NEWS FLASH

ARTICLE10-MEMBERSHIP SUBSCRIPTION SHALL BE RS.40/- P.M. NFPE-RS.-2/-, CHQ RS. 10/-,CIRCLE RS.10/-, DIVISION/BRANCH RS.18/- PER MEMBER FROM FEBRUARY-2014

Monday, September 3, 2012



NEW PENSION SYSTEM : RESERVATION OF INVESTMENT FEE (IMF) FOR PENSION FUND MANAGERS FOR PRIVATE SECTOR (NPS)

CIRCULAR

PFRDA/CIR/1/PFM/1 Date: 31-08-2012

To, 
          All Pension Fund Managers, 
          National Securities Depository Limited 
          Stock Holding Corporation of India 
          Bank of India  NPS Trust

Sub: Revision of Investment Management Fee (IMF) for Pension Fund Managers for Private Sector NPS

1. Based on the recommendations of the Expert Committee to determine the Upper ceiling of the Investment Management Fees or other Fees (if any) to be charged by the PFMs in the Private Sector of NPS and with the approval of the Competent Authority, the upper ceiling of the Investment Management Fees has been fixed at 0.25% p.a. of the AUM (Asset Under Management) with effect from 1st November 2012.

2. This is applicable to all schemes for all Private and Corporate Sector subscribers. The PFMs can fix their own Investment Management Fee for different schemes subject to the upper ceiling of 0.25% p.a. This fee is inclusive of brokerage except Custodian charges and applicable taxes.

3. The Investment Management Fee for the NPS Lite / Swavalamban shall be at par with the Investment Management Fee applicable to NPS Schemes for Government Employees which is currently at 0.0102% p.a.

4. The Investment Management Fee applicable to the NPS schemes for Government Employees would continue at 0.0102% p.a which was revised with effect from 18/04/2012.

5. No differential Investment Management Fee can be quoted in a scheme for different subscriber class (For example: professionals, salaried and corporates would all be quoted the same fee if they subscribe to Scheme-E of any specific PFM).

6. Investment Management Fee is to be calculated on the Assets Under Management (AUM) on a daily accrual basis and charged to the scheme at the end of every quarter.
7. The PFMs will be permitted to revise the Investment Management Fee, once in a year.

8. The following disclosure norms need to be followed at the time of revision of fee

(i) PFM to advise its initial fee to PFRDA 30 days prior to commencement of business after obtaining the registration from PFRDA.

(ii) PFMs with existing NPS business to indicate their IMF at the time of submission of their documents to PFRDA for Registration.

(iii) PFM to advise 30 days in advance before the change of IMF, to PFRDA.

(iv) Each change in IMF to be hosted on website of the PFM at least 15 days in
advance, and an e-mail to be sent to each subscriber through CRA and notified in an English and Hindi national daily and a vernacular daily where the H.O. of the PFM is situated (15 days in advance) to give sufficient notice to the subscriber.

(v) The annual statement to subscribers by CRA to include all the changes in IMF by the PFM. PFMs to submit this to CRA for this well in advance before the issue of statements.

9. The Investment management fee as revised above would be applicable from 1st November 2012.
          This circular is being issued in terms of resolution issued by MOF(DEA-ECB and PR division ) dated 10th October 2003.

 Mamta Rohit
(Chief General Manager)
Source: www.pfrda.org.in

PA/SA DIRECT RECRUITMENT APPLICATIONS AVAILABLE IN ONLINE.

Good news for applicants of PA / SA Recruitment 2011 & 2012. You can get it through Online.

Dte has requested the outsourced agency to print 10 lacs OMR kits for sale throughout India thro selected POs. Due to huge sale of forms, it is difficult to print within short period. Hence Dte is decided to upload the forms in www.indiapost.gov.in so as to download by the applicants.Online application kits will be available in www.indiapost.gov.in from 03.09.12 to25.09.12 only.Those applied thro OMR kits need not apply again.

Online Procedure :
Click “Register Online” link.
Enter the details like a. Name b.DoB c.e mail ID d. Alternative e mail ID.
Click Submit button.
The following forms will be sent to the provided e mail ID within 24 hrs.
a. Special instruction sheet.
b. Application form.
c. Instruction sheet / Information brochure (11 sheets).
Fees :
Cost of Application form - Rs.50
Exam fee – Rs.200. Female, SC, ST & PH applicants are exempted, however they should pay Rs.50.
Total Rs.250 should be paid under Unclassified Receipts thro any POs and attach Original alongwith the Application form. Applicants can keep Xerox copies.
Applications should forward thro either Speed Post of Regd Post (other meant not accepted)to the following address.
Direct Recruitment Cell,
New Delhi HO,
New Delhi 110 001
Applicants can check the status of receipt of Cell on www.indiapost.gov.in
For more details, pl refer the advertisement of the concerned Circles.
Dte Memo No : A-34012 / 5 /2011-DE Dt. 31.08.12.


GUIDE LINES FOR PROMOTION TO AAO CADRE UNDER SCF QUOTA


            NEW HEALTH INSURANCE SCHEME FOR CG EMPLOYEES AND PENSIONERS

We all know Sixth Pay Commission recommended for New Health Insurance Scheme in lieu of present CGHS. Though employees covered under CGHS have apprehensions whether this proposed new scheme would be better than existing CGHS, in respect of employees residing in Non-CGHS area this scheme is definitely a boon.

The present CS Medical Attendance Rules under which employees residing under non-CGHS area are covered has no real intention to provide for proper medical treatment be it In-Patient or Out-Patient treatment as the cost reimbursed under CS Medical Attendance Rules would be a paltry sum compared to the actual cost of medical treatment in non-CGHS areas.

In the case of Pensioners too residing in non-CGHS areas, the fixed medical Allowance of Rs.300 per month provided to them may not be even sufficient to meet out the cost for one visit to a nearby Doctor for cold.

Under these circumstances, Central Government Employees and Pensioners residing in non-CGHS are really in need of good medical treatment at par with their colleagues in CGHS Areas. When New Medical Insurance Scheme was proposed by Government in the year 2008 as per the recommendations of 6CPC, it was believed that it would come as a relief for employees and pensioners in non-CGHS area.

But this scheme is still not a reality as in spite of repeated promises in the Lok Sabha and Rajya Sabha that the scheme would be implemented soon, it it yet to take off.

Now, on 28.08.2012, there was another query regarding implementation of this Scheme for which Health Ministry has replied as follows

GOVERNMENT OF INDIA
MINISTRY OF HEALTH AND FAMILY WELFARE
RAJYA SABHA
HEALTH INSURANCE FOR CGHS BENEFICIARIES

UNSTARRED QUESTION NO-1775 by SHRI BASHISTHA NARAIN SINGH

a) whether it is a fact that in the year 2010, Government mooted a plan to provide health insurance scheme to its serving and retired employees;
(b) if so, the present status of that scheme;
(c) whether it is also a fact that beneficiaries including Members of Parliament are not getting required medicines from dispensaries specially Ayurvedic dispensary of North Avenue and elsewhere; and
(d) if so, by when Government would seriously consider providing health insurance cover to CGHS beneficiaries in order to provide better healthcare?

ANSWERED ON-28.08.2012

(a) & (b): There is a proposal for introduction of a health insurance scheme for central government employees and pensioners on pan-India basis with special focus on pensioners living in non-CGHS areas. As per the directions of the ‘Committee of Secretaries’, a proposal for inclusion of this scheme in the 12th Five Year Plan has been sent for consideration of the Steering Committee of the Planning Commission, before placing the same for approval of the competent authority.
(c) : No.
(d): No specific time frame can be given for introduction of the proposed health insurance scheme.

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