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Steel Ministry accepts Pension Scheme for CPSE Employees

Published: Jul 17, 2018

By TIOLCORPLAWS News Service

NEW DELHI, JULY 17, 2018: The Union Minister of Steel, Mr Chaudhary Birender Singh has announce in New Delhi today that the ministry has agreed to the proposal received from various CPSEs under its control to introduce the pension scheme with effect from January 1, 2007 in case of executives and January 1, 2012 in case of non-executives or from a subsequent date as decided by the company. The agreement was reached after detailed consultation with representatives of employees unions and officers associations belonging to SAIL, RINL, MSTC, FSNL, MECON and KIOCL.

During the meeting with the Minister, the representatives of employees unions and officers associations discussed various issues concerning them, including the introduction of pension scheme as part of the superannuation benefits, provident fund, gratuity and medical benefit. The Minister informed that medical benefits have already been extended to employees of CPSEs under the Ministry of Steel. NMDC and MOIL have also introduced the pension scheme to its employees as per the Second Pay Revision Committee recommendations. He said that there had been a long standing demand from the employees of other CPSEs for introduction of pension scheme.

The minister said that the pension scheme would benefit over 94,000 serving and 56,000 retired employees of CPSEs under the Ministry of Steel and put an additional financial burden of Rs 45 cr per month. He said that the pension scheme would be subject to factors like affordability, capacity to pay and sustainability by the CPSEs. Govt budgetary support would not be provided to operate those schemes. The rate of contribution would be decided by the respective boards of CPSEs each year depending upon the profit made and employee cost to the company subject to upper ceiling of 30% (Basic Pay plus DA) of superannuation benefits. The actual details of the pension scheme and road map of implementation would be worked out by the management of each CPSEs.

 

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