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news details
New Pension Scheme a flop show?
More than Rs 50 cr not transferred to trustee bank, Rs 6.64 cr unadjusted
10/1/2020 12:58:03 AM
Early Times Report

Jammu, Sept 30: The much famed New Pension Scheme (NPS) has turned into a flop show in Jammu and Kashmir.
According to the details available with Early Times crores of rupees are unadjusted on account of subscribers contribution and also has been delaying the transfer of more than Rs 50 crore in National Securities Depository Limited (NSDL)/ Trustee Bank.
As per the official documents in possession of Early Times, during the year 2017-18, out of Rs687.72 crore (Total contribution of NPS during 2017-18 of Rs622.16 crore including employees contribution of Rs311.08 crore and matching contribution from the State Government plus previous liability of Rs 65.56 crore), Rs628.31 crore was transferred from this head of Deposit Account to the designated fund manager through the National Securities Depository Limited (NSDL)/ Trustee Bank.
The audit conducted later found out that an amount of Rs59.41crore was lying under the Major Head 8342-“Other Deposits”-117 “Defined Contribution Pension Scheme” of the Government Employees awaiting transfer to NSDL/Trustee Bank. There was delay in uploading of NPS contributions ranging between one to 14 days due to networking problems, falling of holidays on due date of uploading and inactive PRAN etc.
There is also an amount of Rs3.64 crore lying with treasuries ending March 2018 which is unadjusted on account of subscribers contribution towards their respective Permanent Retirement Account Number (PRAN).
There was balance of Rs65.56 crore at the beginning of the year 2017-18 related to New Pension Scheme on which Rs5.11 crore was required to be paid as interest (taking GPF interest rate of 7.80 per cent for the year 2017-18). The State Government had not paid any interest on NPS. Uncollected, unmatched and non-transferred amounts with accrued interest represent outstanding liabilities of the State Government under the scheme, which has not been computed.
The New Pension Scheme (NPS) was launched in the erstwhile Jammu and Kashmir State on 1st January 2010. The NPS which is mandatory for all the employees joining government services post 2010 is a “Defined Contribution Pension Scheme” wherein both the employer and the employee contributes 10 per cent of the basic pay and dearness allowance every month.
Sources divulged that the government officials/ officers appointed under the New Pension Scheme are facing immense hardships in getting their salaries disbursed on time due to the erratic system of funds distribution under the said scheme. “Sometimes the budget is made available for three months and then for months together there is paucity being faced. The fact is that the government is not talking the requisite measures in streamlining the system as per the requirement. The result is evident. The NPS scheme has become quite a mess in Jammu and Kashmir,” said an official enrolled under New Pension Scheme.
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