State government defaults on deposit with national security deposit (NSD)/ Trustee Bank money collected from contribution of employees to NPS

By Our Correspondent

Agartala, November 29, 2022

In yet another glaring financial irregularity the state government has defaulted on depositing with the national security deposit/Trustee Bank the amount of money deducted from salaries of employees and officer towards contribution to the national pension scheme (NPS) , introduced in the state since July 2018 but actually in force from 2004 at the central level. This has cast a shadow of uncertainty over the post-retirement pension of employees and officers.

According to latest report of the CAG the state is yet to deposit 30% of dues on this head with the NSD, Trustee bank even after monthly deduction every month. Even though the default is considered by CAG as debt of the state government, failure to deposit the amount on time will lead to loss of interest and erosion of gain from pension of the employees and officers when they go on retirement. Despite the central law in force since 2004 the previous left front government of the state did not implement this in the interest of employees and officers.But shortly after coming to power the BJP-IPFT government introduced the NPS from July 2018 . According to the scheme 10% of the basic pay plus DA is deducted from the salaries of the employees and officers and the state government contributes the same amount for depositing with the NSD/Trustee bank.

The post-retirement pension under the scheme is beset by uncertainty because the NSD/Trustee bank invest the total amount in share market and capital market for return but what will happen in case there is a collapse of the share market or capital market is not clear . The pension of the retiring employees and officers will depend on the buoyancy of the market though the retiring employees and officers are due to get 60% of the amount deposited with interest at the time of retirement with the rest of the due pension still in the realm of uncertainty. Sources in the administration said that the government will deposit the entire arrear amount with interest and the employees and officers will not actually lose any thing but doubts asnd misgivings in the minds of employees and officers still persist.


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