Govt. of India

Pension Scheme for Steel PSU employees (CPSEs): Eligibility, Benefits & How to apply?

Pension Scheme for Steel PSU employees (CPSEs) Eligibility, Benefits & How to apply

The Ministry of Steel is planning to launch new Pension Scheme for its Central Public Sector Employees (CPSEs). Under this scheme, the 96,000 serving employees and 56,000 retired employees will get benefited. All the employees of government PSUs under the Ministry of Steel like SAIL, RINL, MSTC, FSNL, MECON, KIOCL are eligible for the scheme.

The Ministry of Steel has received proposal from various CPSE based on which new scheme is proposed. The CPSE committee included  representatives of employees union and associations of officers belong to the companies of  SAIL, RINL, MSTC, FSNL, MECON, KIOCL. The proposal also includes superannuation of benefits, provident fund, gratuity & medical benefits. The pension scheme will be applicable for the executives from 1st January 2007 and non-executives from 1st January 2012 to all the Steel Ministry affiliated companies.

The new pension scheme will put the additional burden of Rs. 560 crores on the ministry. The CPSEs under the Ministry of Steel has already given medical benefits and companies like NMDC and MOIL as per the Second Pay Revision Committee recommendations have already introduced the pension scheme for its employees. The pension scheme will be given Rs 560 crore excessive burden to the ministry. The actual details and roadmap for the implementation of the pension scheme will be carried out by the management of each CPSEs

What is Pension Scheme? A government of India’s Ministry of Steel scheme to provide a pension for all its undertaking public sector companies employees.

Pension  Scheme: Objectives

  • To provide a pension to currently serving employees
  • To provide a pension to retired employees

Pension  Scheme: Eligibility

  • Employees who are currently working in companies under the control of Ministry of Steel
  • Employees who are retired from these companies under the control of Ministry of Steel

Pension  Scheme: Benefits

  • The 96,000 serving employees will get benefits and pension
  • The 56,000 retired employees will get benefits and pension
  • Employees will get superannuation benefit, provident fund, gratuity, medical benefit

Pension  Scheme: Implementation & Highlights

  • The Ministry of Steel has introduced the pension scheme for its undertaking public sector companies employees
  • The 96000 currently working and 56000 retired employees will get benefits under this scheme
  • Employees from the SAIL, RINL, MSTC, FSNL, MECON, KIOCL companies under the control of the Ministry of Steel will get benefits under this scheme
  • The medical benefits have already extended to the CPSEs under the control of the ministry of steel
  • The NMDC & MOIL has already started the pension scheme for its employees as per the Second Pay Review recommendations
  • The pension scheme will require Rs 560 crore every year
  • The details and roadmap for implementation of this scheme is carried out by the management of each CPSEs

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