The pension scheme provides financial security and stability during old age when people have no regular source of income. The Retirement Scheme ensures that people have the facility to live a dignified life and maintain their standard of living well in the growing years of their age without any compromise. The pension scheme provides an opportunity for people to invest and accumulate their savings, which at the time of retirement can give them a lump sum amount as a regular income as an annual plan.
According to the United Nations Population Division, life expectancy in India is expected to increase from the present 65 years to 75 years by 2050. Life span has increased due to better health and hygiene conditions in the country. As a result, the number of years after retirement has also increased. Thus rising cost of living, inflation and life expectancy have made retirement planning an essential part of today's life. To provide social security to more and more citizens, the Government of India has introduced the National Pension System.
NPS Regulatory and NPS units Who can participate in NPS? NPS Benefits Tax Benefit Charge
National Pension System National Pension System
Initially NPS was introduced for new recruits (other than armed forces) in the government. NPS has been provided to all citizens of the country including the workers in the unorganized sector on voluntary basis from 1 May 2009.
In addition, the Central Government introduced a co-share donation pension scheme - Swavalamban Yojana - External website that opens in a new window in the Central Board 2010-11 to promote voluntary savings to the unorganized sector for retirement. Under the Swavalamban Scheme - External website that opens in a new window, the government will provide an amount of Rs 1000 to each NPS share payer who contributes a minimum of Rs 1000 and a maximum of Rs 12000 as part donation. The scheme is currently in force till the financial year 2016-17.
The subscriber will be provided with a unique Permanent Retirement Account Number (PRAN). This specific account number will remain permanent for the remaining life of the subscriber. This unique PRAN can be used anywhere in India.
Two personal accounts will be accessed by PRAN:
Tier 1 Account: This is an account designed to save retirement, which cannot be withdrawn.
Tier 2 Account: This is a voluntary savings facility. The subscriber is free to withdraw his savings from this account as he wishes. No tax benefits are available on this account.
Regulatory and NPS units
Points of presence (POPs): Points of presence (POPs) are the first points of interaction with the NPS structure. The authorized branches of a POP will act as point of presence service provider (POP-SP) collection points and provide multiple customer services to the NPS subscribernstitutions and Department of Posts - External website that opens in a new window (NPS) has authorized 58 institutes as Point of Attendance (POP).
External website that opens in a new window, which is the central records maintenance center for NPS. Acts as.
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