PENSION: For recovery of excess/wrong pension disbursed to pensioners, banks to seek guidance from the Pension Sanctioning Authority …8

PENSION NEWS

For recovery of excess/wrong pension disbursed to pensioners, banks to seek guidance from the Pension Sanctioning Authority
Jeevan Pramaan / Digital Life Certificate now available at your nearest post office or at door step
National Pension System: Get Rs 45 lakh cash + Rs 22,000 monthly pension with Rs 5000/month
Central Government Employee? Modi govt has amended this Pension rule – Check your benefit
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Central Government Service Rules

For recovery of excess/wrong pension disbursed to pensioners, banks to seek guidance from the Pension Sanctioning Authority

Jan 22, 2021 : Dtf.in
Vide Reserve Bank of India’s Circular dated 21 January, 2021, the agency banks have been requested to seek guidance from respective Pension Sanctioning Authorities regarding the process to be followed for recovery of excess pension paid to the pensioners, if any.
The agency banks have been advised by the Reserve Bank of India that where excess pension payment has arisen on account of mistakes committed by the bank, the amount paid in excess should be refunded to the Government in lump sum immediately after detection of the same and without waiting for recovery of any amount from the pensioners.
See RBI’s Circular dated 21.01.2021  and other Circulars at RBI Circulars (Date-Wise) & Master Circulars/Directions (Subject-Wise). 

Jeevan Pramaan / Digital Life Certificate now available at your nearest post office or at door step

13 Nov 2020
Digital Life Certificate is a biometric enabled digital service for pensioners. Pensioners of Central Government, State Government, EPFO or any other Govt. organizations can take benefit of this facility at doorstep or at any post offices.
The pensioners need not visit office of Pension department or pension disbursing agency for submission of Life Certificate

• Completely paperless issuance of Digital Life Certificate with Aadhaar authentication.
• Instant issuance of certificate.
• Service available at nominal fee of Rs. 70 (inclusive of taxes)

Pensioner needs to carry the following information for the generation of the DLC:

1. Pension ID
2. Pension Payment order
3. Pension Disbursing department
4. Bank account details
5. Mobile Number and Email ID
6. Aadhaar Number

Digital Life certificate will be instantly generated with Pramaan ID sent to you on your mobile.
Your certificate details will be automatically updated with the pension department.
Pensioner can book doorstep request on post info mobile app or http://ccc.cept.gov.in/covid/request.aspx
Nodal officer Name: Shri Ramdas Tayde (OA DO Panaji)
Contact number: 9823910714
(Source: Pib website)

National Pension System: Get Rs 45 lakh cash + Rs 22,000 monthly pension with Rs 5000/month

Financialexpress.com
October 9, 2019
National Pension System for retirement: Planning to save for retirement? You can try government-backed National Pension System (NPS). Any citizen of India aged between 18-65 years can join the NPS as an individual or as employee-employer groups after submitting required information and Know Your Customer (KYC) documentation. The accumulation of wealth under NPS depends on factors like the amount of investment, the term of investment and income generated in the invested amount. NPS investment is managed by PFRDA-approved Pension Funds. These have been set up as per the investment guidelines of the PFRDA. …

Central Government Employee? Modi govt has amended this Pension rule – Check your benefit

Financialexpress.com
September 23, 2019
Central Government Employee Pension rules: The Union government has amended Rule 54 of Central Civil Service (Pension) Rules, 1972
Central Government Employee Pension rules: The Union government has amended Rule 54 of Central Civil Service (Pension) Rules, 1972. In case of death of a Government servant while in service, the family is entitled to a family pension as per Rule 54 of the Central Civil Services (Pension) Rules, 1972. Earlier, the family pension was payable at enhanced rate of 50 per cent of the pay last drawn for 10 years, if the Government servant had rendered a continuous service of not less than seven years; thereafter the rate of family pension was 30 per cent of the pay last drawn. …

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Central government employees pension account: Here’s a list of factors you must note

Apr 06, 2019
Zeebiz.com
All central government employees are entitled to receive pension on their retirement. However, they should know what they are entitled to so as to ensure no glitch deprives them of any aspect, especially regarding pension. Generally, pension is given even to those employees who have come across major injuries. However, the eligibility criteria is that, a central government employee is allowed pension after she or he puts in service of 10 years and more. A retiring pension is granted to a Government servant who is permitted to retire after completing qualifying service of 25 years. Currently, in India, pension is calculated at 50% of emoluments (last pay) or average emoluments (for last 10 months), whichever is more beneficial to the central government employees. However, there are certain rules and regulations in regards to how one should manage their pension account. It can be in case of withdrawals, transfer or any other services related to their bank account. …

Pension option for employees of PSU insurers
Govt approves pension option for over 42,000 employees of PSU insurers

This benefit is applicable to those who have joined any of the public sector insurance companies (PSICs) on or before June 28, 1995
Moneycontrol.com
March 2, 2019,
In a big bonanza to over 42,000 employees of public sector insurance companies, the government on March 2 decided to give one more pension option as retirement benefit to these left over officers and staff who missed the opportunity in the past. …

7th Pay Commission: Latest update for 55.1 lakh pensioners

Oneindia.com 
August 05, 2017
The 7th Pay Commission made several recommendations on the fixation of pension. The pension, as had been fixed at the time of implementation of the 6th Pay Commission recommendations, may be multiplied by 2.57 to arrive at an alternate value for the revised pension.
The 7th Pay Commission however recommended that the pensioners may be given the option of choosing the formulation which is more beneficial to them. …

Give govt employees freedom to choose fund managers: PFRDA   

Zeenews.india.com
April 12, 2016
New Delhi: Insurance regulator PFRDA wants government employees to be given freedom to choose their fund managers and investment pattern for money invested in Atal Pension Yojana. …

 Bank fined for not following due recovery procedure (for excess pension)

TimesofIndia.indiatimes.com
Oct 3, 2015
CHENNAI: A consumer forum here has fined State Bank of India 30,000 for not following the proper recovery proceedings after inadvertently crediting an excess amount in the pension account of a retired government official. …

Digital Certificate for Pensioners

New Delhi, Dec 05, 2014
Under the “Digital India Mission” Government of India has launched a Jeevan Pramaan application on 10.11.2014. the facility provides an option to a pensioner to give his life certificate remotely through the Jeevan Pramaan portal (https://jeevanpramaan.gov.in/). Aadhaar Number is used for authentication of pensioners. As a result of this facility the pensioner is not required to present himself before his pension disbursing agency or produce other documents that he is alive. Instructions related to submission and acceptance of ‘Jeevan Pramaan’ as additional mode for submission of life certificate have been issued to all the stakeholders by Controller General of Accounts. The Pension disbursing banks have been directed to implement the new life certification system immediately as an additional mode for submission of life certificate. This was stated by Shri Arun Jaitley, Finance Minister in written reply to a question in the Lok Sabha today. (Source: pib press release)

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