NEW PENSION SCHEME
NPS BILL APPROVED BY CABINET WITH OUT ASSURED PENSION AND INTEREST
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THE UNION CABINET ON WEDNESDAY GAVE ITS NOD TO AMENDMENTS IN THE PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY (PFRDA) BILL, WHICH SEEKS TO ALLOW FOREIGN PLAYERS ENTRY IN THE PENSION SECTOR. FOREIGN DIRECT INVESTMENT (FDI) IN THE PENSION SECTOR IS LIKELY TO BE KEPT AT 26 PER CENT IN LINE WITH THE INSURANCE SECTOR. BUT, THE CAP WILL NOT BE INCORPORATED IN THE LEGISLATION.
THE FDI CAP WILL BE COMMUNICATED THROUGH AN EXECUTIVE ORDER TO GIVE FLEXIBILITY TO THE GOVERNMENT TO CHANGE IT WHENEVER REQUIRED. AS A RESULT, WHEN THE INSURANCE BILL PROPOSING AN INCREASE IN THE FDI LIMIT TO 49 PER CENT IS CLEARED, THE GOVERNMENT WOULD HAVE THE FLEXIBILITY TO CHANGE THE LIMIT FOR PENSION, TOO.
THE CLEARANCE HAS PAVED THE WAY FOR THE BILL’S INTRODUCTION IN THE WINTER SESSION OF PARLIAMENT BEGINNING ON NOVEMBER 22
THE BILL HAS ALREADY BEEN CONSIDERED BY A PARLIAMENTARY STANDING COMMITTEE, HEADED BY BJP LEADER SHRI. YASHWANTH SINHA, WHO STARTED THIS ANTI LABOUR NPS IN INDIA WHEN HE WAS THE FINANCE MINISTER IN THE BJP LED NDA GOVERNMENT ON 01.01.2004 ONWARDS THROUGH AN EXECUTIVE ORDER . THE STANDING COMMITTEE HAD RECOMENTED IN IT REPORT THAT,
A FAVOURED 26 PER CENT CAP ON FOREIGN DIRECT INVESTMENT (FDI) IN PENSION PROGRAMMES. CURRENTLY, FDI IS NOT ALLOWED IN PENSION SCHEMES.
THE COMMITTEE HAD ALSO RECOMMENDED THAT THE NEW PENSION SYSTEM (NPS) SHOULD GET AN ASSURED RETURN ON THEIR INVESTMENTS THAT IS AT LEAST EQUAL TO THE INTEREST RATE GIVEN BY THE EMPLOYEES' PROVIDENT FUND SCHEME.(AT PRESENT IT WAS 9.5%).
AS MANY AS 25 STATES (EXCEPT KERALA,WEST BENGAL AND TRIPURA) GOVERNMENTS HAVE NOTIFIED AND JOINED THE NPS FOR THEIR EMPLOYEES, BUT THE RECENT POLITICAL CHANGES IN THE KERALA AND WEST BENGAL LEAD TO GET TWO MORE STATE TO SIGN,
SO, NREU REQUEST ALL THE EMPLOYEES TO STRENGTH THE REAL AGITATION TO ABOLISH THE ANTI LABOR NEW(NATIONAL) PENSION SCHEME , AND REALIZE THE FALSE COIN ,WHO CONTINUE THE PFRDA TRUSTEE AND PASTING THE EYE WASH POSTER TO DIVERT THE THINGS. AND ALSO NREU SALUTE THE LEFT MPS, AND GOVERNMENTS WHO WERE CONTINUING THE FIGHT INSIDE AND OUT SIDE THE INDIAN PARLIAMENT TO ABOLISH THE ANTI WORKING CLASS NPS.
WORKING CLASS UNITY ZINDABAD... NREU ZINDABAD...
LATEST AMENDMENT OF WORKMEN (EMPLOYEES) COMPENSATION ACT -1923
AMENDMENTS IN THE WORKMEN'S COMPENSATION ACT 1923***********************************************Workmen’s Compensation (Amendment) Bill, 2009 has been passed by both the Houses of the Parliament. It is to take form of an Act after getting the President’s assent.The main recommendations of the Bill were –
- Renaming the Workmen’s Compensation Act, 1923 as the Employee’s CompensationAct to make it gender sensitive.
- Raising the compensation paid to the workers and their family members in case of death to Rs. 1.2 lakh from current Rs. 80,000.
- Raising the compensation for permanent disability to Rs. 1.4 lakh from present Rs. 90,000. Also the funeral expenses were proposed to be raised to Rs. 5,000 from Rs. 2,500.
The Bill also proposed to empower the Central Government to specify monthly wages for the purpose of compensation and timely enhancement of the minimum rates ofcompensation.Besides this the Bill even contained a provision for actual reimbursement of medical expenses incurred on account of injury caused during course of employment. There were provisions for disposal of compensation cases by Commission within a time period of 3 months.
NEW PENSION SCHEME and A BIG CHEATING BY THE Rec. Trade unions
New Pension System Trust
In pursuant to the advice of the Central Government vide letter D.O. No 5(75)/2006-ECB & PR dated 24th April 2007; The NPS Trust was established by PFRDA on 27th February, 2008 with the execution of the NPS Trust Deed and the Board of Trustees of NPS Trust was formed with three members to begin with. Subsequently three more Members were included in the Board. The term of the Trustees is for two years. Sh. N.R.Rayalu was also appointed CEO also of the NPS Trust on his retirement as Dy CAG, Government of India w.e.f 12th June 2008.
At present the Board of NPS Trust, reconstituted on 26th March 2010 is as under:-
1. Sh Yogendra Narain Chairman
2. Sh.N.R.Rayalu Trustee & CEO
3. Sh. Umraomal Purohit Trustee, President AIRF.
4. Sh.G.N.Bajpai Trustee
5. Sh.Naresh Dayal Trustee
The NPS trust has been set up and constituted for taking care of the assets and funds under the NPS in the interest of the beneficiaries (subscribers). In fulfillment of its objectives, as broadly mentioned in the Deed, the NPS Trust supervises the Pension Fund Managers and interacts with other intermediaries like Trustee Bank (Bank of India), Central Record Agency (NSDL), Stock Holding Corporation of India Ltd, etc. The Trust is empowered to enter into agreements with other intermediaries and operating agencies to discharge its obligations.
As part of its obligations, the NPS Trust ensures that:-
· the PF(s) has been diligent in empanelling the brokers, in monitoring securities transactions with brokers and avoiding undue concentration of business with any broker;
· the PF(s) has not given any undue or unfair advantage to any associates or dealt with any of the associates of the Pension Fund in any manner detrimental to interest of the beneficiaries;
· the PF(s) has been managing the Fund Schemes independently of other activities and has taken adequate steps to ensure that the interests of the beneficiaries are not compromised;
· all the activities and the transactions of the PF(s) are in accordance with the provisions of the PFRDA guidelines/directions.
A memorandum of Understanding was signed between PFRDA and the NPS Trust highlighting the rights and obligations of both the parties on 1st July 2009.
To begin with the NPS was operational for the Central Govt Employees (except defense forces) joining the service on after 1.1.2004. Subsequently the State Governments have also started joining the NPS. Three Fund managers as mentioned below were appointed to manage the Funds of the Government employees with effect from 1.1.2008.
· SBI Pension Funds Private Limited
· UTI Retirement Solutions Limited
· LIC Pension Fund Limited
The NPS was opened up for all citizens of India with effect from 1stMay 2009. PFRDA appointed six Pension Fund Managers to manage the funds of the new subscribers.
· SBI Pension Funds Private Limited
· UTI Retirement Solutions Limited
· ICICI Prudential Pension Funds Management Company limited
· Kotak Mahindra Pension Fund Limited
· IDFC Pension Fund Management Company Limited
· Reliance Capital Pension Fund Limited
Agreements with all the Pension Fund Managers have been signed. Agreement has also been signed with the Stock Holding Corporation of India who acts as custodian of investment Instruments. So far thirteen State Governments /UT have joined the NPS by signing the agreement with the NPS Trust. More State Governments have shown their inclination to join the NPS Architecture.
A quarterly review of the Pension Fund managers is carried out by the NPS Trust to review and evaluate the performance of the Fund Managers and make suggestions for improvement.
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