Review of National Pension System Oversight Mechanism: Ensuring Efficiency and Accountability
The Ministry of Personnel, Public Grievances & Pensions conducted a review of the National Pension System Oversight Mechanism, established in 2019 to ensure timely crediting of contributions to the National Pension Scheme. This review meeting, chaired by Shri V. Srinivas, Secretary (Pension), on 21.02.2024, focused on the operationalization of the mechanism across Ministries/Departments. Emphasis was placed on ensuring timely remittance of contributions, addressing employee grievances, and adhering to the CCS (Implementation of NPS) Rules, 2021.
Ministry of Personnel, Public Grievances & Pensions
Review of Functioning of National Pension System Oversight Mechanism
Posted On: 22 FEB 2024 4:13PM by PIB Delhi
Government has established the National Pension System Oversight Mechanism in 2019 for each Ministry/ Department under the chairmanship of the Financial Advisor of the Ministry/ Department for ensuring that the contribution of employees and Government are credited without delay to the National Pension Scheme.
Government has also notified the Central Civil Services (Implementation of National Pension System) Rules 2021. A review meeting on the status of operationalization of the National Pension System (NPS) Oversight Mechanism and the CCS (NPS) Rules 2021 was held under the Chairmanship of Shri V. Srinivas, Secretary (Pension) on 21.02.2024 at 3.00 P.M. with the Financial Advisors and the representatives of all Ministries / Departments.
The deliberations focused on the status of operationalization of the Oversight Mechanism in Ministries/ Departments to oversee the implementation of NPS in their Ministry. As per extant guidelines, the Oversight Mechanism Committee has to meet once in 3 months to review the progress.
The Oversight Mechanism also has to ensure timely remittance of monthly contribution into NPS and redressal of grievances of employees covered under NPS. Ministries/ Departments have to formulate six monthly reports on the status of implementation of NPS in prescribed formats. Ministries / Department were asked to ensure timely generation of PRAN, remittance of monthly contribution, and implementation of Rule 10 of the CCS (Implementation of NPS) Rules, 2021 for taking option form and family details. It is expected that the periodic reviews of the implementation of NPS by the Oversight Mechanism would result in timely generation of PRAN of new appointees, ensure that contribution of employees and Government are credited without delay to the NPS and all accounts have nomination and contact details.
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