विज्ञप्तियां उर्दू विज्ञप्तियां फोटो निमंत्रण लेख प्रत्यायन फीडबैक विज्ञप्तियां मंगाएं Search उन्नत खोज
RSS RSS
Quick Search
home Home
Releases Urdu Releases Photos Invitations Features Accreditation Feedback Subscribe Releases Advance Search
home  Printer friendly Page home  Email this page
English Release 26-November 2014
Date Month Year
  • President's Secretariat
  • Quality-oriented education can transform India into one of the leading nations of the world, says President
  • Speech by the President of India, Shri Pranab Mukherjee at the Eleventh Convocation of Symbiosis International University
  • Deepen private sector involvement in education, says President
  • President of India condoles the passing away of Sitara Devi
  • Prime Minister's Office
  • PM's bilateral engagements on the sidelines of the SAARC Summit
  • Speech by the Prime Minister at the SAARC Summit
  • 26/11: PM salutes the bravery of security personnel who laid down their lives and reaffirms commitment to combat terrorism
  • Department of Space
  • Commercial Application of Space Technology
  • Achievements in Space Science
  • Min for Develop. of North-East Region
  • Balance of Trade in North-Eastern Region
  • Min of Commerce & Industry
  • Implementation of National Design Polic
  • Extension Of Validity Of Industrial Licences By DIP
  • Steps Taken To Improve Position In Business Index
  • Schemes for Promotion and Modernization Of Industrial Unit
  • Implementation of National Manufacturing Polic
  • Push To Manufacturing Sector
  • Doubling India's Share in Global Trade
  • Boosting Industrial Production
  • Signing Of FTAs
  • New Foreign Trade Policy to address slowdown concerns of exporters: Commerce Secretary
  • Min of Earth Science
  • Forecasting of Natural Calamities
  • Global Warming
  • Min of Health and Family Welfare
  • ‘Delhi Declaration’ at closing of PPD International Conference focuses on Youth to harness Demographic Dividend
  • Min of Home Affairs
  • West Bengal Protection of Interest of Depositors in Financial Establishment Bill for Presidential Assent
  • Releasing of Undertrials who have Served Half of Maximum Sentence
  • NSG HUBS
  • Identifying Citizens While Preparing NPR
  • Hoisting of National Flag Permanently in Connaught Place, Delhi
  • Floods in Jammu and Kashmir
  • Crimes Against Women and Children in Delhi and NCR
  • Rise in Overstay of Pakistani Nationals
  • No Output on ISIS trying to Gain Ground in Kashmir
  • Decline in Terrorism and Infiltration
  • Compensation to Victims of 1984 Anti-Sikh Riots
  • No Cap for receiving contribution under FCRA
  • Min of Human Resource Development
  • Improving Learning Outcome in the Country
  • Gender Sensitization on Campuses Across the Country
  • Providing Quality Literacy to All
  • Re-Structuring of UGC
  • Min of Information & Broadcasting
  • IDPA signs a 5-year contract with DD National to showcase documentary films from across the country
  • Directorial debut ‘ Ek Hazarachi Note’ enters competition category of IFFI, 2014
  • Role of Changing Technology in Cinema: A Discussion
  • Songs of the Bards of Bengal: The Bauls and Fakirs: An Attempt to Preserve the Tradition
  • Bodhon: An Experiment to Define Motherhood
  • Justice C.K.Prasad, Retd. Judge of the Supreme Court of India appointed as Chairman Press Council of India
  • Rituals can create an ‘Experiential sphere’ different from conventional audio-visual theatre says the award winning Sinhalese director IndikaFerdinando
  • Candles in the Wind: Struggle of Women
  • Film is a tool of Social Reform: Sabyasachi Mohapatra
  • Min of Micro,Small & Medium Enterprises
  • KVIC Exhibitions Outside India
  • Investment in MSME Run by Small Entrepreneurs
  • Cooperation with Cote D’ivoire in Sme Sector
  • Khadi Gramodyog
  • Min of Mines
  • Study for Exploration of Rare Earth Element
  • Mines and Minerals (Development and Regulation) Bill
  • Min of New and Renewable Energy
  • Balance of Trade in North-Eastern Region
  • Min of Overseas Indian Affairs
  • Rehabilitation Package for Migrant Indians
  • Emigration Fee
  • Min of Personnel, Public Grievances & Pensions
  • Public Grievance
  • Procedure for Communication
  • Representation of OBC/SC/ST in Higher Officer
  • Amending Rules for Safeguarding Women
  • Appointment of SPG Director
  • Min of Petroleum & Natural Gas
  • Increasing CNG Filling Stations in Delhi
  • Setting Up of Refinery in Rajasthan
  • LPG Connections in Rural Areas
  • Digitization of Files and Data
  • Global crude oil price of Indian Basket was US$ 76.91 per bbl on 25.11.2014
  • Ministry of Railways
  • Railways to Run Six Special Trains to Clear Extra Rush for Mahaparinibban Divas
  • Min of Science & Technology
  • Academy of Scientific and Innovative Research
  • Extension in Retirement Age of Scientists
  • Environment Friendly Technologies
  • Min of Shipping
  • Workshop on Integrated National Waterways Transportation Grid Inaugurated
  • New Mechanism of Collection of Light Dues for Container Ships
  • Min of Social Justice & Empowerment
  • Development of Persons with Disabilities
  • Benefits to Disabled
  • Development of Persons with Disabilities
  • Ramp Facility for Physically Challenged
  • Data on Mentally Retarded Persons
  • Min of Steel
  • Measures to Increase Steel Production
  • Mines Allotted to KIOCL in Karnataka
  • Min of Tribal Affairs
  • Jual Oram inaugurates Tribal Art and Crafts Mela Aadishilp
  • Min of Urban Development
  • Shri M.Venkaiah Naidu approves enhancement of Ground Coverage and FAR in Delhi
  • DMRC’s Revenues Exceed Budget Targets
  • Ministry of Water Resources
  • Uma Bharti will Review the Working of her Ministry on Weekly Basis
  • Min of Skill Development, Entrepreneurship, Youth Affairs and Sports
  • Text of Speech of Sarbanand Sonowal
  • Boxer Sarita Devi issue Discussed
  • Sarbananda Sonowal confers Arjuna Award 2014 to Boxer Manoj Kumar

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)

Web Ratana This site is winner of Platinum Icon for 'Outstanding Web Content' Web Ratna Award'09 presented in April 2010
Site is designed and hosted by National Informatics Centre (NIC),Information is provided and updated by Press Information Bureau
"A" - Wing, Shastri Bhawan, Dr. Rajendra Prasad Road, New Delhi - 110 001 Phone 23389338
Go Top Top

उपयोग संबंधी शर्तें स्वोत्वाधिकार नीति गोपनीयता संबंधी नीति हाइपरलिंकिंग नीति Terms of Use Copyright Policy Privacy Policy Hyperlinking Policy