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New UserGovt may hike cess levied on coal production to boost pension corpus
27 Jan 2025
Move to raise cess from Rs 10/tonne to Rs 25
aims to address pension fund shortfall
The Coal
Mines Pension Scheme (CMPS)-1998, which covers pensioners of CIL, Singareni
Collieries (SCC) and some other coal firms, is administered by the CMPFO which
comes under the Coal Ministry. (File Image)
In a move to secure the
post-retirement benefits of more than half a million pensioners of
public-sector coal mines, the Centre is planning to raise the cess levied on
coal production — the cess funds the pension corpus — from Rs 10 per tonne to
Rs 25 per tonne.
Senior government officials who attended the latest Board of
Trustees (BoT) meeting of the Coal Mines Provident Fund Organisation (CMPFO) in
Hyderabad on January 17 told Business Standard the matter was deliberated upon
at length.
“The idea of increasing the cess to support the pension pool was
largely agreed upon. It