The State Government has implemented National Pension System regulated by Pension Fund Regulation and Development Authority for employees covered under Madhya Pradesh Dainik Vetan Bhogi Karmchari (Sewa Ki Sharten) Niyam-2013.
The procedure for becoming a member of this system has also been prescribed. Membership of daily wagers will be applicable from the date of given option by them. The head of office will sign the option with date. Option given once will be final. Withdrawal of daily wagers’ wages will be generated through Treasury Computerised System.
In order to become a member of National Pension System, a daily wager will have to fill up the form of S-1
in salary information management of Treasury Computerised System to the Drawing and Disbursing Officer for ‘PRAN’ generation and have to take one copy of its printout.
Concerning daily wager will affix his photograph in the space meant for it on the form. After necessary attestation and attachments, date of presentation of option will be filled up in appointment column. Deduction for National Pension System will begin from next month.
A share worth 10 per cent of salary (except special allowance) will be deducted and the State Government will contribute 10 per cent from its side. Fully attested contingency bills of the daily wagers from whose deduction of wages will be made under National Pension System will be prepared separately and submitted in treasury.
Treasury officer will transfer employees’ and Government’s contributions to bank account opened for employee to Directorate of Pension, Provident Fund and Insurance, Bhopal.
Full deposited amount will be refunded if it is of ` 2 lakh or less at the time of retirement, death or resignation.
Time-limit has been also prescribed for the withdrawal of amount from the account. Accordingly, employee will have to purchase annuity using 40 per cent of deposited amount while remaining amount will be payable in lump sum.
In case of death, 100 percent amount will be paid to nominated person/legal successor. On coming out of National Pension System before superannuation age, annuity equal to 80 per cent of deposited amount will have to be purchased and 20 per cent will be payable in lump sum.
Pension Fund Regulation and Development Authority will keep depositing amount of dividend in employees’ bank account from time to time.