CMPFO: Coal Mines Provident Fund Organisation

PWOnlyIAS February 01, 2024 05:15 1302 0

CMPFO is an autonomous organisation under the aegis of Ministry of Coal established in the year 1948 for administering Provident Fund and Pension schemes for the purpose of providing social security to the coal sector workers.

CMPFO: Coal Mines Provident Fund Organisation

Context:

Recently, the Union Minister of Coal, launched a web portal of Coal Mines Provident Fund Organisation (CMPFO) namely C- CARES.

CMPFO: Full Form, Headquarters, Schemes, and Objectives

CMPFO Full Form: Coal Mines Provident Fund Organisation

About CMPFO: It is an autonomous organisation under the aegis of Ministry of Coal established in the year 1948 for administering Provident Fund and Pension schemes for the purpose of providing social security to the coal sector workers.

Headquarters: Dhanbad, Jharkhand.
Governance: It is governed by a Board of Trustees and functions under the overall supervision of the Ministry of Coal, Government of India.
Schemes are administered by CMPFO: It is responsible for implementing and managing: following schemes:
- Coal Mines Provident Fund Scheme.
- Coal Mines Family Pension Scheme (merged with Pension Scheme in 1998).
- Coal Mines Pension Scheme.
- Coal Mines Deposit Linked Insurance Scheme.
Objectives: Providing social and financial security to the employees working in the coal industry.
- Ensuring optimum returns on the contributions of the members.

Key Functions of CMPFO

CMPFO plays a crucial role in overseeing the collection of contributions, investment of funds, and disbursement of benefits to coal mine workers and their beneficiaries.

Fund Management: CMPFO manages the funds collected from both employees and employers, ensuring prudent investments to generate returns that sustain the scheme’s obligations.
Contribution Collection: It supervises the collection of contributions from coal mine workers and employers, maintaining records of individual accounts.
Pension Administration: CMPFO administers the pension scheme and disburses pension payments to eligible beneficiaries promptly.
Member Services: It provides various services to members, including updating personal information, facilitating withdrawals, and addressing member queries.
Compliance and Regulation: CMPFO ensures that both coal mine workers and employers comply with the provisions of the Coal Mines Provident Fund and Miscellaneous Provisions Act, 1948.

Coal Mines Provident Fund Scheme (CMPFS)

The Coal Mines Provident Fund Scheme is a social security and retirement benefits scheme specifically designed for workers employed in the coal mining industry in India. This scheme was introduced in 1948 and is governed by the Coal Mines Provident Fund and Miscellaneous Provisions Act, 1948.

Aim: To accumulate and provide a lump sum amount to coal mine workers at the time of their retirement, making their post-retirement life financially stable.

Key Features of Coal Mines Provident Fund Scheme

Contribution Structure: Both coal mine workers and their employers contribute a certain percentage of the worker’s basic salary towards the provident fund.
- The employee’s contribution is deducted from their salary, while the employer matches this contribution.
Interest on Accumulated Funds: The funds contributed by both employees and employers are invested, and interest is earned on these investments.
- The interest rate is determined by the government.
Withdrawal Options: Members of CMPFS can make partial withdrawals for specific purposes, such as education, marriage, medical treatment, and housing.
- The remaining balance is reserved for retirement.
Pension Benefits: In addition to the provident fund, CMPFS provides pension benefits to retired coal mine workers and their dependents.
- The pension amount depends on the total service period and average monthly salary.
Nomination and Settlement: Members are required to nominate beneficiaries who will receive the accumulated funds in case of the member’s death.
- The scheme ensures a seamless settlement process for nominees.

About CMPFO Portal: C- CARES Portal

C- CARES developed and designed by the Centre for Development of Advanced Computing (C-DAC), an R&D organisation under the Ministry of Electronics and Information Technology. It is a platform intended to benefit the CMPF subscribers who are working in the coal sector as well as its pensioners.

Aim: C-CARES portal will allow CMPF subscribers and coal companies to login and perform various functions tailored to their needs.

Expected Benefit of CMPFO Portal: C- CARES Portal

The portal being a public service platform is intended to benefit the CMPF subscribers who are working in the coal sector as well as its pensioners.
It will ensure paperless working, timely and accurate settlement of claims, reduction in processing time and grievance redressal.
With the launch of the portal by CMPFO, settlement of PF and pension claims will now be processed and settled online.
It will facilitate faster processing, transparency in operations, better record management and monitoring.
- It will also instill confidence in the subscribers and pensioners.

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Frequently Asked Questions

To provide social and financial security to coal industry employees.

Fund management, contribution collection, pension administration, member services, and compliance regulation.

To ensure a financially stable post-retirement life for coal mine workers.

Developed by C-DAC, it aims to provide paperless, efficient services to CMPF subscribers and pensioners.

It ensures timely, transparent claims settlement, reduced processing time, and better record management.

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CMPFO: Coal Mines Provident Fund Organisation

Context:

CMPFO: Full Form, Headquarters, Schemes, and Objectives

Key Functions of CMPFO

Coal Mines Provident Fund Scheme (CMPFS)

Key Features of Coal Mines Provident Fund Scheme

About CMPFO Portal: C- CARES Portal

Expected Benefit of CMPFO Portal: C- CARES Portal

Frequently Asked Questions

What is the mission of the Coal Mines Provident Fund Organisation (CMPFO)?

What are the key functions of CMPFO?

What is the aim of the Coal Mines Provident Fund Scheme?

Who developed the C-CARES portal, and what is its aim?

How will the C-CARES portal benefit CMPF subscribers and pensioners?

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