A complete reference blog for Indian Government Employees

Tuesday, 25 June 2019

Pension Funds and Investment Pattern in Tier-I of NPS for Central Government subscribers


Pension Funds and Investment Pattern in Tier-I of NPS for Central Government subscribers

PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY

CIRCULAR
PFRDA/2019/12/ REG-PF/1
Date: 8th May, 2019

SUBJECT: Introduction of choice of Pension Funds and Investment Pattern in Tier-I of NPS for Central Government subscribers - reg.

Reference is invited to the Gazette Notification F.No.1/3/2016-PR dated 31 st January, 2019 issued by Ministry of Finance, Department of Financial Services, modifying Ministry of Finance's Notification No. 5/7/2003-ECB dated 22nd December, 2003, based on the Government's decision on the recommendations of a Committee set up to suggest measures for streamlining the implementation of National Pension System (NPS).

Accordingly, it has been decided to introduce the following options for Central Government subscribers:

(i) Choice of Pension Fund: As in the case of subscribers in the private sector, the Government subscribers shall also be allowed to choose anyone of the pension funds including Private sector pension funds. They could change their option once in a year. However, the current provision of combination of the Public-Sector Pension Funds will be available as the default option for both existing as well as new Government subscribers.

(ii) Choice of Investment pattern: The following options for investment choices shall be offered to Government employees:

(a) The existing scheme in which funds are allocated by the PFRDA among the three Public Sector Undertaking fund managers based on their past performance in accordance with the guidelines of PFRDA for Government employees shall continue as default scheme for both existing and new subscribers.

(b) Government employees who prefer a fixed return with minimum amount of risk shall be given an option to invest 100% of the funds in Government securities (Scheme G).

(c) Government employees who prefer higher returns shall be given the options of the following two Life Cycle based schemes:
(A) Conservative Life Cycle Fund with maximum exposure to equity capped at 25% - LC-25.
(B) Moderate Life Cycle Fund with maximum exposure to equity capped at 50% - LC-50.
The subscribers may exercise one of the above choices of Investment Pattern twice in a financial year.

(iii) Implementation of choices to the legacy corpus: Transfer of a huge legacy corpus of more than Rs. 1 lakh crore in respect of the Government sector subscribers from the existing Pension Fund Managers is likely to impact the market. It may be practically difficult for the PFRDA to allow Government subscribers to change the Pension Funds or investment pattern in respect of the accumulated corpus, in one go. Therefore, for the present, change in the Pension Funds or investment pattern is allowed in respect of incremental flows only.

(iv) Transfer of legacy corpus in a reasonable time frame: PFRDA shall draw up a scheme in due course for transfer of accumulated corpus as per new choices of Government subscribers in a reasonable time frame of say five years. Once PFRDA draws up this scheme, change in the Pension Funds or investment pattern shall be allowed in respect of the accumulated corpus in accordance with that scheme.
  • For investment option as per para 2 (ii) (a) above, all other terms and conditions as contained in the investment guidelines issued by the Authority dated 03.06.2015 for NPS Schemes (Applicable to Scheme CG, Scheme SG, Corporate CG and NPS Lite Schemes and APY) and subsequent amendments made thereto shall be applicable. Further, for investment options as per para 2 (ii) (b) or 2 (ii) (c) (A) or 2 (ii) (c) (8) above, all other terms and conditions as contained in the investment guidelines issued by the Authority dated 04.05.2017 in respect of NPS Schemes {Other than Govt. Sector (CG & SG), Corporate CG, NPS Lite and APY} and subsequent amendments made thereto shall apply.
  • This circular is issued in exercise of powers of the Authority under sub-clause (b) of sub-section (2) of Section 14 read with Section 23 of the PFRDA Act, 2013 and sub regulation (1) of Regulation 14 of the PFRDA (Pension Fund) Regulations, 2015.
The above arrangements are applicable w.e.f. 1st April, 2019.
(A. G. Das)
Executive Director
Source: PFRDA
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Empanelment of Hospitals for Ayushman Bharat


Ministry of Health and Family Welfare
Empanelment of Hospitals for Ayushman Bharat

25 JUN 2019

Under Ayushman Bharat - Pradhan Mantri Jan ArogyaYojana (AB-PMJAY), all public hospitals (Community Health Centre and above), in the States implementing PMJAY, are deemed empanelled. Hospitals belonging to Employee State Insurance Corporation (ESIC) may also be empanelled based on the bed occupancy ratio parameter. All National institutes run by Ministry of Health & Family Welfare as well as Institute Of National Importance are part of the empanelled healthcare provider network for PMJAY.

As far as private hospitals are concerned, they are empanelled by State Health Agencies of respective States. For empanelment, guidelines have been issued to all the States laying down the detailed criteria and process. The guidelines & list of empanelled hospitals are available on the website www.pmjay.gov.in.

The Minister of State (Health and Family Welfare), Shri Ashwini Kumar Choubey stated this in a written reply in the Rajya Sabha here today.

PIB
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Government proposes to increase the minimum pension for EPF pensioners?


Government proposes to increase the minimum pension for EPF pensioners?
EPFO


GOVERNMENT OF INDIA
MINISTRY OF LABOUR AND EMPLOYMENT
LOK SABHA

STARRED QUESTION NO: 23
ANSWERED ON: 24.06.2019

EPF Pension

N.K. Premachandran
Will the Minister of

LABOUR AND EMPLOYMENT be pleased to state:-
(a)whether the Government has received report from the Committee appointed for study of the issues of EPF pensioners and if so, the details thereof;
(b)the details of the recommendations of the said Committee;
(c)whether the Government has initiated action for implementation of the recommendations of the said Committee and if so, the details thereof;
(d)whether the Government proposes to increase the minimum pension for EPF pensioners and if so, the details thereof; and
(e)whether the Government also proposes to stop the realisation of amount from the pension on account of commutation of pension after realising the commuted amount and if so, the details thereof?

ANSWER

MINISTER OF STATE (IC) FOR LABOUR AND EMPLOYMENT
(SHRI SANTOSH KUMAR GANGWAR)

(a) to (e): A statement is laid on the Table of the House.

STATEMENT REFERRED TO IN REPLY TO PARTS (a) TO (e) OF LOK SABHA STARRED QUESTION NO. 23 TO BE ANSWERED ON 24.06.2019 BY
SHRI N.K. PREMACHANDRAN REGARDING EPF PENSION.

(a) & (b): Yes, Sir. The Committee appointed for Evaluation and Review of the Employees’ Pension Scheme, 1995, headed by Additional Secretary, Ministry of Labour and Employment has submitted the report on 21st December, 2018. The report inter-alia has given observations/ recommendations on the following issues:
  • Increase of Minimum Monthly Member Pension
  • Period over which the Average Pensionable Salary is calculated
  • Restoration of commuted value of pension
  • Re-introduction of the provision for commutation of pension
  • Restoration of the provision of Return of Capital
  • Linking the monthly pension with cost of living index
  • Issues of payment of pension on higher/actual wages to employees of exempted establishments.

As far as pension on higher wages is concerned, the issue is sub-judice.

(c): The consultation process on the recommendations/observations on the Committee’s report has been initiated with Employees’ Provident Fund Organisation (EPFO) and Central Board of Trustees (CBT). CBT is a tripartite body representing trade unions, employers besides representatives of Central and State Governments.

(d): The decision on increase of minimum pension for EPF is dependent on the outcome of the consultation process and has impact on Budgetary resources of the Government as the Committee has recommended that increase in pension has to come from the Budgetary resources.

(e): No decision has been taken to restore the commuted value of pension, as it has implications on sustainability of the funds under Employees’ Pension Scheme, maintained by EPFO.

Source: LOK SABHA
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Defence - Vacancy in the Army

Defence

Vacancy in the Army

Ministry of Defence
24 JUNE
The total posts vacant in the Army as on 01.01.2019 are 45,634, including 7,399 posts which are above the rank of Second Lieutenant. Recruitment in the Army is a continuous process and vacancies occur due to various reasons like accretions of posts from time to time, tough selection procedures, difficult service conditions coupled with perceived high degree of risk involved in the service career as also inherent limitation of number that could be trained without compromising the quality of training. Vacancies are filled progressively through recruits who complete training.

Publicity expenditure for recruitment in Army including recruitment notifications during the last three years is as follows:

S.No.Financial YearAmount (in Rs. lakhs)
12016-17378.87
22017-18199.47
32018-19216.19

This information was given by Raksha Mantri Shri Rajnath Singh in a written reply to Shri Rakesh Sinhain Rajya Sabha today.

PIB
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Pandit Deendayal Upadhyay National Welfare Fund for Sportspersons

RAJYA SABHA

Pandit Deendayal Upadhyay National Welfare Fund for Sportspersons

GOVERNMENT OF INDIA
MINISTRY OF YOUTH AFFAIRS AND SPORTS
RAJYA SABHA
UNSTARRED QUESTION NO-292
ANSWERED ON-24.06.2019

Pandit Deendayal Upadhyay National Welfare Fund for Sportspersons

292 . Dr. Banda Prakash
Will the Minister of Youth Affairs & Sports be pleased to state the details of funds released/ utilized/ disbursed/ sanctioned under the scheme ‘Pandit Deendayal Upadhyay National Welfare Fund for Sportspersons’ to provide for lump sum financial assistance for medical treatment to outstanding sportspersons now living in indigent circumstances, State/ UT-wise?

ANSWER
THE MINISTER OF STATE (INDEPENDENT CHARGE)
FOR YOUTH AFFAIRS AND SPORTS
[KIREN RIJIJU]

The details of the funds sanctioned under the scheme ‘Pandit Deendayal Upadhyay National Welfare Fund for Sportspersons’ for medical treatment of sportspersons during 2017-18, 2018-19 and 2019-20 (as on 20.6.2019), State/UT-wise are given in Annexure.

Source: RAJYA SABHA
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divorced Government servant, Family Pension, JCM Meeting, Pensioners, real sister of Govt servant, Unmarried Government servant, widowed Government servant

Eligibility of Unmarried/ divorced/ widowed and dependent real sister of Govt. servant/ pensioners for Family Pension: Agenda Item 47th NC(JCM) Meeting

[Part of the Minutes of the 47th Meeting of National Council (JCM) held on 13th April, 2019 issued by DoPT vide OM No. 3/1/2019- JCA dated 13.06.2019]

6.5 D/o Pension & Pensioners Welfare & D/o Financial Services:

6.5.2 Item No. 21/19/NC-47 - Eligibility of Unmarried/ divorced/ widowed and dependent real sister of Govt. servant/pensioners for Family Pension.

Staff Side stated that government have already included widowed/ divorced/ unmarried and dependent daughters, who have attained 25 years of age, in the definition of family for family pension. Dependent disabled siblings (i.e. real brothers/ sisters) are also now eligible for family pension. Unmarried/ divorced/ widowed dependent real sister of a Government servant / pensioner may also be made eligible for family pension.

Reply of the Official Side :
It was a considered decision of the government to grant family pension to dependent disabled brothers and sisters of Central Government Employees / Pensioners. There are no fresh grounds to reconsider this decision and to extend family pension to all dependent siblings.

The Chairman desired that this may be re-examined
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Cabinet approves release of an additional instalment of DA to Central Government employees and DR to Pensioners, due from 1.1.2019

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