Thursday, 8 November 2018

Committee has been constituted to review Contributory Pension Scheme in Kerala.

07/11/2018   Press Note

A committee has been set up to submit recommendations to the Government after reviewing in detail the
various aspects of the Contributory Pension Scheme. The Chief Minister has given nod to the suggestions put forth by the Finance Department. The committee has been constituted in accordance with the assurances given in the Election Manifesto of the Left Democratic Front as well as in the Legislative Assembly.

The Review Committee has Sri.S.Satish Chandrababu, District Judge (Retd.) as Chairman and Sri.P.Marapandyan IAS (Retd.), former Additional Chief Secretary and Prof.D.Narayana, Director, Gulati Institute of Finance and Taxation as members.

Terms of reference of the committee

1.To submit a detailed report analysing the repercussions, both legal and financial, of reviewing the Contributory Pension Scheme now in force.

2. How does the process of reviewing Contributory Pension Scheme affect the conditions of the Central Finance Commission and the fiscal consolidation perspective..?

3.To suggest propositions regarding the liabilities and risks that may arise out of the agreements entered into with NPS trust and NSDL

4. If it is decided to withdraw the Contributory Pension Scheme and in lieu of it to implement the Statutory Pension Scheme :
a. How to handle the contributions made by the employees so far..?
b.Will the contributions made by the Government be refunded..?

5.If it is decided to withdraw the Contributory Pension Scheme and in lieu of it to implement the Statutory Pension Scheme, what will be the legality of such a decision with respect to those who have already retired from service after serving under the Contributory Pension Scheme..? What is the position of the contributions made by such employees and the Government..?

6.To examine in detail the experiences and current scenarios of other states that have implemented the Contributory Pension Scheme.

7.What are the distinctive features of the Contributory Pension Scheme in Kerala..?
If it is found to be impossible to revoke the Contributory Pension Scheme, what are the various steps that can be taken to make it more attractive...?

8.To make suggestions in other matters that the committee finds relevant with regard to the review of the Contributory Pension Scheme.

Office of the Minister for Finance.

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