Govt Approves Hike in Employer's Contribution to NPS for CAB Employees
3 years, 2 months ago

Govt Approves Hike in Employer's Contribution to NPS for CAB Employees

News 18  

In a bonanza to Central Autonomous Bodies’ employees, the Ministry of Finance has approved the increment of employer’s contribution to the National Pension Scheme to 14 per cent. The decision comes over two years after the contribution rates were increased for the central government employees in a notification dated January 31, 2019. However, since CAB employees are not directly central government’s, 14 per cent ruling was not applied to their NPS accounts back then, reported goodreturns.in. The financial implications of the decision will be borne by the government in the same manner as it bore the cost of implementation of the recommendation of the 7th pay commission in the case of autonomous bodies Recently, the family pension of public sector banks employees was also increased by the government.

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History of this topic

New NPS contribution rules and guidelines for central govt employees announced: Check details
2 months, 1 week ago

New NPS contribution rules and guidelines for central govt employees announced: Check details

Hindustan Times  

The government has notified new NPS rules with updated contribution guidelines for leave and suspension which may increase retirement savings and pensions for central government employees, according to a Financial Express report. The Department of Pension and Pensioners’ Welfare has thus, notified the Central Civil Services Rules, 2021, in an October 07, 2024 memorandum, of new guidelines detailing the government’s …

Government employees may soon get 50% of last pay as pension under NPS: Report
5 months, 1 week ago

Government employees may soon get 50% of last pay as pension under NPS: Report

Hindustan Times  

Central government employees who are covered under the National Pension System may soon receive 50 per cent of their last drawn pay as pension as the government seeks to address concerns over payout disparities, The Times of India reported. The government has ruled out a return to the Old Pension Scheme which guaranteed a defined benefit of half of the …

Budget 2024: Central govt employees may receive 50 per cent of last drawn salary as pension under NPS
5 months, 2 weeks ago

Budget 2024: Central govt employees may receive 50 per cent of last drawn salary as pension under NPS

India TV News  

As the Finance Ministry prepares to present the 2024–25 fiscal year budget, the National Democratic Alliance government is contemplating a significant reform for central government employees. According to a report by the Times of India, the government may offer 50% of the last drawn salary as a pension under the National Pension System. Addressing employee concerns This proposed move aims …

NPS scheme may get a makeover in Interim Budget 2024
11 months ago

NPS scheme may get a makeover in Interim Budget 2024

India Today  

India is expected to consider extending tax concessions on contributions and withdrawals in the upcoming Interim Budget 2024, in an effort to make the National Pension Scheme more attractive, as per a Deloitte report The government might specifically focus on individuals aged 75 and above. Corporations enjoy tax exemptions for contributions up to 10 per cent of the basic salary …

Rethink on NPS for govt. employees: Committee formed under Finance Secretary, no deadline set
1 year, 8 months ago

Rethink on NPS for govt. employees: Committee formed under Finance Secretary, no deadline set

The Hindu  

The Finance Ministry on Thursday notified the formation of a committee to review the pension system for government employees as announced by Finance Minister Nirmala Sitharaman in Parliament, while moving amendments to the Finance Bill of 2023. The order does not specify a deadline for the panel, which Ms. Sitharaman had said was being formed as “representations have been received …

NPS Update: Centre Mulling Over Raising Annuatised Pension Withdrawal Amount
2 years, 8 months ago

NPS Update: Centre Mulling Over Raising Annuatised Pension Withdrawal Amount

News 18  

In the wake of some states mulling over re-introducing the old pension scheme for their staff, the central government is planning to make the reform-oriented National Pension System more attractive by increasing its annuatised amount for the employees, according to a report. Under the NPS, a person is allowed to withdraw 60 per cent of the accumulated corpus contributed during …

Govt employees must take note of this big change in pension contribution
2 years, 10 months ago

Govt employees must take note of this big change in pension contribution

India Today  

To provide equal treatment for both central and government employees, Finance Minister Nirmala Sitharaman in her Union Budget 2022 speech announced that the central government proposed to increase tax deduction from 10 per cent to 14 per cent on contributions to the National Pension System by the state government for its employees. WHAT THIS MEANS FOR GOVT EMPLOYEES The Central …

Budget 2022: NPS exemption raised for state govt staff. An explainer
2 years, 10 months ago

Budget 2022: NPS exemption raised for state govt staff. An explainer

Live Mint  

Contributions made by subscribers to the government’s pension scheme NPS are exempt from income tax. In the Budget 2022, the finance minister Nirmala Sitharaman raised the tax exemption limit on employer’s contribution from 10 percent to 14 percent for state government employees. Exemption on contribution The subscribers of National Pension System can claim tax exemption under section 80CCD within the …

Budget 2022: Tax benefits to NPS for state govt employees hiked from 10% to 14%
2 years, 10 months ago

Budget 2022: Tax benefits to NPS for state govt employees hiked from 10% to 14%

Hindustan Times  

Tabling the Union budget in the Lok Sabha, Union finance minister Nirmala Sitharaman on Tuesday proposed an increase in the tax deduction limit from 10 per cent to 14 per cent on employers' contribution to the National Pension System account of the state and central government employees. Tax deduction limit raised from 10 per cent to 14 per cent on …

NPS could get additional income tax benefits: Key things to know
2 years, 11 months ago

NPS could get additional income tax benefits: Key things to know

Live Mint  

People have a lot of expectations from Nirmala Sitharaman's Union Budget 2022. The additional deduction limit under the National Pension Scheme could be raised from ₹50,000 to ₹1 lakh this year. However, an increment in the limit for additional deduction for NPS investments would also amount to a similar correct step in the right direction,” he said. Amit Gupta, MD, …

NPS scheme: 5 benefits of National Pension System that you should know
3 years, 4 months ago

NPS scheme: 5 benefits of National Pension System that you should know

Live Mint  

NPS scheme: National Pension System is a retirement-oriented investment option that provides a periodic annuity and a lump sum corpus on the attainment of retirement age. NPS scheme is one of the ideal pension and retirement planning schemes available in India for salaried, self-employed professionals and freelancers like lawyers, doctors, chartered accountants, entrepreneurs, architects and others who work in their …

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