NEW PENSION SCHEME AS SUPERANNUATION BENEFIT FOR BOTH BOARD LEVEL AND BELOW BOARD LEVEL EXECUTIVES OF CIL AND ITS SUBSIDIARIES Features 1. As per the pay revision w.e.f. 01.01.2007 for Board level and below board level executives of CIL and its subsidiaries, a provision of Superannuation Benefit equaling to 30% of basic pay and VDA has been provided. Accordingly, the apportioned contribution has been fixed for PF 12 %, Gratuity 4.16%, Superannuation Medical Benefit Fund 4%, Pension Fund 3% and Superannuation Fund 6.84%. 2. The Board of CIL has approved for adoption of the New Pension Scheme of PFRDA (Pension Fund Regulatory and Development Authority) wherein 9.84% of basic pay and VDA after amalgamating Pension and Superannuation Fund will be deposited. 3. It has been decided to adopt Direct Upload Model i.e. all NPS activities will be performed by Management itself. CIL has received consent from PFRDA to operationalize NPS through direct interface with CRA (Central Recordkeeping Agency) - Exemption from interfacing through a PoP (Point of Presence). 4. It has been decided to adopt Decentralized Model i.e. the CIL will be registered as Corporate Head Office (CHO) as well as Corporate Branch Office (CBO) and the subsidiaries of CIL will be registered as Corporate Branch Office (CBO) in the NPS system. 5. CRA service charge would be borne by the subscribers. 6. Cutoff period of the registration to be kept for six months i.e. registration will be done only for those subscribers who have retirement period of six months. 7. Scheme preference (Pension Fund Manager, PFM selection) will be left to the individual Subscriber. 8. National Pension System by PFRDA in detail is given in Annexure-A. 9. The Corporate Head Office (CHO) registration form is enclosed as Annexure - Co-N1. 10. The Corporate Branch Office (CBO) registration form is enclosed as Annexure - Co-N2. 11. The Application form for Subscriber Registration is enclosed as Annexure OS- S1. 12. Any further guidelines received will be communicated in due course.
Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
NEW PENSION SCHEME AS SUPERANNUATION BENEFIT FOR BOTH BOARD LEVEL AND BELOW BOARD LEVEL EXECUTIVES OF CIL
AND ITS SUBSIDIARIES
Features
1. As per the pay revision w.e.f. 01.01.2007 for Board level and below board level executives of CIL and its subsidiaries, a provision of Superannuation Benefit equaling to 30% of basic pay and VDA has been provided. Accordingly, the apportioned contribution has been fixed for PF 12 %, Gratuity 4.16%, Superannuation Medical Benefit Fund 4%, Pension Fund 3% and Superannuation Fund 6.84%.
2. The Board of CIL has approved for adoption of the New Pension Scheme of PFRDA (Pension Fund Regulatory and Development Authority) wherein 9.84% of basic pay and VDA after amalgamating Pension and Superannuation Fund will be deposited.
3. It has been decided to adopt Direct Upload Model i.e. all NPS activities will be performed by Management itself. CIL has received consent from PFRDA to operationalize NPS through direct interface with CRA (Central Recordkeeping Agency) - Exemption from interfacing through a PoP (Point of Presence).
4. It has been decided to adopt Decentralized Model i.e. the CIL will be registered as Corporate Head Office (CHO) as well as Corporate Branch Office (CBO) and the subsidiaries of CIL will be registered as Corporate Branch Office (CBO) in the NPS system.
5. CRA service charge would be borne by the subscribers. 6. Cutoff period of the registration to be kept for six months i.e. registration will be
done only for those subscribers who have retirement period of six months. 7. Scheme preference (Pension Fund Manager, PFM selection) will be left to the
individual Subscriber. 8. National Pension System by PFRDA in detail is given in Annexure-A. 9. The Corporate Head Office (CHO) registration form is enclosed as Annexure -
Co-N1. 10. The Corporate Branch Office (CBO) registration form is enclosed as Annexure -
Co-N2. 11. The Application form for Subscriber Registration is enclosed as Annexure OS-
S1. 12. Any further guidelines received will be communicated in due course.
Annexure - A
Related Documents
