliament, the Government has refused to guarantee a minimum pensionary benefit to the contributors. This apart, the Government has gone ahead and allowed 49% FDI in Pension fund permitting not only the Indian business men but also the foreign monopoly companies to access the huge pension fund created through the savings of Indian working Class.
The unbridled inflationary pressure on the economy and the consequent steep rise in the
prices of essential commodities jacked up by the forward trading in food grains and other neo liberal policies have made the life of common people of our country miserable. It has eroded the value of wage beyond tolerable limit. The UPA II and many other State Governments in the country have sided with the entrepreneurs when the workers were on agitation demanding wage rise. It was noted that the erosion of the value of wages of Central Government employees during the period had been of the order of 175% despite the grant of DA compensation.
It was pointed out by most of the speakers at the meeting that the JCM conceived as an
instrument for negotiation and ongoing consultation with the employees have been made totally non functional by the official side. The National Council has not met for several years. No different is the situation at the Departmental level. The 6th CPC anomalies despite several rounds of discussions spanning a period of more than 5 years have remained unsettled. No demand of the employees, be it the compassionate appointment, regularisation of GDS/daily rated workers or even trivial issues like fixation of pay etc. was addressed by the Government during the 9 years it was in office, whereas various functions of the Government were outsourced, contract labour system was introduced to replace the jobs carried out by the lower strata of employees, pruned the size of the Government machinery by resorting to abolition of posts, ban on recruitment, winding up, privatisation etc. The meeting also noted that no intervention was made by the political authority despite repeated pleadings in the matter of unprecedented vindictive measures and actions initiated by the Comptroller and Auditor General of India against the employees and leaders of the Association for legitimate trade union actions.

The meeting recorded its appreciation and gratitude to lakhs of Central Government
employees who took part in the various struggles organised by the Confederation during the period, especially on 12th December, 2012 one day strike which alone was instrumental in compelling the Government to announce the 7th CPC. It also took note of the yeomen efforts on the part of the State Committees and affiliates in educating and mobilising the rank and file of the membership to tread the path of struggle.
The meeting after listening to the leaders of the efforts undertaken by them to forge unity of
all Central Government employees and taking into account the futility in waiting indefinitely for the unity to emerge decided that the ongoing phase of struggle must be intensified. The meeting
decided to caution the Central Government employees that both the UPA with Indian National
Congress as the leading partner and the NDA which is led by the BJP, if voted to power will certainly pursue the neo-liberal policies, which will further pauperise the working people in the country .
The meeting taking into account the above stated facts and with a clear understanding that
incessant struggles alone can bring a revolutionary change calls upon the Central Government
employees to organise 48 hour strike (two days) on 12th and 13th February, 2014, when the present Parliament is expected to be in its last session.

Source: http://confederationhq.blogspot.in/
[https://drive.google.com/file/d/0B0rqvSYMJv2IZC1zWGlyY3hxT2s/edit?usp=sharing]

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Pending amount under NPS with Delhi Cantt. Board

94 employees joined service in Delhi Cantonment Board on or after 01.01.2004 and are covered under New Pension Scheme (NPS). However, NPS was implemented in respect of Cantonment Board employees from 01.04.2011 after obtaining approval of the Central Government.

All employees have been covered under Tier-I scheme. Tier-II scheme is optional and no employee of the Board has opted for Tier-II. The Cantonment Board has deposited the due amount of 85 employees (both employee’s and employer’s share). In the case of 9 employees who have not subscribed part of their share for the period from the date of their joining to 31.03.2011 amount to the extent subscribed along with the contribution of the employer has been deposited with the NSDL.

No loss will accrue to any employee as full amount received from them along with the contribution of employer has been deposited with NSDL.

The above information was submitted in a written reply in Rajya Sabha on 18th December, 2013 by the Minister of Defence Shri A.K.Antony.

Via: http://90paisa.blogspot.in/2013/12/nps-was-implemented-in-respect-of-delhi.html

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 PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

CIRCULAR

File No.: PFRDA/2O13/16/PFM/4

Date: 15 Oct 2013

To,
All Pension Funds

Subject: Investment Guidelines

1. Changes in Investment Guidelines for the Government Sector

The following changes in the investment guidelines have been made :-

1.1 Debt securities selected for Investments should have a minimum residual maturity period of  three years from the date of investment by the Pension Fund.

1.2 Debt securities must have an investment grade rating from at least two credit rating agencies.  Apart from ratings by agencies. PF shall undertake their own due diligence for assessment of risks associated with the securities before investments.

1.3 Credit Default Swaps (CDS) on Corporate Bonds are eligible derivative instruments.

1.4 Rated asset backed securities (ABS) are eligible securities for investments provided they have a residual maturity of not less than three years and have an investment grade rating from at least two rating agencies.

2. Guidelines for Private Sector — Corporate CG and NPS lite
Please note that both Corporate CG and NPS Lite Schemes follow the Government pattern of investment and hence investment guidelines as applicable to the Government sector and any subsequent amendments to investment guidelines of Government sector will also be applicable to Corporate CG and NPS lite Schemes. Investment guidelines, and any subsequent changes thereto as applicable to the Government sector, therefore should be adopted simultaneously for Corporate CG and NPS Lite Scheme.

sd/-
(Subroto Das)
Chief General Manager

Source : www.pfrda.org.in
[http://pfrda.org.in/writereaddata/linkimages/changes%20Investment%20Guidelines968531261.pdf]

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Finally the ruling Congress party and the main opposition Party BJP joined together and passed the  Pension Fund Regulatory and Development Authority (PFRDA) Bill in the Parliament. In the year 1982 on 17th December, the Constitution Bench of the Supreme Court consisting of Justice (s) Y. B. Chandrachud, V. D. Tulzapurkar, O. Chinnappa Reddy. D. A. Desai and Bahrul Islam delivered the historic judgment on pension in the D. S. Nakara case, which declared as follows:

“(i) Pension is neither a bounty nor a matter of grace depending upon the sweet will of the employer and it is Fundamental right (ii) Pension is not an ex-gratia payment, but it is payment for past service rendered (iii) It is a social welfare measure rendering socio-economic justice to those who in the heyday of their life ceaselessly toiled for the employer on an assurance that in their old age they would not be left in lurch.”

After 30 years, the bill passed by Parliament categorically proclaims that the Contributory Pension Scheme introduced w.e.f 01.01.2004 will not give any guarantee for a minimum pension of 50% of the pay drawn at the time of retirement of the employee. Nor does it provide for the protection of the family members in the form of family pension in the event of death. New pension is going to make the social security uncertain and dependent on market forces. Government compulsorily imposed the scheme on one section of the employees in a most discriminatory manner, inspite of the fact that such scheme had been a failure in many countries including Chile, U K and even in USA. In USA the entire pension wealth (fund) has been wiped out leaving no pension due to the economic recession and share market crash. In Argentine the contributory scheme which was introduced at the instance of IMF was replaced with the defined benefit pension scheme. In majority of the countries “pay as you go” is the system of pension.

Government introduced the contributory pension scheme on the specious plea that the out flow on pension had been increasing year by year and is likely to cross the wage bill. In fact, by making the pension contributory, the Government expenditure on this score is not going to get reduced for the next three decades because of the reason that as per the new pension scheme, the Government is to contribute the same amount to the pension fund of each employee coupled with the stipulation that for the existing Central Government Employees who were in service prior to 01.01.2004 Government is duty bound to make payment of statutory pension. The Contribution collected from the employees who are recruited after 01.01.2004 is to be managed by mutual fund operators for investment in stock market and thus it is the vagaries of the stock market which will determine the quantum of pension or in other words annuity which would be cost-indexed and market-oriented.

The decision of the Government to allow FDI in pension fund operations has made the real intention of the PFRDA bill crystal clear. It is now clear that the decision behind the contributory pension scheme is the pressure imposed by imperialist powers and corporate houses and more specifically IMF.

NFPE and Confederation has opposed the new Pension Scheme and the PFRDA Bill from the very beginning and organized series of agitational programmes against it demanding withdrawal of the scheme and the PFRDA bill. We shall continue our opposition and struggle and demand for reversion of the scheme. Let us intensify our struggle against the neo-liberal economic policies of the Government jointly with all those forces which supported our cause inside the Parliament and outside. Let us identify who are our real friends and foes.

Source: http://confederationhq.blogspot.in/
[http://confederationhq.blogspot.in/2013/09/pension-bill-or-pensionless-bill.html]

The post PENSION BILL OR PENSIONLESS BILL? appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

ORGANISE TWO HOUR WALK OUT AND NATIONWIDE PROTEST DEMONSTRATIONS

It is reported that PFRDA Bill will be take up in Parliament for discussion and adoption on 2nd September. Confederation National Secretariat once again calls upon all Central Government Employees to organize 2 hour walkout and nationwide protest demonstration on the day if bill is taken up or on the next day if information received late.

(M. Krishnan)
Secretary General

Source: ConfedarationHQ

The post PFRDA BILL LIKELY TO BE TAKEN UP IN PARLIAMENT ON 2nd SEPTEMBER 2013. appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

No. Conf. 22/2013

Dated: 19th  January, 2013.

To
The Cabinet Secretary,
Cabinet Secretariat,
Government of India,
Rastrapathi Bhawan,
NEW DELHI.

Dear Sir,

This is to give notice that the employees who are members of the affiliated organisations of  Central Government Employees and Workers will go on two days strike on 20th and 21st February, 2013.  The Charter of demands in pursuance of which the employees will embark upon the two day strike action is enclosed.

Thanking you,

Yours faithfully,
K.K.N.Kutty,
Secretary General,

Encl: Charter of demands.
911123016696,23011241(Off.)
91 11 23012095 (Fax)

CHARTER OF DEMANDS

PART – I

1. Take concrete measures to contain Price rise.
2. Take concrete measures for linkage of employment protection with the concession / incentive package offered to the entrepreneurs.
3. Ensure strict enforcement of all basic labour laws without any exception or exemption and stringent punitive measures for violation of labour laws.
4. Universal social security cover for the unorganised sector workers without any restriction and creation of a National Social Security Fund with adequate resources in line with the recommendation of NCEUS and Parliamentary Standing Committee on Labour.
5.  Stoppage of disinvestment in Central and State PSUs.
6.  No Contractorisation of work permanent/perennial nature and payment of wages and benefits to the contract workers at the same rate as available to the regular workers of the industry / establishment.
7. Amendment of Minimum Wages Act to ensure universal coverage irrespective of the schedules and fixation of statutory minimum wage at not less than Rs.10,000/-.
8. Remove all ceilings on payment and eligibility of Bonus, Provident Fund; Increase the quantum of gratuity.
9. Assured statutory Pension for all.
10. Ensure Compulsory registration of trade unions within a  period of 45 days and immediate ratification of the ILO Conventions Nos.87 and 98.

PART – II

1. Revise the wages of the Central Government employees including Gramin Dak Sewaks with effect from 1.1.2011 and every five years thereafter by setting up the 7th CPC.
2. Merge DA with Pay for all purposes with effect from 1.1.2011 including for Gramin Dak Sweaks.
3.  Remove restriction imposed on compassionate appointments and the discrimination on such appointments between the Railway workers and other Central Government Employees.
4. [a] Departmentalise all Gramin Dak Sweaks and grant them all benefits of regular employees; End Bonus discrimination and enhance bonus ceiling to 3500/-; Withdraw open market recruitment in Postman / MTS cadre; Revise cash handling norms; Grant full protection of TRCA; Grant Time Bound Promotion and Medical Reimbursement facility etc.

[b] Regularise the daily rated, contingent, casual workers and introduce a permanent scheme for periodical regularization. Pending regularization, provide them with pro-rata salary at 6th CPC rates.

1. (a) Revive the functioning of the JCM. Convene the meeting of the Departmental Councils in all Ministries/Departments. Settle the anomalies raised in the National Anomaly Committee as also in the Departmental Anomaly Committees. Hold National Council meetings as specified in the JCM constitution. (b) Remove the anomalies in the MACP Scheme.(c) Grant recognition to all Associations/Federations, which have complied with the formalities and conditions stipulated in the CCS(RSA) Rules.
2. Fill up all vacant posts and creates posts n functional requirements.
3. Stop downsizing outsourcing, contractorization, corporatization and privatization of Government functions.
4.  Stop Price rise; Strengthen the PDS.
5.  (a) Stop the proposal to introduce the productivity linked wage system; (b) discard the performance related pay structure;
   (c) introduce PLB in all Departments;
   (d) remove the ceiling on emoluments for bonus computation.
6. Revise the OTA, Night duty allowance and clothing rates.
7. Implement all arbitration awards.
8. Make the right to strike a legal and fundamental right of the Government employees on par with the other section of the working class.
9.  Grant Five promotions to all employees as is provided for in the case of Group-A services.
10.  (a) Withdraw the PFRDA Bill.
    (b) Rescind the decision to allow FDI in pension sector;
    (c) Scrap the new contributory pension scheme
    (d) Extend the existing statutory defined pension scheme to all Central Government employees irrespective of their date of entry in Government service.
11. Vacate all Trade Union victimisation, and more specifically in the Indian Audit and Accounts Department.

The post Strike: CENTRAL GOVERNMENT EMPLOYEES AND WORKERS. appeared first on CENTRAL GOVERNMENT EMPLOYEES NEWS.

On the Call of All India Railwaymen’s Federation (AIRF) massive Dharnas and Protest against New Pension System all across Indian Railways today. In its official website of AIRF, press release has been published regarding this above matter and we have placed here contents of the press release for your information…

On this occasion Shri Shiva Gopal Mishra, General Secretary AIRF said that Federation is of the firm view that all Railway Employees including other Central Government Employees have to get guaranteed pension and after the death of employee Family Pension should be allow to his family. Shri Mishra warned the Central Government that NPS is totally against the employees and there is great injustice with the employees as well as his family. Employees are not aware that what and how will they get after their retirement. He is worry that how he and his family will passes his old age. NPS is neither in the interest of Country nor it give the guarantee of minimum pension to employees. We demand that government should immediately withdraw the P.F.R.D.A. Bill and allow old pension scheme to employees who joined their service after 1.1.2004.

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CIRCULAR

PFRDA/CIR/1/PFM/1

Date: 31-08-2012

To,
All Pension Fund Managers,
National Securities Depository Limited
Stock Holding Corporation of India
Bank of India
NPS Trust

Sub: Revision of Investment Management Fee (IMF) for Pension Fund Managers for Private Sector NPS

1. Based on the recommendations of the Expert Committee to determine the Upper ceiling of the Investment Management Fees or other Fees (if any) to be charged by the PFMs in the Private Sector of NPS and with the approval of the Competent Authority, the upper ceiling of the Investment Management Fees has been fixed at 0.25% p.a. of the AUM (Asset Under Management) with effect from 1st November 2012.

2. This is applicable to all schemes for all Private and Corporate Sector subscribers. The PFMs can fix their own Investment Management Fee for different schemes subject to the upper ceiling of 0.25% p.a. This fee is inclusive of brokerage except Custodian charges and applicable taxes.

3. The Investment Management Fee for the NPS Lite / Swavalamban shall be at par with the Investment Management Fee applicable to NPS Schemes for Government Employees which is currently at 0.0102% p.a.

4. The Investment Management Fee applicable to the NPS schemes for Government Employees would continue at 0.0102% p.a which was revised with effect from 18/04/2012.

5. No differential Investment Management Fee can be quoted in a scheme for different subscriber class (For example: professionals, salaried and corporates would all be quoted the same fee if they subscribe to Scheme-E of any specific PFM).

6. Investment Management Fee is to be calculated on the Assets Under Management (AUM) on a daily accrual basis and charged to the scheme at the end of every quarter.

7. The PFMs will be permitted to revise the Investment Management Fee, once in a year.

8. The following disclosure norms need to be followed at the time of revision of fee

(i) PFM to advise its initial fee to PFRDA 30 days prior to commencement of business after obtaining the registration from PFRDA.
(ii) PFMs with existing NPS business to indicate their IMF at the time of submission of their documents to PFRDA for Registration.
(iii) PFM to advise 30 days in advance before the change of IMF, to PFRDA.
(iv) Each change in IMF to be hosted on website of the PFM at least 15 days in advance, and an e-mail to be sent to each subscriber through CRA and notified in an English and Hindi national daily and a vernacular daily where the H.O. of the PFM is situated (15 days in advance) to give sufficient notice to the subscriber.
(v) The annual statement to subscribers by CRA to include all the changes in IMF by the PFM. PFMs to submit this to CRA for this well in advance before the issue of statements.

9. The Investment management fee as revised above would be applicable from 1st November 2012.
This circular is being issued in terms of resolution issued by MOF(DEA-ECB and PR division ) dated 10th October 2003.

Mamta Rohit
(Chief General Manager)

Source: www.pfrda.org.in

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