Withdrawal of contribution made under new pension scheme by government of Chhattisgarh: Chattishgarh Finance Department OM dated 20.05.2022
Government of Chhattisgarh
Finance Department
Mantralaya Mahanadi Bhavan
Atal Nagar Nava Raipur
No. 1045/B-4/Fin/2022 Dated 20.05.2022
Subject: Withdrawal of contribution made under new pension scheme by government of Chhattisgarh
Dear Sir,
Government of Chhattisgarh has recently announced reinstatement of old pension scheme with effect from first November 2004 in place of new contributory pension scheme for all the employees appointed in the fashionable establishment of the state government on or after first November 2004.
2. The State Cabinet in its meeting dated first May 2022 has approved this decision that notification issued by the State Government for reinstatement of old pension scheme is enclosed here with for your kind perusal.
3. Monthly contribution of employer and employee share into NPS account of employees of the state have been discontinued from first April 2022.
4. A new GPF general provident fund account for each employees registered with NPS has been opened by the State government a minimum of 12% of the basic pay will be deducted from the salary of Government employees as per the general provident fund rule and will be deposited into Chhattisgarh general provident fund accounts of Government employees.
5. The current market value of the amount of government contribution made into NPS account to be received from NSDL will be used to meet further pension liabilities and will be kept in a separate pens and fund under the public account of the state government. In addition and amount equal to 4% of the pension liabilities of the previous financial year will be invested by the state government in this Pension Fund every financial year.
6. The principal amount contributed by employees into their NPS account will be transferred to the Chhattisgarh general provident fund account of the employees and interest will be payable on it with effect from first November 2004 as per the interest related instructions released by the state government from time to time under the rules of Chhattisgarh general provident fund. The difference in current market value of the employee contribution made to NPS and principal amount contributed by employees will be used to credit interest payable to general provident fund accounts of the employees.
7. As per the data available with government of Chhattisgarh and amount of rupees 11850 crores employee and employee contribution has been transferred to NSDL during the period from first November 2004 to 31st March 2022 by the state government. As per the information received from NSDL the current market value of this amount is approx 17250 crores.
8. PFRDA is requested to kindly release the current market value of the total amount contributed by the state employer and employee share combined to NSDL back to the Government of Chhattisgarh so that the state government can comments the process of transfer of the amount to the Pension Fund under public accounts of the state government and Chhattisgarh general provident fund accounts of the employees as mentioned about and detailed out in the draft circular enclosed along with this letter.
You are requested kindly to make it convenient to do the needful at the earliest.
Encl. as above
Secretary
Government of Chhattisgarh
Finance Department
Copy to:
Secretary Department of financial services Ministry of Finance Government of India 3rd floor Jeevandeep Building Parliament Street New Delhi.
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