Friday, 21 July 2017

G.O.Ms.No. 142, Dated:17.06.2013. New Pension Scheme (Contributory Pension Scheme) - Payment of interest @ 8% per annum on the CPS contributions of the employees and matching contributions of the Government for the legacy period from 01-04-2011 upto the period of the legacy data is uploaded


GOVERNMENT OF  ANDHRA PRADESH 
ABSTRACT    

PUBLIC  SERVICES  – New Pension  Scheme  (Contributory Pension Scheme) - Payment of  interest @ 8%  per  annum on the  CPS contributions  of the employees and  matching  contributions of the Government  for  the legacy  period  from  01-04-2011 upto  the period  of the legacy  data  is  uploaded  – Orders  – Issued.

 FINANCE  (PENSION-I)  DEPARTMENT
 G.O.Ms.No. 142            Dated:17.06.2013

Read the following:-
 1  G.O.Ms.No.653,  Finance (Pen.I)  Department,  dt.  22.09.2004.
 2  G.O.Ms.No.655,  Finance (Pen-I)  Department,  dt.  22.09.2004.
 3  G.O.Ms.No.226,  Finance (Pen.I)  Department,  dt.  29.09.2011.
 4  DTA,  A.P.,  Hyderabad,  Letter No.D(II)/CPS/14291/2013,   dated.  19.02.2013.

                                                         ****

O R D E  R:

In the  G.O. 1st  read  above,  Government have  introduced  New Pension Scheme  (CPS)  to  the  AP  Government employees  who  were appointed  on  or  after 01.09.2004.  In  the G.O. 2nd  read above, Government  have  issued  operational  guidelines. In  the  New Pension scheme each  employee shall  pay  a monthly  contribution  of  10%  basic pay + DA  from  his  salary  and  the  Government will  contribute  an equal amount  as  its  share.  Government  have  reviewed  the progress  of  the implementation  of New Pension  Scheme  (Contributory Pension Scheme) and issued  instructions  to  the  DTA/PAO,  Hyderabad to complete  the  uploading  process of  the  data relating to  the contributions  to the  individual  accounts of the  employees  concerned for legacy  period  i.e.  from  01.09.2004  to  31.03.2011 in  a  time  bound manner.  Further,  the DTA  was directed  to  furnish  necessary proposals to  fix  the  rate  of  interest payable  on  the  CPS  contributions of  the employees  and matching contributions of  the  Government for  the legacy  period  from 01.09.2004  to  31.03.2011 as  the said  funds  are with the  State  Government only.  In the  reference 3rd  read above Government  have issued  orders for payment  of simple  interest  @ 8% per  annum on  yearly  basis on  the  CPS contributions of  the  employees and on  the  matching contributions of  the  Government for  the  legacy period  from  01.09.2004 to  31.03.2011  on  par with  the interest  rate being  paid  for GPF  contributions  during  the period  from  01.09.2004 to 31.03.2011.

2. In  the reference 4th  read  above,  the Director of  Treasuries  and Accounts has requested to  examine  for  payment of  interest for  the period  beyond  31.03.2011.

 3. Government,  after careful  consideration  of  the matter,  hereby order  for  payment of  simple  interest @ 8%  per  annum on  yearly basis on  the CPS  contributions  of  the employees  and  on  the matching contributions of the Government  for the legacy period  from 01.04.2011  upto  the period  of  the legacy  data  uploaded.  

4. The payment  of  interest  on  the CPS  contributions  shall  be debitable  to  the  following Head of  Account.

  2049 -  Interest  Payments
    03  -  Interest  on  Small Savings, Provident Funds etc.,
    117  -  Interest  on  Defined  Contribution  Pension  Schemes           (04)  -  Interest  on  Defined  Contribution  Pension  Schemes   (to be opened)
     450  -  Interest  (Charged)

5. The Director of  Treasuries  and Accounts,  Pay and  Accounts Officer and the  Director of  Works  Accounts should  ensure  that the legacy data shall  be  uploaded  during  this  financial year.  

6. All the  Drawing and  Disbursing  Officers and Treasury Officers are requested to  take  necessary  action  immediately.  

7.  The Government  Order is  available on  internet  and  can be  accessed at the address  http://goir.ap.gov.in.

  [BY  ORDER  AND  IN  THE NAME  OF  THE  GOVERNOR OF  ANDRHA  PRADESH]

DR. D. SAMBASIVA RAO     PRINCIPAL  SECRETARY  TO GOVERNMENT  (FP) 



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