Economy #GovtScheme National Pension Scheme (NPS) NPS is a | VK IAS- prelims (UPSC highlights)
Economy #GovtScheme National Pension Scheme (NPS)
NPS is a government-sponsored pension scheme. It was launched in January 2004 for government employees.
Note : in oct 2019, Pension Fund Regulatory and Development Authority (PFRDA) has permitted Overseas Citizen of India (OCI) to enroll in National Pension Scheme (NPS) at par with Non-Resident Indians.
The scheme allows subscribers to contribute regularly in a pension account during their working life. On retirement, subscribers can withdraw a part of the corpus in a lumpsum and use the remaining corpus to buy an annuity to secure a regular income after retirement.
Who can join NPS? : Any Indian citizen between 18 and 60 years can join NPS. Now that limit is raised to 70-The only condition is that the person must comply with know your customer (KYC) norms.
An NRI can join NPS. However, the account will be closed if there is a change in the citizenship status of the NRI.
Prelims info - Channel link : https://t.me/joinchat/V4KsjUjHd3Gm4hhw
