Facilitation of National Pension System

Facilitation of National Pension System


In the meeting of the Union Cabinet on December 6, 2018, the proposal was approved for facilitating the national pension system.

The central government's mandatory contribution to the employees of NPS Tier 1 has been increased from the present 10% to 14%.

Central government employees have been given the freedom to choose pension fund and investment form.

Compensation should be made in case of non-payment of NPS in 2004-2012 or delay if delayed

Tax exemption limit on a single sum exempted from NPS has been increased to 60 percent. The full amount earned by this has become acquiring tax free.

The contributions made by Government employees under Tier II of NPS will now come under Section 80C for deduction of 1.50 lakh rupees. This is equivalent to General Provident Fund, Employee Provident Fund, Public Provident Fund and has a lock-in period of three years.
Facilitation of National Pension System Facilitation of National Pension System Reviewed by S Current Affairs on December 12, 2018 Rating: 5
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