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DCPS & Welfare Trust

The Corporation has introduced a Pension Scheme namely “Defined Contribution Pension Scheme (DCPS)” for its Category I, II, III & IV employees w.e.f. 01-12-2008. The Scheme is in line with the guidelines issued by DPE (Department of Public Enterprises) and is part of the Terminal Benefits. 

DCPS: Under this Scheme, the Corporation contributes 10% and Employee contributes 2% of Basic Pay and Dearness Allowance (DA). The Employee have the option to contribute more, subject to a maximum limit of 25% of Basic Pay and DA. At present, the Scheme is being managed by LIC. On Superannuation/Separation, the members of the Scheme are entitled to get a Pension in the form of Annuity against the corpus accumulated in their account. The Employees have the option to choose the Annuity Provider among those listed by NPS (National Pension Scheme) of GOI.

 

PRMS: The Corporation has introduced a “Post-Retirement Medical Scheme (PRMS)” for its Category I, II, III & IV employees w.e.f. 01-04-2016. The Scheme is approved by GOI and is part of the Terminal Benefits. Under this Scheme, the Corporation contributes 3.83% of Basic Pay and Dearness Allowance (DA) every month and Employee contributes a sum equivalent to one month’s Basic Pay and Dearness Allowance (DA) at the time of superannuation. The Employee have the option to contribute his/her share in 36 monthly instalments prior to superannuation.

After retirement, the members of the Scheme are entitled to get reimbursement for Indoor Medical treatment for Self, Spouse and dependent disabled children, subject to Annual Ceiling limits defined from time to time.