Niraj Ahiwar
The┬аMinistry of Steel┬аis planning to launch┬аnew Pension┬аScheme 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┬аproposed. The CPSE committee included┬а representatives of employees union and┬аassociations of officers belong to the companies of┬а SAIL, RINL, MSTC, FSNL, MECON, KIOCL. The proposal also includes┬аsuperannuation 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┬аNMDC and MOIL as per the Second Pay Revision Committee recommendations┬аhave already introduced the pension scheme for its employees. The pension scheme┬аwill be given Rs 560 crore excessive burden to the ministry. The actual details and roadmap┬аfor the implementation of the pension scheme will be┬аcarried┬аout by the management┬аof each CPSEs
What is Pension Scheme?┬аA government of India’s Ministry of Steel scheme to┬аprovide a pension for all its undertaking public sector companies employees.
Pension┬а Scheme: Objectives
- To provide a pension to currently serving employees
- To provide a pension to retired employees
Pension┬а Scheme: Eligibility
- Employees who are currently working in┬аcompanies under the control of Ministry of Steel
- Employees who┬аare retired from these companies┬аunder the control of Ministry of Steel
Pension┬а 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┬а Scheme: Implementation & Highlights
- The Ministry of Steel has introduced the pension scheme for its undertaking public┬аsector companies┬аemployees
- 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┬аunder 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┬аwill require┬аRs 560 crore┬аevery year
- The details and roadmap for implementation of this scheme is carried out by the management of each CPSEs
Other Schemes
