Pension scheme for PSU staff
Tribune News Service

SHIMLA, Oct 30 — The Himachal government today decided to cover the public sector employees under the pension and gratuity scheme. They will also be allowed to commute their pension.

A spokesman of the government said that the public sector undertakings to be covered under the scheme are the H.P. Financial Corporation, the HP State Industrial Development Corporation, the HP General Industries Corporation, the HP State Small Industries and Export Corporation, the HP State Handicrafts and Handloom Corporation, the HP State Electronics Development Corporation, the HP Khadi and Village Industries Board.

The HP Scheduled Castes and Scheduled Tribes Development Corporation, the HP Mahila Vikas Nigam, the Himachal Backward Class Finance and Development Corporation and the HP Minorities Development Corporation.

The HP Horticulture Produce Marketing and Processing Corporation, the HP Agro Industries Corporation, the Agro Industrial Packaging India Ltd, the HP State Forest Corporation, the HP State Civil Supplies Corporation, the HP Tourism Development Corporation, the HP Nagar Vikas Pradhikaran, the HP Housing Board and HP Ex-servicemen Corporation.

This scheme will be applicable to the employees of Himachal Pradesh corporate bodies and will be applicable only to those employees who opt for benefits under the scheme.

All employees of the corporate sector will have to give an option in writing to this scheme within 30 days.

The employees who opt for pension scheme shall automatically forfeit their claim to employer's share of CPF including interest thereon to the state government as well as other claims under CPF schemes by whatsoever name called in respect of all past accumulations up to March 31, 1999. The amount of their subscriptions to the fund alongwith interest (excluding employer's share and interest thereon) shall be transferred to GPF account to be allotted and maintained by the corporate sector organisation concerned as per rules adopted by them.

The entire amount of the PSU's contribution including interest thereon in the CPF account up to March 31, 1999 will be transferred to a corpus fund to be administered and maintained by the government of Himachal Pradesh in the Finance Department.

Meanwhile, employees of the corporate sector held rallies in support of the government decision.