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Grant of Minimum Guaranteed Pension under NPS

Grant of Minimum Guaranteed Pension under NPS – Resolutions adopted in the Central Executive Committee meeting of BPMS.

BPMS Resolution regarding Minimum Guaranteed Pension under NPS

BHARATIYA PRATIRAKSHA MAZDOOR SANGH

(An Industrial Unit of B.M.S)

CENTRAL OFFICE : 2-A NAVIN MARKET, KANPUR-208001

REF: BPMS / RESOLUTION / 10(7/1/M)

Dated: 02.04.2018

To,

The Secretary,

Govt. of India, Min of Defence, South Block, DHQ PO,

New Delhi – 110011

Subject: Resolutions adopted in the Central Executive Committee meeting of BPMS.

Respected Sir,

With due regards, it is submitted for your kind information that the Central Executive Committee meeting of this federation has held on 27th  & 28th  March, 2018 at Ordnance Factory Estate, Dehu Road, Pune and 03 Resolutions have been unanimously adopted by the CEC of the federation & the same are enclosed herewith for your kind consideration and further necessary action please.

This federation is in full hope to get favourable consideration in this regard.

Thanking you in anticipation.

Enclosed: As Mentioned

Sincerely yours

(MUKESH SINGH)
Secretary/BPMS &
Member, JCM-II Level Council (MOD)

Read / Download Grant of Minimum Guaranteed Pension under NPS – BPMS REF: BPMS / RESOLUTION / 10(7/1/M) Dated: 02.04.2018

Resolution No.3

Grant of Minimum Guaranteed Pension under NPS

The Central Government had introduced the National Pension System (NPS) with effect from 1 January, 2004 (except for armed forces). During the budget session of 2003 – 2004 the Government announced introduction of the “New Defined Contribution Pension Scheme” then known as the New Pension Scheme. It was formally notified vide Ministry of Finance, Department of Economic Affairs letter dated 22-12-2003. Later, it was adopted by various State Governments and Central and State Public Sector Corporations.

Upto 28.02.2018, the total figure of subscribers of NPS working in Central Government Establishments/ Offices including Public Sector Undertaking has reached to 19,12,871 with a corpus of Rs 61,145.65 crore and in State Governments Establishments/ Offices including respective  Public  Sector  Undertaking,  it  has  reached  to  38,21,266  with  corpus  of  Rs.
86,897.31 crore.

The above mentioned Scheme was made operative since 01.01.2004 without any concrete instructions and with passage of time, Govt has been trying to develop a system regarding its functioning. But the future as well as retiremental security (Social Security) of the employees is at stake without guarantee of Minimum Pension under the Scheme.

This Federation has been consistently demanding that Government should frame a policy to ensure that irrespective of the financial/market conditions at the time of Retirement of the subscriber under NPS, he should get a guaranteed minimum pension equivalent to 50% of his last drawn Basic Pay plus Dearness Relief for neutralization of price rise.

A resolution to this effect was also passed in the CEC Meeting held at Hyderabad during September 2015 and subsequently several correspondence have also occurred. However,  in  spite  of  lapse  of  such  a  large  time,  no  tangible  action  is  seen  from  the Government side on the issue.

After having deliberated the issue in details, the Central Executive while recording its displeasure over the absence of action on the part of the Government on such an important issue, hereby calls upon the Government to immediately notify the subject issue.

This resolution is being passed in the Central Executive Committee held at Dehu Road (Pune) on 28/03/2018.

 

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