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Wednesday, March 23, 2016

Atal Pension Yojana (APY) amended to give an option to the spouse to continue to contribute for balance period on premature death of the subscriber

Press Information Bureau 
Government of India
Ministry of Finance
22-March-2016 13:58 IST
Atal Pension Yojana (APY) amended to give an option to the spouse to continue to contribute for balance period on premature death of the subscriber; 
After the death of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age of 60 years of the subscriber.
The feedback received from various quarters has indicated that the present provision under Atal Pension Yojana (APY) of handing-over lump sum amount to spouse on premature death of the subscriber is not preferred by many subscribers. It has also highlighted the fact that there is growing demand to give an option to the spouse to continue contribution after the death of subscriber to enable him / her to draw pension when the deceased subscriber would have turned 60 years of age. Therefore, after considering the feedback, the Government has decided to give an option to the spouse of the subscriber to continue contributing to APY account of the subscriber, for the remaining vesting period, till the original subscriber would have attained the age of 60 years instead of present provision of handing-over lump-sum amount to spouse on the premature death (death before 60 years of age) of the subscriber. The spouse of the subscriber shall be entitled to receive the same pension amount as that of the subscriber until the death of the spouse. After the death of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age of 60 years of the subscriber.
Earlier to address the longevity risks among the workers in unorganised sector and to encourage the workers in unorganised sector to voluntarily save for their retirement, the Government had launched a new initiative called Atal Pension Yojana (APY) with effect from 1st June, 2015. Under APY, each subscriber, on completion of 60 years of age, will get the guaranteed minimum monthly pension, or higher monthly pension, if the investment returns are higher than the assumed returns for minimum guaranteed pension, over the period of contribution. After the subscriber’s death, the spouse of the subscriber shall be entitled to receive the same pension amount as that of the subscriber until the death of the spouse. After the death of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till age of 60 years of the subscriber. In exceptional circumstances, that is, in the event of the death of beneficiary or specified illness, as mentioned in the PFRDA (Exit and withdrawals under the National Pension System) Regulations, 2015, before the age of 60 years, the accumulated pension wealth till date would be given to the nominee or the subscriber as the case may be.

Declaraton of Holiday on 14th April, 2016 - Birthday of Dr. B.R. Ambedkar.





Source : http://ccis.nic.in/WriteReadData/CircularPortal/D2/D02est/12_6_2016-JCA-2-21032016.pdf

Review of CSS and CSSS Officers under FR 56 (j) and Rule 48 of CCS Pension Rules, 1972 regarding

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Happy Holi

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आदरणीय श्रीमानजी,
ये होली आप सपरिवार के लिये मंगलदायी, सुखद और धन-धान्य प्रदायी हो।
रिश्ते सारे अमर रहें और विस्तृत सी अंगनाई हो,
जहां पड़ें श्रीचरण आपके, केवल बस पहुनाई हो,
कोयल गाये गीत खुशी के,
हर सुबहा सुखदायी हो।
यशो-पताका फहरे चहुंदिशि, और सदा रौनाई हो।
तव घर में श्री सदा विराजें, होली भी शुभदायी हो। 
                        ---शुभेच्छु,
                      दया शंकर मिश्र एवं परिवार,
                       राष्ट्रीय शर्करा संस्थान, कानपुर-17
With Regards

DS Mishra,
NSI, Kanpur-208 017
09415429279/09807576834