7th Pay Commission Latest News today: 7th CPC to NPS benefits for lakhs of this state govt's employees
7th Pay Commission, National Payment System (NPS) implementation in Tripura: After getting promised of 7th Pay Commission benefits, Tripura state government employees will now get the benefits of the National Pension System (NPS).
After getting a promise of 7th Pay Commission benefits, Tripura state government employees will now get the benefits of the National Pension System (NPS) too. Tripura has become the 28th state to adopt the NPS, effective from July 1. Now, all employees joining the Tripura state government services on or after July 1 will be mandatorily covered under NPA, Pension Fund and Regulatory Authority (PFRDA) has tweeted.
Newly-appointed CM Biplab Dev-led NDA government in Tripura had made the announcement on the state joining the NPS in the state Budget speech of 2018-19, and later its implementation was ordered by the state governor. Apart from the state government employees, the staff of Grant-in-aid institutions, autonomous bodies, Boards, PSU and other such organisations of the state joining on July 1 or after will also be covered under NPS in Tripura.
For smooth implementation of the pension scheme, Tripura will now recruit a Central Record-keeping Agency (CRA) and various other Pension Fund Managers (PFMs). The PMFs will manage the pension funds.
With this, all employees joining state government services on or after July 1 will be mandatorily covered under #NPS@PMOIndia @FinMinIndia @DFS_India @PIB_India #PFRDA #NationalPensionSystem #pension #retirement #RetirementPlanning #FinancialPlanning pic.twitter.com/9cyIBzsBTQ
— PFRDA (@PFRDAOfficial) August 13, 2018
Earlier in March this year, the Tripura government had announced to form an expert committee regarding the implementation of the 7th Pay Commission recommendations for the state government employee. This decision was taken during the first meeting of the council of ministers of the state.
Watch this Zee Business video:
There are over 2.5 lakh government employees of Tripura. In the state budget presented in June, Tripura government had earmarked Rs 1000 crore for the implementation of the recommendations of Seventh Pay Commission (7th CPC) for its employees.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.