CONTRIBUTORY POST RETIREMENT MEDICARE SCHEME

CONTRIBUTORY POST RETIREMENT MEDICARE SCHEME

SUPERANNUATION
BENEFITS
COAL INDIA LIMITED
POST RETIRAL MEDICAL BENEFIT
REVISION OF PAY & PERKS
 DPE vide OM No. dated 26.11.2008 and 02.04.2009 had
revised the Pay of executives and non-unionized
supervisors of CPSEs w.e.f 01.01.2007.
 Presidential Directive was issued by Ministry of Coal vide
letter No. 21/25/2008 – ASO dated 30.04.2009 and No.
49015/1/2008 – PRIW-II dated 01.05.2009, for
implementation of pay scales, fitment formula, DA and
perks.
 The
pay revision w.e.f. 01.01.2007 provide for
Superannuation Benefit equaling to 30% of basic pay and
DA.
ALLOCATION PERCENTAGE OF
SUPERANNUATION BENEFIT
Superannuation Benefit
(30 % of Basic + DA)
12 % - Contributory Provident Fund (CPF)
4 % - Superannuation Medical Benefit
4.16 % - Gratuity
9.84 % - Pension
CPRMS
CONTRIBUTORY POST
RETIREMENT MEDICARE SCHEME
CPRMS
CPRMS already in operation for the
Executives prior to the Pay revision
orders.
SALIENT FEATURES
(A) ELIGIBILITY
 Executives, who separate from the company on account of :
 Retirement on attaining the age of superannuation.
 Retirement under Voluntary Retirement Scheme.
 On Medical grounds.
 The executives who have retired prior to 01.01.2007.
 In case of death of a retired executive before becoming
member, his/her spouse would be eligible for membership.
 In case of death of the retired executive, who is a member
under the Scheme, his/her spouse will continue to avail the
benefits under the scheme.
 The spouse of an executive who dies while in service is
eligible for membership provided he/she is not considered
for employment on compassionate ground.
(B) CONTRIBUTION
 Rs. 10000/- (self and spouse) for the Executives who
have retired before 01.01.1992 for self and spouse.
 Rs. 20000/- (self and spouse) for the Executives who
have retired after 01.01.1992 and before 01.01.1997.
 Rs. 40000/- (self and spouse) for the Executives who
have retired after 01.01.1997 and before 01.01.2007.
 The contribution would be 50% of the above mentioned
amount for the single beneficiary.
 Executives who have retired/retiring after 01.01.2007 will
have to deposit an amount equivalent to Rs. 40000/minus the contribution of 4% of basic plus DA. For the
single beneficiary the amount would be Rs. 20000/minus the contribution of 4% of basic plus DA.
(C) BENEFITS
Indoor Treatment
Outpatient/Domiciliary Treatment
(D) INDOOR TREATMENT
 The maximum amount reimbursable during the entire
life for the retired executives and spouse taken together
would be Rs.25 lakhs only. In case the membership is
limited to single beneficiary the limit would be Rs.12.5
lakhs only.
 The treatment be obtained in Government hospitals or
other hospitals notified by the Coal India Ltd.
 100% Cashless Treatment shall be permitted at the
Government hospitals or hospitals notified by CIL.
 Reimbursement of medical expenditure to the retired
executive will be paid on quarterly basis on the basis of
his claim.
(E) INDOOR TREATMENT
 For the treatment obtained at company’s hospitals
by the members/spouses, the charges will be at
40% of the charges as applicable for outsiders.
 No limit will be applicable in case of the treatment
of the following diseases :
 Heart disease involving surgical intervention
 Cancer
 Renal disease
 Paralysis
 AIDS
(F) OUTPATIENT/DOMICILIARY
TREATMENT
 The amount payable per year for Outpatient/Domiciliary
treatment would be :
 Rs. 15000/- for the executives who have retired on or
before 31.12.06 (for both Husband & Wife).
 Rs. 7,500/- for the executives who have retired on or
before 31.12.06 (for single beneficiary).
 The amount so fixed would be paid in two equal
installments, half yearly i.e. January and July.
CPRMS (CORPUS)
 After the Pay revision w.e.f. 01.01.2007, allocation of 4% of
Basic and DA of all Executives is diverted for creation of
corpus for Executives retiring on or after 01.01.2007.
 For the Executive retired prior to 01.01.2007, action has
been taken as per DPEs OM No. 2(81)/08-DPE
(WC)/GL/XVI-2009 dated 08.07.2009, wherein corpus has
been created out of 1.5 % of PBT.
PROPOSED MODIFICATIONS
 Outpatient/Domiciliary treatment
 The amount payable per year would be Rs. 15000/ Indoor Treatment
 The maximum amount reimbursable during the entire life
for the retired executives and spouse taken together would
be Rs.25 lakhs only. In case the membership is limited to
single beneficiary the limit would be Rs.12.5 lakhs only.
 No limit will be applicable in case of the treatment of
some specified diseases.
NPS
NEW PENSION SCHEME
NPS
 The Board of CIL has approved for adoption of the New Pension
Scheme of PFRDA (Pension Fund Regulatory and Development
Authority) wherein 9.84% of basic pay and DA will be deposited and
applicable w.e.f. 01.01.2007.
 Direct Upload Model i.e. all NPS activities will be performed by
Management itself.
 Consent from PFRDA obtaind to operationalize NPS through direct
interface with CRA (Central Recordkeeping Agency) - Exemption from
interfacing through a PoP (Point of Presence).
NPS
 Decentralized Model i.e. the CIL will be registered as Corporate
Head Office (CHO) as well as Corporate Branch Office (CBO) and
the subsidiaries of CIL will be registered as Corporate Branch
Office (CBO) in the NPS system.
 CRA service charge would be borne by the subscribers.
 Scheme preference (Pension Fund Manager, PFM selection) will
be left to the individual Subscriber.
 Approval of Ministry of Coal awaited for adoption of the scheme.
THANK YOU