Section 53 in RSWC Employees Pension Regulations, 1990
53. Pension Fund.
- The existing balance in CPF Account of all the employees who opt for Pension Scheme shall be bifurcated into two parts i.e. (A) Employee's own subscription and interest thereon and (B) the Corporation's contribution and interest thereon. While the employee's subscription and interest thereon shall be transferred to the respective GPF Account, the Corporation's contribution and interest thereon shall be transferred to the Pension Fund. The Corporation shall contribute to the Pension Fund at the rate at which contribution is being made at present to the CPF Account of the employees. The computation shall be done with reference to basic pay plus Dearness Allowance.The Pension Fund shall be kept in a separate PD Account with the State Government and the account shall be operated jointly by the Managing Director and the Senior Accounts Officer of the Corporation.All payments relating to Pension and Gratuity shall be made from the Pension fund and the Corporation fund respectively.
