Pension Awareness Prog

8/17/2019 Pension Awareness Prog

1/20

Awareness Programme onthe

‘NMDC Employees’Contributory Pension

Scheme’


2/20

Highlights of the Scheme

• Genesis –

– DPE guidelines - 2007 pay revision

– 30% of Basic Pay + DA o!ards posreire"en #ene$s -

• Providen und

• Grauiy

•

&edical• Pension

• 'nder a (De$ned )onri#uion Plan*


3/20

Approals

• Board of Direcors in is , "eeingeld on 0./2/2 approvedinroducion of e Pension 1ce"e/

• e 1ce"e !as for"ulaed andsu#"ied o e Board for approval/

• e Board in is .3rd "eeing eld on

03/07/3 approved e sce"esu#4ec o e approval of e &inisryof 1eel/


4/20

Approals !"cont#"

• e sce"e !as sen o &o1 forapproval in 5uly 203/

• 6eceived approval vide rder daed

02/08/20/• 6eceived approval of e )o""issioner

of 9nco"e a: on 0/2/20/

•

)irculaed e 1ce"e on 2/2/20/• )alled for (;o"inaion and Declaraion

or"* on 0/0/20,/


5/20

Contribution

• ;&D) !ill conri#ue < =% of e BasicPay + DA per "on per "e"#er/

•

is percenage !ill #e revie!ed everyyear so a e conri#uion of e)o"pany re"ains !iin 30% of BasicPay + DA/

• e )o"pany can vary e)onri#uions a anyi"e if necessary/


6/20

$oluntary Contribution

• Every e"ployee !ill #e given an

opion o conri#ue any a"oun asvolunary conri#uion o is pensioncorpus/

• 1u#4ec o e provisions of Pay"enof >ages Ac?&ini"u" >ages Acec/


7/20

Eligibility

• all regular e"ployees of e)o"pany on e rolls as on

0/0/2007 and on!ards/• "ini"u" , years of service/

• dea and "edical un$ cases !i

or !iou , years of service/

• enrans fro" oer P1's/


8/20

Non Eligibility

• E"ployees !o 4oin e )o"pany aferaaining e age of , years/

•

e follo!ing e"ployee*s !ill #e eligi#leonly for eir o!n conri#uions along !iineres - – resigned

–

er"inaed – dis"issed and

– re"oved


9/20

Nomination an#Declaration %orm

• Every e"ployee sould appoin one or"ore persons of is fa"ily asBene$ciarys o receive e #ene$s ine even of is dea/

• >o can #e no"inaedC – &ale E"ployeeC

• is !ife is cildren !eer "arried un"arried isdependen parens and e !ido! and cildren of ispredeceased son if any/

– e"ale E"ployeeC• er us#and er cildren !eer "arried or

un"arried er dependan parens and dependanparens of er us#and and e !ido! and cildren ofer predeceased son if any/


10/20

Management of theScheme

• (;&D) E"ployees* )onri#uory Pensionund* a rus !ill ad"iniser e1ce"e/

• ;&D) !ill conri#ue o e rus/

• e conri#uions !ill ge accu"ulaedand "anaged #y e rus/

• e rus !ill "ainain an accoun for alle eligi#le e"ployees along !i eund &anagers/


11/20

%un# Managers

• ife 9nsurance )orporaion of 9ndia/

• rus !ill ransfer e funds o 9)/

• 9) on #ealf of e rus !ill"anage e funds/

• Annually 9) !ill give individualPension )orpus sae"ens/


12/20

Annuity &'nsurance(Proi#ers

• or pay"en of Pension e e"ployee onseparaion as o purcase Annuiy fro"any one of e approved annuiy providersunder e 1ce"e/

• 96DA and ;&D) approved AnnuiyProvidersC – Ba4a4 Allian

– 9)9)9 Prudenial

– 9) of 9ndia

– 1B9 ife

• Fuoe !ill #e availa#le on e !e# sie/


13/20

)ypes of Pensions

• e follo!ing four ypes of pensionsare oered under e 1ce"e for e

"e"#ers?no"ineesC

– ife Annuiy !iou 6eurn of )orpus

– ife Annuiy !i 6eurn of )orpus

– 5oin ife !iou 6eurn of )orpus

– 5oin ife !i 6eurn of )orpus


14/20

• *ife Annuity without +eturn of

Corpus,

Pension is paya#le rougou e life i"eof e &e"#er and e las insal"en is

4us prior o e dae of dea/

• *ife Annuity with +eturn of Corpus,

Pension is paya#le rougou e life ofe &e"#er/ n e &e"#er*s dea ecorpus a"oun is paid o e no"inee/


15/20

• -oint *ife without +eturn of Corpus,

Pension is paya#le o e &e"#er and espouse so long as #o of e" are alive andconinued ereafer o e survivor of e"unil is or er dea/

• -oint *ife with +eturn of Corpus,Pension is paya#le o e &e"#er and espouse so long as #o of e" are alive and

coninued ereafer o e survivor of e"unil is or er dea/ n e "e"#er ande spouses dea e corpus a"oun is paido e no"inee/


16/20

.eneral

• n superannuaion e e"ployee alone!ill #e eligi#le for Pension/

• ;o co""uaion is per"ied/

• e no"inee #eco"es eniled oPension )orpus only in e even ofdea of e e"ployee !ile in service/

• 9n e even of e dea of a &e"#er!ile in service e no"inee "ay opfor any of e four ypes of pensions/


17/20

.eneral !!" cont#/

• e Bene$ciary can add is o!n lu"psu"conri#uion direcly o e Annuiy provider!ile purcasing e Annuiy/

• All condiions for periodiciy of pay"en ofPension reurn of capial ec !ill #e as perAnnuiy pions cosen #y eBene$ciary?;o"inee/

• e Annuiy pion once cosen canno #ecanged and i sall #e $nal and #inding on eBene$ciary?;o"inee/


18/20

Documents to be submitte# bythe

+etire# Employee• !o passpor sie poograps/ H2 passpor siepoograps of spouse in case of 4oin life/

• Poo and address proofC )opy of Aadar card?)opyof voer 9D card?6aion card?Driving icence?Passporor any oer Poo 9D )ard issued #y Govern"en

agencies indicaing na"e address and poograp/• Proof of dae of #ir of self and spouse/• )opy of Pan )ard/• )opy of service ceri$cae or ;&D) &edical Pass

BooI/• ive ceri$cae as per e for"a/• )ancelled ceJue !i na"e "enioned on e

ceJue leaf or copy of e pass #ooI or copy of BanI1ae"en/

• Annuiy or"/

b b i # b


19/20

Documents to be submitte# bythe #epen#ents of the

#ecease# employee"• !o passpor sie poograps/• Poo and address proofC

Aadar card?)opy of voer 9D card?6aion card?Drivingicence?Passpor or any oer Poo 9D )ard issued #y

Govern"en agencies indicaing na"e address andpoograp/• 9n case of spouse copy of e ;&D) &edical Pass BooI/• Proof of dae of #ir/• )opy of Pan )ard/•

Dea ceri$cae of e deceased e"ployee/• 9deniy )eri$cae as per e for"a/• )ancelled ceJue !i na"e "enioned on e ceJue

leaf or copy of e pass #ooI or copy of BanI 1ae"en/• Annuiy or"/


20/20

anI Kou