Launched by the Finance Department, Government of Mizoram, the Mizoram Provisional Employees Savings Scheme came into force on 1st September 2024. This scheme is designed to secure the future of provisional employees by facilitating defined contributions toward a pension fund. It addresses the challenge of ensuring adequate retirement income and provides structured options for both partial and exit withdrawals, along with a nomination facility to ensure that funds are passed on to designated family members or legal heirs.
Key Features and Benefits
- No Employer Matching Contribution:
Contributions are solely made by the employees, with a mandatory monthly deduction. - Centralized Management:
All activities are managed by the Nodal Office, ensuring streamlined operations and accountability. - Monthly Contributions:
A minimum of 5% of the total wage is deducted monthly by the Drawing & Disbursing Officer (DDO) and remitted to the Fund Manager. - Withdrawal Options:
- Partial Withdrawal:
Permissible for specific needs (higher education, marriage, housing, medical emergencies). Each member can withdraw up to 1/4th of their available balance, but only twice during the entire service and only after five years of participation. - Exit Withdrawal:
Benefits are paid in lump sum upon regularization, retirement, removal, resignation, or death.
- Partial Withdrawal:
- Nomination Facility:
Members can nominate family members or legal heirs to receive the savings in the event of death.
Eligibility Criteria
- Provisional employees whose engagement is approved by the Department of Personnel & Administrative Reforms (DP&AR) and the Finance Department, Government of Mizoram.
- Must be registered under the Mizoram Employee Provident Scheme.
- Employees with family members are required to nominate them as beneficiaries.
- Note: Contributions commence from the month following the month of joining service; no contributions are deducted in the month of joining.
Application Process (Offline)
- Submission at Joining:
- Upon joining, the provisional employee must submit the required details using Form-I to the Nodal Office via the Drawing and Disbursing Officer (DDO).
- Unique Number Allocation:
- The Nodal Office maintains an index register to allot a unique number (year-wise) for each member.
- The unique number is forwarded to the Fund Manager for registration.
- The DDO is provided with a copy of the allotment showing the unique number.
- Adjustment of Contribution:
- Members may adjust (reduce or enhance) their rate of contribution once per year, exclusively during January.
Documents Required
- Copy of ID and proof of employment status.
- Bank account details for salary deductions.
- Any additional documents as required by the scheme guidelines.
Frequently Asked Questions
- What is the Mizoram Provisional Employees Savings Scheme?
A savings scheme designed to secure the retirement income of provisional employees through defined contributions. - Who is eligible for this scheme?
Provisional employees approved by DP&AR and the Finance Department, registered under the Mizoram Employee Provident Scheme. - What is the monthly contribution rate?
A minimum of 5% of the total wages. - How is the contribution managed?
Contributions are deducted monthly by the DDO and managed centrally by the Nodal Office. - Can I change my contribution amount?
Yes, once during the month of January each year. - What happens if I exit before retirement?
Savings are paid in lump sum upon premature exit (due to removal, resignation, etc.) as per the exit withdrawal conditions. - What are the conditions for partial withdrawals?
Partial withdrawals (up to 1/4th of the balance) are allowed only after 5 years of participation for specified needs, and a member may withdraw twice during their service. - How often can partial withdrawals be made?
A maximum of two times during the entire service period. - What documents are required for enrollment?
ID proof, employment proof, bank details, and any additional documents specified in the guidelines. - Who is eligible to be nominated as a beneficiary?
Family members or legal heirs can be nominated. - What if a member dies before retirement?
The accumulated savings are paid in a lump sum to the nominee(s) or legal heir(s). - Is there a government matching contribution?
No, there is no employer or government matching contribution. - How is interest on savings calculated?
Benefits from the savings fund are calculated at a rate prescribed by the Fund Manager in consultation with the Government of Mizoram. - How do I apply for a withdrawal from the scheme?
Withdrawals must be applied for as per the conditions detailed in the scheme guidelines. - Where can I get clarification on scheme-related issues?
Refer to the official guidelines or contact the Nodal Office for further assistance.