Non Contribution to NPS Account by Employer
* I Joined UCO Bank on 01/03/2011 as Senior Manager.
* My employment with UCO Bank was covered under NPS Scheme.
* Initially there was lack of clarity on NPS governance in UCO Bank and hence there was no
contribution to NPS account till October'2012.
* Total dues for the period (Mar'11 to Oct'12) was Rs.84137.26/-
* Our regular NPS Contribution started from the month of November 2012.
* It continued till I left the organization on 30/06/2013 but previous dues were not paid.
* On 25/07/2013, UCO Bank came with a policy to contribute the legacy amount under NPS and
one of the options was to contribute total dues in one lump-sum amount with matching
contribution from the employee. (I opted for this one)
* On 05/05/2014, Rs.84137.26/- was deducted from my UCO Bank savings account towards
recovery of NPS dues
* But till date no amount has been credited to my NPS Account.
* Recovery of Rs.1,68,274/- which is due from UCO Bank.
* Adequate compensation for the delay caused on part of UCO Bank.
* On my entitlements and rights
* Statutes of law governing the penalty for delay payment to pension fund by Employer
* What are the Legal instruments available to me