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English Release 24-July 2014
Date Month Year
  • President's Secretariat
  • President of India condoles the loss of lives of school children in a bus accident in Telangana
  • President of India inaugurates bank and post office at their new locations in the President’s estate
  • Prime Minister's Office
  • Nagaland Governor calls on PM
  • PM condoles loss of lives in accident in Medak district
  • Delegation from Aga Khan Foundation meets PM
  • Department of Atomic Energy
  • Production of Atomic Energy in Gujarat
  • Preparation of Nuclear and Radiation Safety Policy
  • Facilities for Workers in Atomic Projects
  • Concern Over Nuclear Liability Law
  • Rare Earths in Kollam
  • Department of Space
  • Launching of Mars Orbiter Mission Spacecraft
  • Launching of SAARC Satellite
  • Problem of Waste Deposits in Space
  • Space Projects Initiated/Pending Completion
  • Min of Civil Aviation
  • Civil Aviation Minister Directs Officials to Improve Maintenance at Chennai Airport
  • Min of Coal
  • Import Policy for Coal
  • Projects of CIL
  • Min of Defence
  • MALABAR – 2014
  • Min of External Affairs
  • Strengthening of India-Asean ties
  • Revisiting of nuclear liability bill
  • Hiring of consultants for business promotion
  • Complicated procedure for passports
  • Text of the Statement on Calling Attention Motion on "Situation Arising out of Indians Stranded in Iraq and Steps Taken by the Government in this Regard" in the Lok Sabha by the Minister
  • Ministry of Finance
  • Indirect Tax Revenue (Provisional) Collections During April-June 2014 Increase from Rs 1,08,639 Crore to Rs.1,13,570 Crore Registering an Increase of 4.5 % over the Corresponding Period in last Financial Year
  • Government Approves 19 Proposals of Foreign Direct Investment (FDI) Amounting to about Rs. 2326.72 Crore
  • Special Arrangements Made for Accepting Returns of Income
  • Min of Minority Affairs
  • Social and Educational Uplift of Minorities
  • Scholarship to Students of Minority Community
  • Setting up of Minority Commission
  • Min of New and Renewable Energy
  • Setting up of Biogas Plants
  • Production of Bio-Compressed Natural Gas
  • Jawaharlal Nehru National Solar Mission
  • Installation of Solar Water Pumps
  • Min of Overseas Indian Affairs
  • Support to Indian workers overseas
  • Problem due to weak immigration laws
  • Legal assistance to overseas Indians
  • Complaints against fraudulent recruiting agents
  • Centre to help Indian workers abroad
  • Min of Personnel, Public Grievances & Pensions
  • Combined Medical Services Examination, 2014
  • Special Cadre for Super Specialist Doctors
  • Award to Industrious Government Staffers
  • Min of Petroleum & Natural Gas
  • Delhi MPs meet the Petroleum and Natural gas Minister to discuss PNG issues
  • Global crude oil price of Indian Basket decreased to US$ 105.56 per bbl on 23.07.2014
  • Min of Power
  • Privatisation of Electricity Production
  • Power for All
  • Steps Taken To Increase Power Production
  • Ministry of Railways
  • Advance Booking of Reserved Train Tickets
  • Advance Booking of Reserved Train Tickets
  • Modernisation of Railway Network
  • Running of Summer Special Trains
  • Development of Railway Stations for Tourism
  • Emergency Medical Facilities in Trains
  • Min of Social Justice & Empowerment
  • National Commission for Backward Classes
  • National Overseas Scholarships for SC's
  • Legislature on Eradication of Manual Scavenging
  • Drug Abuse among Citizens
  • Min of Statistics & Programme Implementation
  • Review of Function of MPLADS
  • Ministry of Water Resources
  • Narmada Canal Project
  • Ganga Manthan
  • Areas under Water Bodies
  • Water Logging and Salinity in Command Areas
  • Availability of Surface and Ground Water
  • Indo-Nepal Joint Ministerial Commission on Water Resources
  • Flood Management
  • Min of Women and Child Development
  • Two lakh Anganwadi Centre Buildings approved for construction by Government in 12th Plan
  • Logo Design Competition launched for ‘Beti Bachao Beti Padhao’ Campaign

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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