LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Personal Finance News

Government rules out any change in National Pension System; all details

The government made a conscious move to shift from the defined benefit pay-as-you-go pension scheme to the defined contribution system, now called NPS, after considering the "rising and unsustainable pension bill", he said.

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Government rules out any change in National Pension System; all details
Under the NPS, individual savings are pooled into a pension fund. Image source: DNA
Written By: PTI
Updated: Wed, Mar 28, 2018
05:02 pm
PTI
RELATED NEWS
PPF vs NPS Calculator: Here is what will turn you into a crorepati and much more - Money Tip EXPLAINED PPF vs NPS Calculator: Here is what will turn you into a crorepati and much more - Money Tip EXPLAINED
EPFO members alert! Some say National Pension System is better than EPF, VPF; know what NPS calculator says EPFO members alert! Some say National Pension System is better than EPF, VPF; know what NPS calculator says
7th Pay Commission latest news: Big pension news for central government employees! See Finance Ministry's reply on OPS, NPS 7th Pay Commission latest news: Big pension news for central government employees! See Finance Ministry's reply on OPS, NPS
PPF vs NPS: Which is better? Look at these calculations PPF vs NPS: Which is better? Look at these calculations
National Pension System: Lesser-known income tax, GST benefit that NPS scheme beneficiaries must know National Pension System: Lesser-known income tax, GST benefit that NPS scheme beneficiaries must know

There is no proposal to replace the National Pension System (NPS) with the old pension scheme, the Lok Sabha was informed today. The NPS gives the utmost importance to the welfare of subscribers, Minister of State for Personnel Jitendra Singh said in a written reply.

"Representations have been received regarding the implementation of NPS which, inter alia, include the demand that the NPS may be scrapped and the government may re-introduce the old defined benefit pension system," the minister added.

The government made a conscious move to shift from the defined benefit pay-as-you-go pension scheme to the defined contribution system, now called NPS, after considering the "rising and unsustainable pension bill", he said.

"There is no proposal to replace the NPS with the old pension scheme in respect of central government employees recruited on or after April 1, 2004," he said.

The transition also has the added benefit of freeing the government's limited resources for more productive and socio-economic sectoral development, Singh said.

Under the defined benefit pension system applicable to government servants appointed before April 1, 2004, a pension is calculated based on the qualifying service and the last pay drawn by the employee. Under the NPS, individual savings are pooled into a pension fund which are invested by the government's Pension Fund Regulatory and Development Authority.

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
NPS
RELATED NEWS
PPF vs NPS Calculator: Here is what will turn you into a crorepati and much more - Money Tip EXPLAINED PPF vs NPS Calculator: Here is what will turn you into a crorepati and much more - Money Tip EXPLAINED
EPFO members alert! Some say National Pension System is better than EPF, VPF; know what NPS calculator says EPFO members alert! Some say National Pension System is better than EPF, VPF; know what NPS calculator says
7th Pay Commission latest news: Big pension news for central government employees! See Finance Ministry's reply on OPS, NPS 7th Pay Commission latest news: Big pension news for central government employees! See Finance Ministry's reply on OPS, NPS
PPF vs NPS: Which is better? Look at these calculations PPF vs NPS: Which is better? Look at these calculations
National Pension System: Lesser-known income tax, GST benefit that NPS scheme beneficiaries must know National Pension System: Lesser-known income tax, GST benefit that NPS scheme beneficiaries must know

LATEST NEWS

Yes Bank Share price: Target price Rs 14, Anand Rathi maintains Sell rating | Earning, valuation and key risks

Mid-Cap Picks with Anil Singhvi: JB Chemicals, Jindal Saw and KEC International are stocks to buy

PUBG Mobile 1.3 global update: APK download link, check expected release date and more!

Toyota VC invests in AI startups, firms that refine everyday processes

On Women's Day, don't fall for this WhatsApp scam | Check NOW

Gold price today recovers from nine-month low on U.S. stimulus cheer

7th Pay Commission: After family pension, Modi government BIG relief on DA for central government employees likely soon, pensioners to benefit too

Maharashtra budget: Tax increased on liquor

CPC News: Confirmed! Big pay commission salary hike from July 1 for these government employees

JEE Main 2021 result: Final answer key available on jeemain.nta.nic.in, result likely today

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved