Rashtriya Ispat Nigam Limited approves pension for executives, non-executives

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Rashtriya Ispat Nigam Limited approves pension for executives, non-executives

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After a continuous struggle by the employees, the Rashtriya Ispat Nigam Limited (RINL) has approved pension by issuing a circular on Thursday.

The decision was taken after a letter was issued by the Union Ministry of Steel on February 11, subject to compliance of stipulated conditions.

The circular issued by the HR Department of RINL stated that the management had decided to introduce Employees’ Pension (Defined Contribution) Scheme with effect from January 1, 2007 and January 1, 2012 for the executives and non-executives respectively.

Monthly contribution

The monthly pension contribution by the RINL shall be at 3% and 2% of basic plus DA for executives and non-executives respectively for 2018-19 fiscal year. It will commence with effect from April. The contribution is on ad hoc basis, which will be adjusted after finalisation of accounts of 2018-19 fiscal year. According to the circular, pension contribution for the period from January 1, 2007 and January 1, 2012 for executives and non-executives respectively till March 31, 2018 will be made subsequently.

Performance benefit
Consequent to the commencement of the pension contribution with effect from April this year, the Performance Linked Benefit Scheme (PLBS) for executives will be discontinued. A separate decision will be taken in respect of the PLBS for non-executives. The existing Superannuation Benefit Fund Trust will function as the trust for the RINL Employees’ Pension (Defined Contribution) Scheme. Meanwhile, trade unions hailed the decision of the management.

source: The Hindu

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