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English Release 30-September 2014
Date Month Year
  • President's Secretariat
  • President congratulates medal winners in Asian Games 2014
  • Prime Minister's Office
  • Text of Joint Editorial by Prime Minister Shri Narendra Modi and US President Mr. Barack Obama, published on the website of Washington Post
  • PM to share his thoughts with the countrymen through Radio
  • Text of Prime Minister Shri Narendra Modi's interaction session at the Council on Foreign Relations in New York
  • Vision Statement for the U.S.-India Strategic Partnership
  • PM’s address and interaction at Council on Foreign Relations in New York City
  • Min of Agriculture
  • Inclusion of State of Bihar under Foot and Mouth Disease Control Programme (FMD-CP)
  • Min of Commerce & Industry
  • Index of Eight Core Industries (Base: 2004-05=100), August, 2014
  • Min of Defence
  • Chief of the Army Staff Takes Over as the Honorary Colonel of Rashtriya Rifles
  • India US Combined Military Training Exercise
  • Ministry of Finance
  • Change in Tariff Value of Crude Palm Oil, RBD Palm Oil, Others – Palm Oil, Crude Palmolein, RBD Palmolein, Others – Palmolein, Crude Soyabean Oil, Brass Scrap (All Grades), Poppy Seeds, Areca Nuts, Gold and Silver Notified
  • Task Forces as Recommended by FSLRC Constituted for Laying the Road Map for Setting-up of Resolution Corporation (RC), Financial Data Management Centre (FDMC), Financial Sector Appellate Tribunal (FSAT) and Public Debt Management Agency (PDMA)
  • Centralized Processing Center (CPC), Bengluru Becomes ISO-27001:2005 Compliant
  • Min of Heavy Ind. & Public Enterprises
  • Shri Kapil Dev Tripathi take Charge of Secretary Department of Public Enterprises
  • Min of Home Affairs
  • Union Home Minister receives contribution to PMNRF from National Police Academy
  • Min of New and Renewable Energy
  • First Renewable Energy Global Investment Promotion Meet & Expo to be held in February 2015
  • Min of Petroleum & Natural Gas
  • Global crude oil price of Indian Basket was US$ 95.26 per bbl on 29.09.2014
  • Min of Science & Technology
  • Dr. Jitendra Singh lays foundation stone for new block of CSIR-Institute of Microbiol Technology at Chandigarh
  • Min of Shipping
  • Concept to be Finalised Soon for Impementation of the Sagar Mala Project
  • Min of Skill Development, Entrepreneurship, Youth Affairs and Sports
  • India won 2 Gold, 2 Silver and 3 Bronze Medals on Day 11 of Asian Games 2014
  • Min of Urban Development
  • Swachh Bharat Mission Logo and Tagline contest winners to be felicitated by Prime Minister
  • Ministry of Water Resources
  • Uma Bharti to Administer Swachh Bharat Shapath
  • Min of Women and Child Development
  • Smt. Maneka Sanjay Gandhi launches the New Guaranteed Minimum Pension Scheme in Dehradun

Previous Date

 
Ministry of Finance22-January, 2007 20:25 IST
Government to adopt investment pattern of Non-Government Provident Funds for NPS Funds as an interim model

17 STATES NOTIFY DEFINED CONTRIBUTION PENSION SYSTEMS

FM ASSURES STATES OF AMENDMENT IN PFRDA BILL TO PROVIDE OPTION FOR 100% INVESTMENT OF PENSION FUNDS IN GOVERNMENT SECURITIES
Government of India introduced the New Pension System (NPS), for new entrants to services in the Central Government (other than the Armed Forces) with effect from 1st January 2004.This is a fundamental shift from the earlier defined benefit system. However, this applies to only one category of the Indian workforce. The larger goal is to provide a system of old age income security, available to all. In order to give the NPS a statutory basis and to put in place a regulator with statutory powers, Government introduced the Pension Fund Regulatory and Development Authority Bill, 2005.

The Bill has since been recommended by the Standing Committee on Finance with certain amendments which are being considered by Government.

Pending the enactment of the Bill, the Pension Fund Regulatory and Development Authority will be appointing a central record keeping agency (CRA) for Central Government servants under the NPS. In the interim, Government is also in the process of finalizing an arrangement for investment of funds accumulated under the NPS on the pattern for non-government provident funds etc.

Following in the footsteps of Government of India, 17 States have also notified similar defined contribution (DC) pension systems for their new employees. Many of these States are looking to the Centre for further guidance in implementing the new system.

To discuss these issues, the Ministry of Finance convened a conference of Chief Ministers and State Finance Ministers today. The conference was presided over by the Prime Minister.

The majority of the State Government participants generally welcomed the move towards a fiscally sustainable pension system for civil servants and the establishment of an old age income security system for all Indians. Some States that have not yet notified DC pension systems informed that they would do so when the Bill is passed and the NPS architecture is made available.

Many of the State representatives urged Central Government to expeditiously pass the PFRDA Bill and to put in place the record keeping, accounting and investment architecture, as employees under the new system are getting only an administered interest rate and are being deprived of the better returns offered by market based instruments.

The States of Kerala, West Bengal and Tripura reiterated their opposition to the defined contribution system and also to the interim model proposed to be adopted by Central Government for investment and management of NPS funds.

The Finance Minister assured the participants that the PFRDA Bill will be amended to provide an option for investing 100% of pension funds in government securities, entrusting the job of fund management initially only to public sector fund managers etc. He also mentioned that to educate citizens about the NPS and to enable them to take informed decisions, literature on the subject of pension reforms would be widely disseminated by PFRDA in regional languages. PFRDA would allow States that have implemented the DC system to avail of the services of the CRA which will be appointed by PFRDA. It will also strengthen regulations to protect funds from mismanagement. The investment pattern for non-government provident funds, while conservative and restrictive, would be adopted as an interim model, pending the passage of the PFRDA Bill.

Concluding the deliberations, FM stated that the concerns expressed in today’s conference would be taken note of in the amendments to the PFRDA Bill. Furthermore, consultation with the political parties would continue to evolve a consensus in Parliament before the Bill is taken up for consideration and passing.

BSC/BY-18/07
(Release ID :24259)

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