Monday, 8 July 2019

Speech of Nirmala Sitharaman, Minister of Finance in Budget 2019-2020 about NPS. Dated: July 5, 2019.



Budget 2019-2020

Speech of Nirmala Sitharaman 
Minister of Finance
July 5, 2019


95. Pension Fund Regulatory and Development Authority (PFRDA) implements and regulates the National Pension System (NPS) and Atal Pension Yojan a through various intermediaries including, inter­ alia, the NPS Trust. Keeping in view the wider interest of the subscribers and to maintain arm's length relationship of the NPS Trust with PFRDA, steps will be taken to separate the NPS Trust from PFRDA with appropriate organizationalstructure.

5.    Incentives to National Pension System (NPS) subscribers In order to give effect to the cabinet decision already taken to incentivise NPS, it is proposed to,-

    (i) increase the limit of exemption from current 40 % to 60 % of payment on final withdrawal from NPS;

    (ii)    allow deduction for employer's contribution upto 14 % of salary from current 10 %, in case of Central Government employee;

    (iii)    allow deduction under section SOC for contribution made to Tier II NPS account by Central Government employees.





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