Press Information Bureau
Government Of India
Ministry Of Finance
Dated: 10-08-2018
New Pension Scheme (NPS)
National Pension System (NPS) has been designed giving utmost importance to the welfare of the subscribers. Government has made a witting deed to shift from the defined create goodness Pension Scheme to defined contribution pension scheme i.e. NPS, due to rise together with unsustainable pension bill. There are a release of benefits available to the employees nether NPS. Some of the benefits are enlisted below:
NPS is a good designed pension organisation managed through an unbundled architecture involving intermediaries appointed past times the Pension Fund Regulatory together with Development Authority (PFRDA) viz. pension funds, custodian, key tape keeping together with accounting agency, National Pension System Trust, trustee bank, points of presence together with Annuity service providers. It is prudently regulated past times PFRDA which is a statutory regulatory trunk established to promote quondam historic catamenia income safety together with to protect the involvement of subscribers of NPS.
The pension wealth which accumulates over a catamenia of fourth dimension till retirement grows alongside a compounding effect. The all-in-costs of the institutional architecture of NPS are amid the lowest inwards the world.
Contribution made to the NPS Tier-I line organisation human relationship is eligible for revenue enhancement deduction nether the Income Tax Act, 1961. An additional revenue enhancement rebate of Rs.50000 is too allowed for contributions made to NPS Tier-I nether Section 80CCD (1B) of the Income Tax Act, 1961.
Subscribers tin take upwardly to 25% of their ain contributions earlier attaining historic catamenia of superannuation, dependent champaign to sure enough conditions. Further, PFRDA vide “PFRDA (Exits together with Withdrawals nether the NPS) (First Amendment) Regulations, 2017” dated 10.08.2017 has liberalized norms for partial withdrawals which too include reduction of requirement of minimum years of beingness enrolled nether NPS from 10 years to iii years from the appointment of joining.
PFRDA has increased the maximum historic catamenia confine from sixty years to 65 years for joining NPS-All Citizen Model together with Corporate Sector Model, vide “PFRDA (Exits together with Withdrawals nether the NPS) (Second Amendment) Regulations, 2017” dated 06.10.2017.
PFRDA vide “PFRDA (Exits together with Withdrawals nether the NPS) (Third Amendment) Regulations, 2018” dated 02.02.2018 has facilitated tardily leave of absence & withdrawal inwards illustration of disability together with incapacitation of the subscriber covered nether NPS.
Transparency together with Portability is ensured through online access of the pension line organisation human relationship past times the NPS subscribers, across all geographical locations together with portability of employments.
Representations convey been received which inter alia too include the need that the Government may revert to quondam defined create goodness pension system. However, due to rise together with unsustainable pension mouth together with competing claims on the fiscal, at that spot is no proposal to supersede the NPS alongside quondam pension scheme inwards honour of Central Government employees recruited on or subsequently 01.01.2004.
This was stated past times Shri Shiv Pratap Shukla, Minister of State for Finance inwards a Written respond to a inquiry inwards Lok Sabha today.
Source: PIB
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