NPS bonanza for govt employees: More tax benefits, higher centre’s contribution2 min read . Updated: 10 Dec 2018, 05:20 PM IST
Apart from higher government contribution to NPS, finance minister Arun Jaitley also announced additional tax benefits for the pension scheme.
New Delhi: Finance Minister Arun Jaitley today announced big changes to the National Pension System or NPS, making it more attractive for central government employees. NPS, a pension scheme, was launched in January 2004 for government employees. However, in 2009, it was opened to all sections. Apart from higher government contribution to NPS, Jaitley also announced additional tax benefits for the pension scheme for all categories of employees. The finance minister said that the Cabinet had cleared the changes on December 6 but did not announce it due to state elections. The 7th pay commission had recommended the constitution of a committee of secretaries to examine NPS rules for government employees, Jaitley said. The government had held an inter-ministerial consultation after the panel of secretaries gave their recommendations for the changes, he added.
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