Business Daily from THE HINDU group of publications
Monday, Jan 22, 2007
ePaper
Business Daily from THE HINDU group of publications Monday, Jan 22, 2007 ePaper |
|
|
|
|
|
|
|
|
|
|
|
Home Page
-
Social Security Industry & Economy - Pension Plans Manmohan to discuss pension investments with CMs today K.R. Srivats
The NPS, which was introduced in late 2003, is mandatory for new entrants to the Central Government service (except Armed Forces) who joined on or after January 1, 2004. About 16 States have also opted for the NPS, which is based on defined contribution. The monthly contribution to be paid by the Government employee would be 10 per cent of salary and dearness allowance, and would be matched by the Central Government or State Government.
Indication
The Union Finance Minister, Mr P. Chidambaram, who will also attend the meeting, had last month indicated that the funds collected under NPS may be invested in the same pattern as those allowed for non-government provident funds. Only 12 per cent of India's work force of about 42.5 crore have some form of pension support system. Pension experts point out the fiscal stress in providing pension to civil servants, who account for less than 4 per cent of the work force, through budgetary resources. Combined pension expenditure of the Centre and the States in 2004-05 was estimated at Rs 65,000 crore.
More Stories on : Social Security | Pension Plans
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | The Hindu ePaper | Business Line | Business Line ePaper | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2007, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|
