PROPOSALS : NAVODAYA VIDYALAYA SAMITHI- ALTERNATE ANNUALY BASED PENSION IN THE PLACE OF CPS

To,

The Deputy Commissioner ,

All Regional Officers

Sub: Annuity based alternate Pension proposal for the employees of NPS prior to 1-1-2004-reg

Sir,

                 In cintinuation to this office letter of even number dated 06-12-2018 seeking willingness of the employees with regard to introduction of alternate annuity based pension, It is to clarify the following:-

1. Own share of employeein the existing CPF scheme shall remain intact. It will not be utilized for creating the corpus fund of the alternate pension plan
2. However, the management share of the existing CPF scheme will be utilized to form the corpus fund for the proposed annuity based pension scheme.
3. Proposed basic pension is 50% of the basic pay at the time of retirement and there is no provision for DA thereon.
4. Provision for commutation of pension upto 1/3rd of the basic pension exists. Employeeat the time of retirement can get the commutation value. It would be more or less equal to the management share. Besides 2/3rd of basic pension per month fixed at the time of retirement is payable.
5. The pension is payble till the pensioner is alive. There is no provision for family pension after death of the employee.
6. However , proposal for provisioning of DA and family pension is also being sent to the Ministry for consideration.
7. In case of death of the eligible employees during service, Provision for a lump sum insured amount payble to their dependents is propsed to tbe covered under grup term insurance Scheme.

                                              The afore mentioned iformation may be widely cirulated amonst the eligible employees to enable them to ranchise their options/willingness for the proposed annuity based pension

                       This issues wiht the apporaval of Competent Authority.

1. corpus 

PROPOSALS :  NAVODAYA VIDYALAYA SAMITHI- ALTERNATE ANNUALY BASED PENSION IN THE PLACE OF CPS