Reserve Bank to supply workers choice to change from CPF scheme to pension scheme

Reserve Bank to offer employees option to switch from CPF scheme to pension scheme

 

KOLKATA: The Reserve Bank of India has agreed to supply its workers an choice to change over to pension facility from the contributory provident fund (CPF). It was a long-standing demand by the central financial institution workers.

“This will be the last such option given to eligible serving/retired employee/ family members of deceased employees to switch over from CPF scheme to pension scheme and no further option will be given in future,” RBI mentioned in an inside word.

The determination has been taken in session with the federal government. All current workers who joined RBI earlier than January 1, 2012 will get this profit. For retirees, the closing date is November 1, 1990, the date of introduction of the pension scheme at RBI.

The change over choice can be out there until November 15.

Those who can be availing themselves of the ability can be eligible to attract pension from July. “No arrears of pension will be paid for the period prior to July 1, 2020,” RBI mentioned.

ET has reviewed the RBI’s administrative word issued on Monday. The central financial institution additionally mentioned that it could flow into detailed directions on the matter quickly.

RBI workers who joined the service on or after January 1, 2012 are ruled by the National Pension Scheme, which is a market-linked voluntary contribution scheme managed by skilled fund managers.

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