Steel Ministry to unveil pension scheme for its CPSEs

The steel ministry has said that it has agreed to introduce a pension scheme for its CPSEs like SAIL and RINL, a move which will benefit about 96,000 serving and 56,000 retired employees. As per reports, the pension scheme is estimated to cost additional financial burden of Rs 540 crore. Commenting on the issue, an official told the media, "Ministry of Steel has agreed to the proposal received from various CPSEs under its control to introduce the pension scheme with effect from 1st January 2007 in case of executives and 1st January 2012 in case of non-executives or from a subsequent date as decided by the company."

“The agreement was reached after detailed consultation with representatives of employees unions and officers associations belonging to SAIL, RINL, MSTC, FSNL, MECON and KIOCL with Steel Minister Chaudhary Birender Singh,” he said. “During the meeting with the minister, the representatives of employees unions and officers associations discussed various issues concerning them, including the introduction of pension scheme as part of the superannuation benefits, provident fund, gratuity and medical benefit,” he added.

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