The Board of Directors of the Indian Schools in Oman has announced the adoption of the National Pension System (NPS) of the Government of India, as a retirement benefits scheme for its employees.
As per the new initiative, Indian Schools in Oman shall offer contributory after-service pension under the National Pension System (NPS) of the Government of India, in association with the Bank of Baroda.
The decision brought about by the Board of Directors of Indian Schools Oman shall enhance the financial stability of its staff and facilitate the long-term welfare of employees, post-retirement in India.
Dr. Baby Sam Saamuel, Chairman, Board of Directors of Indian Schools and D Anand Kumar, Chief Executive, Bank of Baroda GCC Operations, signed an MoU in this regard on 9th March 2020 in the presence of Mr. G.S. Bhavani Prasad, Finance Director of Indian School Board, Mr. Vipin Kumar Garg, Chief Executive (Bank of Baroda Oman Operations) and Mr. HVR Sudhakar, Chief Manager, Bank of Baroda Muttrah Branch.
Dr Saamuel said, “Our faculty, including teaching and non-teaching, are the pillars of our institution, driving our vision ahead. With this landmark decision, we reiterate our commitment to our resources, offering all our staff a competitive and attractive employment landscape. We believe this pension plan will boost morale among our staff and also offer them much-needed financial stability.”
Kumar said, “We are immensely happy about the new initiative of the Indian School Board and NPS will be boon to the staff at their retirement. This will be a preamble to other organizations to introduce welfare schemes for their staff.”
CA Bhavani Prasad, Finance Director of the Board of Directors, Indian Schools Oman said, “By implementing NPS, Indian Schools are taking care of the staff and the pension scheme will be the highest reward for their committed service. The portability feature of NPS is an added advantage for the staff as their contribution shall not be affected even if they are leaving the organization. The investment in the pension plan enjoys tax benefits, as well.”
The National Pension System is an easily accessible, low cost, tax-efficient, flexible and portable retirement savings account. Every individual subscriber is issued a lifetime Permanent Retirement Account Number (PRAN) card and the account can be operated from anywhere irrespective of employment or location.
The individual, as well as the Indian Schools, shall contribute to his account, and the pension depends on the number of contributions, the returns made on the contributions and the period of contributions. Employees also have the liberty to increase their share of deposit notwithstanding the fixed monthly deposit of the organization and the additional amount will be accrued to the pension amount.
National Pension System (NPS) is monitored by the Pension fund Regulatory and Development Authority (PFRDA), the statutory pension regulator body of India which was established by the Government of India under the administrative control of the Department of Financial Services, Ministry of Finance.