INSUBCONTINENT EXCLUSIVE:
NPS allows subscribers to contribute regularly in a pension account during their working life.New Delhi: In a bid to make retirement income
scheme more attractive for central government employees, the government has agreed to chip in a higher 14 per cent of the basic salary of an
individual as its contribution to the National Pension System (NPS), a top source said
pension scheme that was launched in January 2004 for government employees
On retirement, subscribers can withdraw a part of the corpus in a lump sum and use the remaining corpus to buy an annuity to secure a
regular income after retirement
incentives under Section 80C of Income Tax Act for employee contribution of up to 10 per cent towards NPS
to withdraw the amount from NPS corpus at the time of retirement
Once the changes are notified, central government employees can commute up to 60 per cent of the NPS fund accumulated, up from 40 per cent
to decide on the date of notification of the new scheme, sources said many of the changes require amendment to the Income Tax Act and hence
constituency in Madhya Pradesh, Rajasthan, Mizoram, Chhattisgarh, Telangana, like us on Facebook or follow us on Twitter for updates.
