(a) whether the Government proposes to create a social security fund to grant pension and extend welfare schemes to the retired persons across the country ;
(b) if so, the details thereof;
(c) if not, the reasons therefor ;
(d) whether public sector units like Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation (IOC) have already
introduced such schemes for their retired employees ; and
(e) if so, the details thereof ?
MINISTER OF STATE IN THE PRIME MINISTER`S OFFICE AND MINISTER OF STATE IN THE MINISTRY OF PERSONNEL, PUBLIC GRIEVANCES AND
PENSIONS .(SHRI PRITHVIRAJ CHAVAN)
(a) to (c) : Pension and other retirement benefits are provided and regulated by the rules applicable in the respective
organizations. There is no proposal under consideration of the Central Government to create a social security fund to
grant pension and extend welfare schemes to the retired persons across the country.
(d) to (e) : As per the information received from Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation (IOC),
the following schemes have been introduced by ONGC for benefit of separated employees:
(i) ONGC Self-contributory Post Retirement and Death in Service Superannuation Benefit Scheme;
(ii) Schemes for Ex-gratia for pre-15.10.1959 employees and post 14.10.1959 employees;
(iii) EPS - 95
A self contributory superannuation benefit fund scheme has been introduced in Indian Oil Corporation (IOC) with effect from
1.11.1987, as a separate social security scheme namely,Superannuation Benefit Fund Scheme operated through Superannuation
Benefit Fund Trust formed under Indian Trust Act.