{"id":61051,"date":"2016-08-11T10:22:27","date_gmt":"2016-08-11T04:52:27","guid":{"rendered":"http:\/\/www.scconline.com\/blog\/?p=61051"},"modified":"2016-09-13T15:08:13","modified_gmt":"2016-09-13T09:38:13","slug":"cabinet-approves-introduction-of-pension-and-post-retirement-medical-schemes-as-part-of-superannuation-benefits-for-employees-of-food-corporation-of-india","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2016\/08\/11\/cabinet-approves-introduction-of-pension-and-post-retirement-medical-schemes-as-part-of-superannuation-benefits-for-employees-of-food-corporation-of-india\/","title":{"rendered":"Cabinet approves introduction of Pension and Post-Retirement Medical Schemes as part of superannuation benefits for Employees of Food Corporation of India"},"content":{"rendered":"

The Union Cabinet has given its approval for introduction of Pension and Post-Retirement Medical Schemes as part of superannuation benefits for Employees of Food Corporation of India (FCI) as per guidelines of Department of Public Enterprises (DPE).\u00a0The annual financial implication for both schemes combined would be around Rs. 134.4 crore at present level of salaries of the employees.<\/p>\n

Salient Features of New Pension Scheme for Employees of FCI<\/p>\n

    \n
  1. Coverage<\/strong> – All employees. (Category I, II, III and IV) of the Corporation on the payroll as on 1.12.2008 or appointed thereafter are covered under the scheme.<\/li>\n
  2. Eligibility<\/strong> – Minimum service period of 15 years before superannuation except in case of death.<\/li>\n
  3. Effective date of implementation <\/strong>– 01.12.2008. (as per effective date of wage revised allowances.<\/li>\n
  4. Employer’s Contribution <\/strong>– 10% of Basic pay and DA per month in respect of all existing employees as on 01.12.2008 or appointed thereafter.<\/li>\n
  5. Employees’ Mandatory Contribution <\/strong>– 2% of basic pay + DA per month. Employees’ Voluntary Contribution – upto 25% of basic pay + DA per month<\/li>\n
  6. Benefits<\/strong> – Pension (Annuity) on superannuation and Death Cover.<\/li>\n<\/ol>\n

    Salient Features of New Post-Retirement Medical Scheme for employees of FCI<\/p>\n

      \n
    1. Applicability<\/strong> – All employees Category I, II, III & IV employees of the Corporation including retired employees who are members of the current employee funded Medical Health Scheme for Retirees.<\/li>\n
    2. Eligibility <\/strong>– Minimum service period of 15 years before superannuation except in case of death.<\/li>\n
    3. Employer contribution – <\/strong>3.83% of Basic + DA w.e.f. 01.04.2016.<\/li>\n
    4. Employee Contribution <\/strong>– Last drawn Basic pay and DA at the time of retirement \/ death during service (for spouse), subject to minimum of Rs.10,000.<\/li>\n
    5. Coverage <\/strong>– The Scheme would cover the medical expenses of retired member, his\/her spouse and dependent disabled child at any hospital in India subject to the overall annual ceiling.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

      The Union Cabinet has given its approval for introduction of Pension and Post-Retirement Medical Schemes as part of superannuation benefits for Employees <\/p>\n","protected":false},"author":3,"featured_media":22531,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[],"class_list":["post-61051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications"],"yoast_head":"\nCabinet approves introduction of Pension and Post-Retirement Medical Schemes as part of superannuation benefits for Employees of Food Corporation of India | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Dhanuka and S.G. Mehare, JJ., expressed that, for condoning the interruption in service, the total service pensionary benefit in respect of which will lost should not be less than five years duration, excluding one or two interruptions. Question for Determination Whether the\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-143-2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-143-2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-143-2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-143-2.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-143-2.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":246524,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/04\/05\/central-civil-services-implementation-of-national-pension-system-rules-2021-notified\/","url_meta":{"origin":61051,"position":1},"title":"Central Civil Services (Implementation of National Pension System) Rules, 2021, notified","author":"Prachi Bhardwaj","date":"April 5, 2021","format":false,"excerpt":"The Government has notified Central Civil Services (Implementation of National Pension System (NPS)) Rules, 2021, effective from March 30, 2021. The Rules provide a detailed guideline enlisting various\u00a0 benefits available to NPS employees such as compensation to be paid to the Government servant in case of delay in registration and\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/Central-Civil-Services.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/Central-Civil-Services.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/Central-Civil-Services.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/04\/Central-Civil-Services.jpg?resize=700%2C400&ssl=1 2x, 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of\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Tripura High Court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/tripura-high-court.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/tripura-high-court.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/tripura-high-court.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/tripura-high-court.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/tripura-high-court.jpg?resize=1050%2C600&ssl=1 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