Document 6562128

ASSOCIATION OF SCIENTIFIC & TECHNICAL OFFICERS
OIL AND NATURAL GAS CORPORATION LTD., NEW DELHI
Registered with the Registrar of Societies,U.P., Lucknow, Registration No. 172 (1967-68)
R. P. Pandey
President CWC
Mob.: 09435744241
V. Natarajan
General Secretary- CWC
Mob.: 09428332019
-2-
As per the BOT resolution dated 3t/A3/L4 ASTO requested management to release
the payment of interest at 9.5o/o for transit period of 20 months I i.e. fund reckoning
date 31,03.12to scheme rollout date 29.11.13J.
As per the BOT resolution dated 31./03/14, trustees [representing ASTOJ has also
raised the concern for non incorporation of year wise break up of employer
contribution in form-16 issued by ONGC for FY L3-L4. The DGM[F&A)- Head trust has
informed the BOT that the matter was discussed with ICE Team several time but
correction in form - 16 was not made due to technical reasons. On this issue Chairman
Trust advised Head PRBS Trust to invite I/C ICE to BOT meeting whenever, issues
related to ICE system are involved.
In the 94th BOT PRBS meeting on 26/09/201,4, the B0T has approved for
incorporation of option to retiring employees of ONGC to avail the benefit of Varishth
Pension Bima option in PRBS Scheme (in addition to option A to H). This scheme
provides for higher rate of return as compared to existing schemes, also there is
provision of availing Loan facility (up to75o/o of subscribed amountJ after 3 years and
Exit/surrender is also allowed after L5 years of subscription to the scheme. On this
scheme the Trust would be issuing a detailed circular.
ASTO has submitted that pension benefits available under NPS may also be extended
to PRBS members for diversification of risk and optimization of returns as various
investment options available under NPS.
The Trust audited accounts for the year 2013-l-4 was approved by Trust on
26
20r4:
Rs.
Item
FY 2013-1.4
FY 20t2-13
Income
2739A5A779
3,865,837,484
*
Exnenditure
3,294,974,719
76,965,285
Amount transferred to Gen
570,862,765
2,662,085,495
Reserve
Return on investment
8.56Vo
8.860/o
*lncludes interest on employees fund a/c Rs. 3,238,0L6,493/There are 40-45 case pending in various courts across country for which Rs.60 Cr have
been kept under the head ofGeneral Funds and further Rs.10 Cr. Have been kept for
any court cases in future. An amount of Rs.35 Cr has been kept for pending claim
settlement and any future changes in trust scheme.
After keeping a margin of 0.060/o for any subsequent future adjustment in the interest
the return for the financial year 20t3-14 has been calculated @ 8.50o/o and the
implication is approx. Rs.324 Cr.
,r',
fut#'Ao
'-IRPPandey)
President ASTO, CWC
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Long Live ASTO
Unit
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