Bhubaneswar Hosts Workshop on New Pension System for Urban Local Bodies

Bhubaneswar: A comprehensive workshop focused on the implementation of the New Pension System (NPS) for Urban Local Bodies (ULBs) was held today at the Conference Hall of the State Urban Development Agency (SUDA) in Bhubaneswar. The event aimed to enhance understanding and facilitate effective management of pension schemes for municipal employees across the state.

The training program witnessed active participation from accountants representing 40 Urban Local Bodies, including five Municipal Corporations and 35 Municipalities. This wide-ranging attendance underscores the state’s commitment to equipping ULB staff with essential knowledge to manage pension-related financial systems effectively, ensuring long-term financial security for municipal employees.

Debasis Singh, Director of Municipal Administration, inaugurated the workshop and highlighted the critical role of the New Pension System in fostering a sustainable and transparent pension mechanism. He urged attendees to use the training to overcome challenges in NPS implementation and to ensure smooth coordination with the Directorate of Treasury and Inspection.

Sikha Biswal, Financial Advisor, delivered a key session on the NPS, focusing on the crucial responsibilities of ULB accountants in managing employee contributions and fund management. She elaborated on the system’s financial intricacies and encouraged participants to proactively apply the knowledge gained.

Rabindra Kumar Sahu, Project Director of SUDA, addressed the importance of capacity building within ULBs for effective NPS operation. He emphasized that proper training would enhance financial management and accountability, which are essential for the success of the pension system.

A technical session led by Nishikant Mishra, Joint Director of the Directorate of Treasury & Inspection, covered the operational aspects of NPS, including employee registration, contribution management, fund transfers, and regulatory compliance. Biswajit Prusty, Assistant Financial Advisor, further detailed the auditing and reporting requirements, stressing the need for accuracy and timeliness in pension-related financial disclosures.

The workshop also featured interactive Q&A sessions, providing participants with an opportunity to address practical challenges encountered during NPS implementation. This interactive format facilitated knowledge sharing and fostered a common understanding of NPS responsibilities and processes among ULB accountants.