Ministry of Shipping Decides to Consolidate Pension of Retired Port Employees

Ministry of Shipping Decides to Consolidate Pension of Retired Port Employees

The Ministry of Shipping has decided to allow consolidation of pension in respect of retired Group ‘C’ and ‘D’ employees of Major Port Trusts. Now their pension fixation will be done notionally with effect from 1.1.2007 and actual arrears to accrue with effect from 1.1.2012 entailing a financial implication of Rs. 536.51 crore for three years. This decision will now be implemented by the respective Major Ports from their own resources.

Earlier, the Labour Federation of the Major Port Trusts had sought the intervention of the Minister of Shipping and Road Transport & Highways, Shri Nitin Gadkari for an early resolution of their long standing demand for consolidation of pension in respect of Group ‘C’ and ‘D’ Employees of Major Port Trusts who retired prior to 1.1.2012.

Since the overall port performance and profitability has improved during the last one year, this measure of consolidation of pension is a step toward sharing the prosperity of the Major Ports with the port community.

PIB