National Pension System (NPS Scheme) – These Government Employees will not get a pension in the year 2023

National Pension System (NPS Scheme) is a very popular and important scheme that was launched by our central government with some very unique and necessary objectives as well as aims. While this scheme was not recently launched but is running since the day of its arrival to provide the proper pension to everyone who is eligible and comes under this National Pension System. As the scheme is very important and the Central Government has introduced this National Pension System (NPS Scheme) with effect from January 2004 directly under the command of the Indian Government.

Just like any other government scheme related to the ministry of finance, this particular National Pension System also carries some very basic as well as unique objectives which can easily fulfil the needs of everyone and make them eligible to live a simple and good life after their retirement. The main aim of this NPS scheme is based on the financial sector of the needs given of the people of our country. As this scheme can simply provide the proper retirement income to all the eligible citizens who also inculcate the habit of saving for retirement amongst retired citizens for a better life.

This particular scheme was launched by the Pension Fund Regulatory and Development Authority (PFRDA) simply also announced the proper Assets Under Management (AUM) under the proper National Pension System (NPS) as well as Atal Pension Yojana (APY) that also crossed the milestone of Rs. 6 trillion in the extended time period. Also in the year 2018 to streamline the National pension system also has a mark and make it more attractive, the Union Cabinet simply also approved some common and simple changes in the scheme to benefit central government employees covered under NPS Scheme.

Brief Description of Project

Name of Scheme NPS Scheme (National Pension System)
Scheme benefitsIt offers a range of investment options and choice of Pension Funds (PFs) for planning the growth of the investments in a reasonable manner and monitor the growth of the pension corpus.
ObjectiveTo simply provide proper retirement income to all the citizens in our country which simply inculcate the habit of saving for simple retirement amongst the citizens.

Major Aims and Objectives of the National Pension System

As well as know that the National Pension System (NPS) is administered and regulated by Pension Fund Regulatory and Development Authority (PFRDA) set up under PFRDA Act which can simply provide the pension to all those retired people who were collecting money to gain a better life. As well as this National Pension Scheme (NPS) is a government-sponsored pension scheme. It was launched in January 2004 for government employees to ensure the objective and aims of this scheme which we are going to understand in the upcoming paragraphs of this post of greater interest to better support the citizens of our country.

National Pension system

To properly control the different methods as well as objectives of this scheme, the government also simply launched the National Pension System Trust (NPST) established by PFRDA as the registered owner of all assets under NPS. As the NPS is being implemented and regulated by PFRDA in our country to ensure the security of these systems. While along with the other yojanas including the Atal Pension Yojna this particular NPS scheme also share the objective of creating a universal social security system for all Indians, especially the poor, the underprivileged, and the workers in the unorganized sector which can help many people.

While you can trust this National pension system as they also said that the amount of pension is also simply guaranteed for a lifetime to the spouse on the death of the subscriber which is very basic to understand this scheme. While sometimes in the event of the death of both the subscriber and the spouse, the entire pension corpus is paid to the nominee which can be considered one of the benefits of this scheme to all the citizens of our country. As there are other bodies as well which are known as Pension fund regulatory and department authorities which can also help other people to gain trust in this NPS scheme on a large scale.

Though these bodies that with under the NPS scheme are also considered as the statutory Authority which was established by an enactment of the Parliament in order to regulate, promote as well as ensure the orderly growth of the National Pension System (NPS) very easily. As these bodies are also necessary because they can easily perform some of the separate functions of directly appointing a large amount of various intermediate agencies like Pension Fund Managers, and the Central Record Keeping Agency (CRA) which are important and necessary for every citizen in our country.

NPS Scheme 2023 Key Highlights

PortalNPS Scheme ( National Pension System )
Launched byCentral Government Scheme
Ministry ControlPension Fund Regulatory and Development Authority (PFRDA)
ObjectiveTo simply provide proper retirement income to all the citizens in our country which simply inculcate the habit of saving for simple retirement amongst the citizens.
BenefitsIt offers a range of investment options and choices of Pension Funds (PFs) for planning the growth of the investments in a reasonable manner and monitoring the growth of the pension corpus.
BeneficiaryIndian Citizens
Official WebsiteClick Here

Eligibility of the National Pension System

The Eligibility of this particular scheme was also mentioned by the launcher of this NPS scheme on the official website that I also mentioned in the upper given table. While the eligibility of this National Pension System is that any individual citizen of India both resident as well as Non-resident in the particular age group of 18-65 years can join NPS to easily gain their pension with some contribution levels that would vary and would be low if a subscriber joins early and increases if they join late. Also, this National Pension System also was made available to all the different Citizens of India from May 2009 onwards for better support.

While the all-new employees of the main Central Government service except the Armed Forces and also the Central Autonomous Bodies with joining the Government service on or after 1st January 2004. As it also includes all those employees of major State Governments, State Autonomous Bodies with the joining services simply after the date of notification by the respective State Governments. Including the private sector employees and unorganized sector workers. These certain points simply make this NPS scheme a very important and unique scheme to make this country better.

As for the areas in which this scheme is valid simply consist of the scheme which has been implemented comprehensively across the country that simply covers all states and Union Territories with male to a female subscription ratio of 57:43 under the proper guidance from the National Pension System. You must also know about the Atal Pension Yojna which is also a related topic this scheme was launched in May 2015, with the same objective of creating a universal social security system for all Indians and especially the poor, the underprivileged, and the workers in the unorganized sector with the same eligibility of age 18-65 years.

Key Features Of the National Pension System

There are certain key features that we need to look at and understand for this National pension Scheme that will help you in learning more about the scheme. While these key features also help us in finding out about the main objectives as well as the aims of the NPS Scheme easily. The major key point of this central government scheme is around the pension which is a necessary part for retired citizens in our country to live a better life with their families. As this scheme is considered a scheme from the Central Government which has introduced the National Pension System (NPS) with effect from January 2004 except for the armed forces

.While you must understand that the full system of NPS revolves around two tiers which are present for two different types of accounts. As the first tier consists of the account which is the non-withdrawable permanent retirement account into which the accumulations are deposited and invested as per the option of the subscriber. While on the other hand, the second tier account consists of accounts which is a voluntary withdrawable account that is simply allowed only when there is an active Tier I account in the name of the subscriber which can help our centre as well as the finance government to make improvements rapidly.

Key Features :

  • The National Securities Depository Limited (NSDL) is acting as the Central Record keeper for the NPS.
  • The subscriber will be allotted a unique Permanent Retirement Account Number (PRAN) which is portable and can be used from any location in India.
  • NPS is structured into two common tiers
  • The government has increased the income tax exemption limit on withdrawal from NPS to 60%, from 40%, on exiting the scheme, effectively making a withdrawal from the pension scheme 100% tax-free.
  • National Pension System added additional tax deductions of up to Rs 50,000 which is over and above the Rs 1,50,000 limit of deduction available under sec 80CCD (1) or tax deductions available to individuals who make contributions under this NPS Scheme.

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You can now easily get all details on different types of schemes that are directly launched by the central government or any other local government for educational purposes for free. As you can visit our official Website for further details and you can now also comment on your request for the particular scheme you want from us.

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I hope after reading a lot of things about this National Pension System (NPS Scheme) you will get a lot of knowledge and all your queries regarding this scheme are now get solved. But if you still have any queries regarding this scheme then without any hesitation ask us in the comment box given below. We gave hours of research and dedication to make this particular scheme so it is full of informational and educational types.

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