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Government contribution to NPS enhanced to 14%
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IANS | 11 Dec, 2018
The government has decided to enhance its contribution for its employees
covered under the National Pension System from the existing 10 per cent
to 14 per cent of the basic salary, Finance Minister Arun Jaitley said
on Monday.
However, the minimum employee contribution will continue to remain 10 per cent.
The
move would benefit around 18 lakh central government employees through
an increase in the eventual accumulated corpus, greater pension payouts
after retirement without any additional burden, and by augmenting
old-age security in a time of rising life expectancy, the government
said.
It added that the impact on the exchequer was estimated to
be around Rs 2,840 crore for the financial year 2019-20, and will be in
the nature of a recurring expenditure.
"The financial
implications on account of provisions regarding payment of compensation
for non-deposit or delayed deposit of NPS contributions during 2004-2012
would be in addition to the (said) amount," a government statement
said.
The decision was taken by the Union Cabinet in its meeting
on December 6. The announcement was, however, not made at that time in
view of the polls in Rajasthan the next day.
The new entrants to
the central government service on or after January 1, 2004 are covered
under the National Pension System (NPS).
Examining certain
concerns regarding the NPS, the Seventh Pay Commission had made several
recommendations in 2015, including setting up of a Committee of
Secretaries for streamlining the implementation of the pension system.
It was later set up in 2016.
"The committee submitted its report
in the year 2018. Accordingly, based on the recommendations, draft
cabinet note was placed before the cabinet for its approval," the
statement said.
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