Eligibility for the National Pension System (NPS)
A. Government Sector:
- Central Government: The Central Government implemented the NPS on January 1, 2004, with exceptions for the military forces. All workers of Central Autonomous Bodies (CAB) who joined on or after the date of NPS implementation are required to participate in the NPS’s government sector.
- State Government: Following the Central Government, many State Governments adopted this mechanism and implemented the NPS on various dates. A State Autonomous Body (SAB) was made to implement the NPS.
B. Non-Government Sector or Private Sector:
- Corporates: The NPS corporate sector model is a modified version of the NPS that allows various businesses and their workers to embrace NPS as an organized entity within the context of their employer-employee relationship.
- All Indian citizens: From May 1, 2009, any individual who is not covered by any of the following sectors was able to join the NPS.
National Pension System
National Pension System: The National Pension System (NPS) is an Indian central government-supported benefits accumulation scheme aimed at protecting Indian citizens when they reach old age. It is a retirement benefits plan in which a beneficiary may obtain a consistent salary with tax breaks after retirement. With a little planning, a beneficiary can significantly increase their profits. The NPS is a low-cost benefits system that is overseen by the central government’s Pension Fund Regulatory and Development Authority of India.
In this article, we will provide important details about the National Pension System, its eligibility, types, advantages, management, etc.
Table of Content
- What is the National Pension System (NPS)?
- Eligibility for the National Pension System (NPS)
- How To Invest In National Pension Scheme?
- Types of National Pension System
- Interest Rate of National Pension System (NPS)
- Benefits of the National Pension System (NPS)
- Management of National Pension System (NPS) Investments
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