Now you can take a SIP in NPS
In order to increase the subscriber base in the unorganised sector (i.e. private sector), for the struggling New Pension Scheme (NPS), Mr. Yogesh Agarwal - Chairman of PFRDA (Pension Fund Regulatory and Development Authority) is now making smart moves.
One of the strategy adopted by the regulator, is to use technology to offer the pension plan online. And hence as a step in that direction, earlier this week PFRDA tied up with ICICIdirect.com to offer investors the option of investing online. Hence, now one can start an SIP (Systematic Investment Plan) (by signing in an ECS mandate form with ICICIdirect.com) for as low as Rs 500 a month and also track the net asset values online. But in order to avail the same, ICICIdirect will charge 40 for opening an account and Rs 20 for every subsequent transaction.
Also as a strategy for the off-line model (of business) to promote NPS, PFRDA has decided to put distributors (who run "points-of-presence"), on notice for non-performance and de-register them if they fail to take measures to improve sales. The 40 points-of-sale which consists mostly of banks, receive Rs. 40 for every new pension account they open. According to Mr. Agarwal, 90% of them have failed to perform. "If they fail to perform, we will ask them to make way for ones that are willing to," he said.
He also added further saying - "The total corpus of NPS is Rs. 7,000 crore, whereas collections from the unorganised sector under the scheme is only Rs 40 crore. The Bajpai Committee report is expected by January 2011, which will help in studying as to why the contributions from the unorganised sector are low."
While we think that the steps taken by PFRDA will help in increasing sales. But in our opinion the main reason why NPS has failed to appeal the unorganised specially, is due to lack of withdrawal facility upto the age 60 years (in Tier I account). Also when you withdraw the money after attaining 60 years of age, it is taxable.
PME Due Date
Master Circular No. 25
Copy of Railway Board’s letter No. 69/H/3/11 dated 06.12.1974
Subject: Implementation of the Recommendations of the Visual Sub-Committee.
6. Periodical re-examination of serving Railway Employees:
6.l. In order to ensure the continued ability of Railway employees in Classes A l, A 2, A 3, B l and B 2 to discharge their duties with safety, they will be required to appear for re-examination at the following stated intervals throughout their service as indicated below:
6.1.1. Classes A l, A 2 and A 3 —At the termination of every period of three years, calculated from the date of appointment until they attain the age of 45 years, and thereafter annually until the conclusion of their service.
Note: (l) The staff in categories A l, A 2 and A 3 should be sent for special medical examination in the interest of safety under the following circumstances unless they have been under the treatment of a Railway Medical Officer.
(a) Having undergone any treatment or operation for eye trouble irrespective of the duration of sickness.
(b) Absence from duty for a period in excess of 90 days.
(2) If any employee in medical category A has been periodically medically examined at any time within one year prior to his attaining the age of 45, his next medical examination should be held one year from the due date of the last medical examination and subsequent medical examination annually thereafter.
If, however, such an employee has been medically examined, at any time earlier, than one year prior to his attaining the age of 45, his next medical examination should be held on the date he attains the age of 45 and subsequent medical examination annually thereafter.
Ammendment: It was ammended in 1993 as below
Age Group PME Due
Age 00-45 every 4yrs
Age 45-55 every 2yrs
Age 55-60 every year
Details:-
As per Rly Bd's Guideline of Medical Exam issued vide LNo. 88/H/5/12 dated 24-01-1993
a) PME would be done at the termination of every period of 4 years from date of appointment / Initial medical Exam till the date of attainment of age of 45 years, every 2 years upto 55 years & there after annual till retirement.
b) Employees who has been periodically examined at any time within 2years prior to his attaining the age of 45years would be examined after 2years from the date of last PME & subsequent PME for every 2years upto 55years age.Of
NRMU 4 you
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6.1.2. Classes B-1 and B-2—On attaining the age of 45 years, and thereafter at the termination of every period of five years.
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