Coal Mines Pension Scheme 1998 PDF

PDF Name	Coal Mines Pension Scheme 1998
No. of Pages	48
PDF Size	0.81 MB
Language	English
PDF Category	Government
Source / Credits	Multiple Sources
Uploaded By	Pradeep

Coal Mines Pension Scheme 1998 - Summary

In 1998, the Indian Central Government launched the Coal Mines Pension Scheme to provide vital pension benefits to eligible coal mine employees. This significant initiative, effective from 31st March 1998, aims to ensure financial security for workers and their families. To learn more about this important scheme and its provisions, be sure to download the Coal Mines Pension Scheme 1998 PDF below.

Understanding the Coal Mines Pension Scheme 1998

The Coal Mines Pension Scheme, 1998 is crafted to assist employees transitioning from various provident fund schemes. It specifically includes workers connected to the Coal Mines Provident Fund Scheme, 1948, and related schemes from Andhra Pradesh and Rajasthan.

Eligibility for Pension

An employee who was a member of the Coal Mines Family Pension Scheme, 1971, just before the appointed day and has not reached the age of retirement shall be eligible for a pension under this Scheme from that day.
If an employee has not chosen the Coal Mines Family Pension Scheme, 1971, but is a member of the Provident Fund Scheme, they can opt for a pension under this Scheme within three hundred and sixty-six days from the appointed day and will be considered a member of the Scheme from the date they exercise their option in Form P.S.-1.
However, the employee who chooses this option must contribute to the Pension Fund: either by cash, monthly salary deductions, or by transferring the amount from their Provident Fund account to the Pension Fund. This must include arrears at specified rates and interest, calculated from the first day of March 1971 until the date they choose the option, in reference to clauses (b), (c), (d), and (e) of paragraph 3:
- For clause (b), at the interest rate applicable to the Coal Mines Provident Fund;
- For clauses (c) and (d), at twelve percent per annum; and
- For clause (e), at the interest rate credited by the Central Government on its contributions to the Coal Mines Family Pension Scheme, 1971.

<liIf an employee has not opted for the Coal Mines Family Pension Scheme, 1971, but is included in the Provident Fund Scheme, they may choose to join the pension scheme within nine months from this notification and will be considered a member from the date they exercise their option in Form P.S. – 1.

For additional details, you can easily download the Coal Mines Pension Scheme 1998 PDF format using the link below.

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