Srinagar, Apr 6: The latest report of the Comptroller and Auditor General of India (CAG) has flagged serious irregularities in the implementation of the National Pension System (NPS) for government employees in Jammu and Kashmir, highlighting delayed and short transfers of pension funds running into hundreds of crores.<\/p>\n
As per the CAG report, government employees recruited on or after January 1, 2010, are covered under the NPS, a defined contribution pension scheme requiring a 10 per cent contribution from employees and 14 per cent from the Union Territory government. These contributions are to be transferred to designated fund managers through the National Securities Depository Limited (NSDL)\/Trustee Bank.<\/p>\n
The CAG report notes that during the financial year 2024\u201325, total contributions to the NPS amounted to \u20b92,296.73 crore, including \u20b9843.08 crore from employees and \u20b91,180.31 crore from the government. Additionally, \u20b9273.34 crore was remitted directly in cash to the Public Account under Major Head 8342.<\/p>\n
However, the audit found that out of the \u20b92,296.73 crore deposited in the Public Account, \u20b9396.22 crore was not transferred to NSDL during the year. The CAG report states that this led to an overstatement of the government\u2019s cash balance to that extent.<\/p>\n
The CAG report further highlights that between 2011 and 2025, total receipts under the Defined Contribution Pension Scheme (DCPS) stood at \u20b912,691.89 crore\u2014\u20b95,882.01 crore from employees and \u20b96,809.88 crore from the government. Against this, only \u20b912,242 crore was transferred to the pension fund, resulting in a cumulative short transfer of \u20b9449.89 crore.<\/p>\n
According to the CAG report, delays in contributions and fund transfers are adversely affecting returns to employees and creating a deferred liability for the government.<\/p>\n
The audit also points out that a balance of \u20b953.67 crore related to the erstwhile State of Jammu and Kashmir remains in the Public Account due to short transfer to NSDL, indicating unresolved legacy issues.<\/p>\n
The CAG report underscores systemic lapses in fund management and calls for timely transfer of contributions, improved monitoring, and accountability to safeguard the retirement savings of government employees in the Union Territory.<\/p>\n","protected":false},"excerpt":{"rendered":"Srinagar, Apr 6: The latest report of the Comptroller and Auditor General of India (CAG) has flagged serious…\n","protected":false},"author":2,"featured_media":381219,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[114,268,85,46,266,267],"class_list":["post-381218","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-finance","tag-il","tag-israel","tag-personal-finance","tag-personalfinance"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/381218","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/comments?post=381218"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/posts\/381218\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media\/381219"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/media?parent=381218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/categories?post=381218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/il\/wp-json\/wp\/v2\/tags?post=381218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}