Steel CPSE Employees Pension Scheme Announced 

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The Union Minister for Steel, Shri Chaudhary Birender Singh addressing a press conference after meeting the representatives of workers’ unions of CPSEs under Steel Ministry, in New Delhi on July 17, 2018. The Minister of State for Steel, Shri Vishnu Deo Sai and the Secretary, Steel, Dr. Aruna Sharma are also seen.
The Union Minister for Steel, Shri Chaudhary Birender Singh addressing a press conference after meeting the representatives of workers’ unions of CPSEs under Steel Ministry, in New Delhi on July 17, 2018. The Minister of State for Steel, Shri Vishnu Deo Sai and the Secretary, Steel, Dr. Aruna Sharma are also seen.
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Steel CPSE Employees Pension Scheme Announced 

Steel Minister addressing Media after meeting the representatives of CPSE employees

Ministry of Steel has agreed to the proposal received from various CPSEs under its control to introduce the pension scheme with effect from 1stJanuary 2007 in case of executives and 1stJanuary 2012 in case of non-executives or from a subsequent date as decided by the company. The agreement was reached after detailed consultation with representatives of employees unions and officers associations belonging to SAIL, RINL, MSTC, FSNL, MECON, and KIOCL. This was announced by the Union Minister of Steel, Chaudhary Birender Singh in New Delhi today.

During the meeting with the Minister, the representatives of employees unions and officers associations discussed various issues concerning them, including the introduction of pension scheme as part of the superannuation benefits, provident fund, gratuity and medical benefit. The Minister informed that medical benefits have already been extended to employees of CPSEs under the Ministry of Steel. NMDC and MOIL have also introduced the pension scheme to its employees as per the Second Pay Revision Committee recommendations. He said that there has been a long-standing demand from the employees of other CPSEs for the introduction of the pension scheme.

Chaudhary Birender Singh said that the pension scheme will benefit over 94,000 serving and 56,000 retired employees of CPSEs under the Ministry of Steel and put an additional financial burden of Rs. 45 crore per month. He said that the pension scheme will be subject to factors like affordability, capacity to pay and sustainability by the CPSEs. Government budgetary support will not be provided to operate these schemes. The rate of contribution will be decided by the respective boards of CPSEs each year depending upon the profit made and employee cost to the company subject to an upper ceiling of 30% (Basic Pay plus DA) of superannuation benefits. The actual details of the pension scheme and road map of implementation will be worked out by the management of each CPSEs.

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Suman Munshi

Founder Editor of IBG NEWS (15/Mar/2012- 09/Aug/2018). Recipient of Udar Akash Rokeya Shakhawat Hossain Award 2018. National Geographic & Canon Wild Clicks 2011 jury and public poll winner. Studied Post Graduate Advance Dip in Computer Sc., MBA IT,LIMS (USA & Australia), GxP(USA & UK),BA (Sociology) Dip in Journalism (Ireland), Diploma in Vedic Astrology, Numerology, Palmistry, Vastu Shastra & Feng Sui 25 years in the digital & IT industry with Global MNCs' worked & traveled in USA, UK, Europe, Singapore, Australia, Bangladesh & many other countries. Education and Training advance management and R&D Technology from India, USA, UK, Australia. Over 30 Certification from Global leaders in R&D and Education. Computer Science Teacher, IT & LIMS expert with a wide fan following in his community. General Secretary West Bengal State Committee of All Indian Reporter’s Association
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