NPS Contributions are Credited On Time In Respect of All Employees Under NPS System
Setting up of NPS oversight mechanism
GOVERNMENT OF INDIA
MINISTRY OF RAILWAYS
(RAILWAY BOARD)
RBE NO.58/2019
NO.2014/AC-II/21/6 Vol.I
New Delhi, dated 22.07.2019
General Managers,
All Indian Railways/PUSs etc.
Sub: Setting up of NPS oversight mechanism
Timely credit of deduction made from the salary of Central Government employees towards their contribution to NPS along with the Government contribution is of paramount importance for availability of due and timely returns thereon towards generation of pension corpus.
Department of Expenditure vide their letter no. 1(24)/EV/2016 dated 02.07.2019 has desired setting up of an oversight mechanism to ensure oversight over the NPS contributions crediting. Accordingly, Board has decided that monitoring Committees, comprising of the following officers may be formed on each Railway/Unit:
FA&CAO in charge of NPS – Convener
Dy. CPO in charge of Bills & Settlement – Member
Dy. FA&CAO in charge of NPS – Member
The Committee shall be responsible for the following actions:
i. Ensuring that the contributions of employees and the Government are credited without delay to the NPS financial architecture both in case of existing employees and employees newly recruited from time to time and the existing system and procedure being followed for the purpose shall be monitored effectively to ensure that no delay in credit of the contributions takes place.
ii. Ensuring that in case any grievance by any employee is received in regard to delay in credit of contribution, either directly from the employee or through PFRDA, the same has been looked into and disposed of in a manner to the satisfaction of the concerned employees.
iii. Any other matter as having a bearing on the issue of crediting/remittance of NPS contributions.
iv. The Committee shall devise its own mechanism as also appropriate checks and balances to ensure that NPS contributions are credited on time in respect of all employees under NPS system.
v. The Committee shall meet at least once in 3 months to review the progress and in case any slippages are notices, it shall take immediate corrective action. However, the concerned Principal FA and Pr. CPO shall keep a watch over the progress on a regular basis.
The Committee shall oversee implementation of the NPS system as per action points brought out above and send status report on quarterly basis by 5th of the month following each quarter (i.e.. 5th April, 5th July, 5th October and 5th January) highlighting the result of the monitoring with concluding remarks whether the NPS contributions are being credited on time and in case of any slippages, the details of action taken for the same.
The names of the officers nominated in the Committee may be advised to Railway Board along with their mobile no. and email id. latest by 25th July, 2019.
(Vijay Kumar)
Financial Commissioner (Railways)
Source: RAILWAY BOARD
READ ALSO:
- Changes to National Pension Scheme (NPS) for Central Govt Employees August 19, 2023Read more…
- Setting up of a Committee to review the Pension System for Government Employees – DoE Orders 2023 April 7, 2023Read more…
- NPS Subscribers Mandatory to Upload of the KYC Documents wef 1st April 2023 February 26, 2023Read more…
- Percentage of Government’s Monthly Contributions to the National Pension Scheme (NPS) for all CG Employees August 2, 2022Read more…
- Enhancement of CAB Employer’s Contribution from 10% to 14% under NPS – Finmin Orders 2021 September 9, 2021Read more…
- PFRDA Exit and Withdrawals under the National Pension System (Amendment) Regulations 2021 PDF June 21, 2021Read more…
- Central Civil Services (Implementation of National Pension System) Rules 2021 April 29, 2021Read more…
- CG Employees Covered Under NPS-DoPPW March 31, 2021Read more…
- BPMS-Observance of Demand Day on 19-03-2021 for Guarantee of Minimum Pension and DA under NPS February 23, 2021Read more…
- Scrapping of National Pension System and extending coverage of the Old Pension Scheme under CCS Pension Rules 1972 for appointees on or after 01.01.2004 February 17, 2021Read more…