Tuesday, August 5, 2014

NPS Contribution Kept Under PF/CPF

The New Pension Scheme (NPS) was implemented in Delhi Cantonment Board for the employees appointed on or after 01.01.2004 with effect from 01.04.2011. During the intervening period these employees made contributions to the Provident Fund (PF) account maintained by the Board. After implementation of the New Pension Scheme contributions made in the PF account were utilized for depositing prescribed subscriptions with the National Securities Depository Limited under Tier-I of NPS alongwith the equal amount of the employer’s share, for the period prior to 01.04.2011. In the case of 61 employees after adjusting the subscriptions payable towards Tier-I of NPS certain amounts still remain in the PF accounts of these employees. As PF accounts cannot be held after the introduction of NPS, these employees have been asked to give their option either for deposit of the amounts under Tier-II of NPS or for their refund alongwith the interest accrued.

This information was given by Defence Minister Shri Arun Jaitley in a written reply to SmtBimlaKashyapin Rajya Sabha today.


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