Shillong:
The state government has transferred Rs 121.99 crore to National Securities Depository Limited (NSDL) under the Defined Contribution Pension Scheme during 2020-21.
However, the balance amount of Rs 0.79 crore pertaining to earlier years is yet to be transferred to NSDL, said the Comptroller and Auditor General of India in the Finance Accounts of the Government of Meghalaya for the year ending March 31, 2021.
Uncollected, unmatched and un-transferred amounts, with accrued interest, represent outstanding liabilities of the government under the scheme.
Excess contribution of Rs 1.10 crore (employees’ contribution Rs 60.42 crore minus government contribution Rs 61.52 crore) has resulted in an overstatement of Revenue and Fiscal Deficit by Rs 1.10 crore, it said.
The state government employees recruited on or after April 1, 2010, are covered under the National Pension System (NPS) which is a Defined Contribution Pension Scheme.
In terms of the Scheme, the employee contributes 10 per cent of his/her basic pay and dearness allowance, and 10 per cent of basic pay and dearness allowance is contributed by the state government, and the entire amount is to be transferred to the designated fund manager through the NSDL/Trustee Bank.
During the year 2020-21, total contribution to Defined Contribution Pension Scheme was Rs 121.94 crore (Employees contribution Rs 60.42 crore and Government contribution Rs 61.52 crore) which was accounted for the Public Account under Major Head ‘Defined Contribution Pension Scheme’.