Coal Mines Pension Scheme 1998
In exercise of the powers conferred by sub-paragraph 1 of the Coal Mines Pension Scheme, 1998 (Published in the Official Gazette vide number G.S.R. 123 (E), dated the 5th March 1998), the Central Government hereby appoints the 31st day of March 1998 as the date on which the said scheme shall come into force.
This scheme may be called the Coal Mines Pension Scheme,1998. It shall come into force from such date as the Central Government may, by notification in the official gazette, appoint. It shall apply to the employees of the coal mines to which the Coal Mines Provident Fund Scheme, 1948, the Andhra Pradesh Coal Mines Provident Fund Scheme, 1956, and the Rajas than Coal Mines Provident Fund Scheme, 1958 framed under section 3 of Coal Mines Provident fund and Miscellaneous Provisions Act, 1948, apply.
Eligibility for Pension
- An employee who was a member of the Coal Mines Family Pension Scheme, 1971 immediately before the appointed day and has not attained the age of superannuation shall be deemed to be eligible for pension under the provisions of this Scheme from the appointed day.
- An employee who has not opted for the Coal Mines Family Pension Scheme, 1971 but is covered by the Provident Fund Scheme, may opt for pension under the provisions of this Scheme within a period of 3 three hundred and sixty-six days from the appointed day and he shall be deemed to have become the member of the Scheme from the date of his exercising the option in Form P.S.-1:
- Provided that an employee exercising the option under the provisions of this subparagraph shall have to deposit in the Pension Fund either in cash or by way of deduction in installments from his monthly salary or by transfer from his Provident Fund account to the Pension Fund, the arrears equivalent to the amounts specified in clauses (b), (c), (d) and (e) of paragraph 3, along with interest from the first day of March 1971 till the date of exercising the option in respect of arrears,-
- specified in clause (b), at the rate admissible from time to time to the monies in Coal Mines Provident Fund;
- specified in clauses (c) and (d), at the rate of twelve percent per annum; and
- specified in clause(e), at such rate as the Central Government, from time to time, credited interest in respect of its contributions to the Coal Mines Family Pension Scheme, 1971.
- An employee who has not opted for the Coal Mines Family Pension Scheme, 1971 but is covered by the Provident Fund Scheme, may opt for pension under the provisions of this Scheme within a period of nine months from the date of this notification and he shall be deemed to have become the member of the Scheme from the date of his exercising the option in Form PS – 1.
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