Ujjain: Municipal employees to pay price for negligence of UMC officials

Delay in opening NPS accounts

FP News ServiceUpdated: Wednesday, March 23, 2022, 10:39 AM IST
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Ujjain (Madhya Pradesh): Municipal employees have to bear the brunt of the negligence of Municipal Corporation officials who have now taken up a move to open accounts for its employees under the National Pension Scheme which was implemented 17 years ago. This means the corporation workers have to suffer a loss of interest.

According to details, the Central Government had implemented the National Pension Scheme in the year 2005. Under which 12 per cent of the basic salary of government and semi-government employees' salary was supposed to be deposited by the concerned department.

On which, an interest of 9.5% was given by Centre. But since the implementation of the scheme, the Municipal Corporation has not bothered to open the accounts of the employees, leading to the loss of interest amount for its employees for so many years. As many as one thousand employees work in Ujjain Municipal Corporation. Corporation has now claimed that it is providing bank interest to the employees, but this means that employees are facing around 5 per cent loss on annual interest.

According to Additional Commissioner Aditya Nagar, accounts of around 325 employees have been opened under the NPS scheme. A team has been formed to open the accounts of the remaining employees. It is expected that the accounts of all the employees will be opened by the end of the month.

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