New Pension Scheme
New Pension Scheme (NPS) is a defined contribution scheme, its pay out depends upon the amount of contribution and the growth on the investment over a period of time for an individual while defined benefit schemes pay out is defined and is based on salary and number of years in service etc. at the time of retirement of an individual.
At the time of normal retirement after attaining 60 years, the subscriber can withdraw 60% of the accumulated wealth and will be required to invest remaining 40% of the accumulated wealth to buy a life annuity from insurance company approved by Insurance Regulatory and Development Authority (IRDA). The mandatory provision of annuitisation will be invested to buy life annuities as per various options available to him. The amount of annuity varies depending upon the option selected by him. Registration of ASPs (Annuity Service Providers) is under process and as soon as they get registered, other details will be made available.
In old pension scheme government pays pension after retirement as its liability while in NPS government co-contributes to employee during his service period to build up a corpus on which annuities will be paid.
This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question in the Rajya Sabha today.
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Validity of a transfer order, 1 month, 2 month, 6 month, 1 year, or life long
Sir,
If any personal who has dismiss/removal fm service by his department before his retirement period. than his deposit amount as a pension from his pay & allowance. please say me his deposit amount his service period will be give him from removal period.
NPS is good efforts of Govt of India I welcome the hon’ble minister’s statement in Parliament.
we nps employees receiving only 90% of pay. this is contravention of fundamental right equal work equal pay .we should all fight for our pension, otherwise it is horrible time for our food after retirement
NPS Scheme is very dangerous scheme to the Govt. Employees and also Nation this scheme is not accepting any Govt. employee the Govt. is forcebly applying this scheme. In the largesest democratic country in the world this type of decisions is making without consult the employees. this is unfotunate to the nation and also govt. employees.
What happen if employee leave organization before 60 years??
is there any provision of VRS