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 HINDUSTAN PETROLEUM CORPORATION LIMITED

CIRCULAR

HEADQUARTERS OFFICE
PETROLEUM HOUSE
To:
All Employees June 07, 2019
(Thru : Portal)
CM:AT:VRS:2019:05

Transfer of SBFS-DCS
corpus to NPS
(for employees resigning
from the services of the
Corporation)

As per the existing provisions of policy, an employee is eligible for post_retirement

benefits_ i.e. Pension and for post-retirement medical benefit, only on completion of i s
years of service, provided the employee also superannuates from the Corporation.

We are now pleased to advise that, the condition of 15 years of service and of
superannuating from the Corporation has been dispensed with for the purpose of
pen-sion, for the employees separating from Corporation due to resignation on
or after
01-01.2017 onwards. However, the existing condition of .15 yeais of servrce and
superannuating from the Corporation will continue to be there for post_retirement
medical benefits.

Further, vide Circular CM:AT:VB:o7:2018 dated 27rh Juty 2018, National pension
System (NPS) was introduced for all employees of the iorporation, as an optional
pension scheme, which was in addition to the existing SBFS _ Defined Contribution
Scheme (DCS), within the percentage earmarked towards pension.

Accordingly, employees henceforth resigning from the Corporation may now have their
balance SBFS-DCS corpus transferred to their NpS accounts. Such request for
transfer has to be submitted within 6 months from the date of separation. As regards
SBFS-DBS, the current provisions will contjnue to operate.

In order to process the transfer of balance to NpS account, the resigning employee
should ensure the following :-

1 . Those who do not have a NpS account, must open a NpS account with State
Bank of India i.e. SBI as pop and keep the NpS account in Active status titl
the process of transfer from SBFS-DCS is comDleted.

2 Existing NPS subscribers must ensure that their Nps account is in Active
state
and that all KYC requirements are completed from their end.
 ..2..

The detailed modalities of process of transfer from SBFS-DCS to NPS are being
communicated separately.

ln case of any clarification, kindly contact Shri Vipul R Shah, Officer-HR,

Compensation Management, Tel.N o. 022-22OOg7 10.

N/$r-t-^--
Neelesh Khulbe
Chief General Manager - HR
Compensation Management