Set-up committee to devise mechanism to ensure that NPS contributions of employees are credited on time
By: Ibni Maqbool
Srinagar: In a significant move, the administration of Jammu & Kashmir has set-up a committee for streamlining implementation of New Pension Scheme (NPS) in the Union Territory.
Headed by Financial Commissioner (Additional Chief Secretary) Finance Department, the five-member panel has been constituted for streamlining implementation of NPS and to monitor grievances as well as timely registration and credit of contribution to subscribers’ accounts in the UT of J&K.
According to an order, a copy of which is in possession of The Precious Kashmir, the panel has been mandated to ensure that the contribution of employees and the government are credited without delay to the NPS financial architecture both in case of existing employees and newly recruited from time to time.
The order further states that the existing system and procedure being followed for the purpose shall be monitored effectively to ensure that no delay in credit of the contributions takes place.
As per its terms of reference, the committee shall ensure that in case any grievance by any employee is received in regard to delay in credit of contribution, either directly from the employee or through Pension Fund Regulatory and Development Authority (PFRDA), the same shall be looked into and disposed of in a manner to the satisfaction of the concerned employee.
The committee shall also look into any other matter as having a bearing on the issue of crediting/remittance of NPS contributions.
“The committee shall devise its own mechanism as also appropriate checks and balances to ensure that NPS contribution are credited on time in respect of all employees under NPS system,” the order further states.
The order further states that the committee shall meet at least once in three months to review the progress and in case any slippages are noticed, it shall take immediate corrective action.