NPS: Big update on pension rules! Centre clarifies on gratuity and other retirement benefits for govt employees

The Department of Pension and Pensioners’ Welfare (DoP&PW) has outlined how compulsory retirement, dismissal, or removal from government service affects the National Pension System (NPS) corpus for central government employees, a recent office memorandum dated October 11 revealed.

The memorandum states that the Central Civil Services (Implementation of NPS) Rules, 2021 govern the matters related to Central Government civil employees under the NPS. Specifically, Rule 18 addresses the consequences of compulsory retirement or removal on an employee’s accumulated pension corpus.

According to this rule, if a central government employee covered under the NPS is compulsorily retired, dismissed, or removed, their lump sum payment and annuity from the accumulated pension corpus will be provided in line with regulations from the Pension Fund Regulatory and Development Authority (PFRDA).

Also Read DA Hike 2024: Diwali gift! Central govt employees will get October salary with 3% DA hike and 3 months’ arrears HDFC Vs SBI Vs ICICI Vs LIC Vs AXIS: These NPS fund managers’ 5-year returns compared NPS: Central govt employees will have to wait for 90 days for NPS lump sum withdrawal and annuity on resignation Inflation calculator: What will be the value of Rs 1 crore by 2050?

Also read: Good news for central govt employees! CGHS, ECHS services expanded – Check updates on rates

This payment will follow the procedures applicable when a subscriber exits the NPS before retirement.

Employees have the option to continue contributing to the NPS with the same Permanent Retirement Account Number as non-government subscribers, based on the authority’s regulations.

It’s important to note that these provisions do not affect any actions related to gratuity and other retirement benefits not covered by these rules; those will follow existing regulations.

The DoP&PW has requested that all ministries and departments share this information with personnel handling NPS matters to ensure proper implementation.

 » Read More

Related Articles

How will markets open today? Here are top 7 cues to watch ahead of trading on February 11

GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 are implied to open on a higher note on Tuesday. Also, Asian markets opened majorly on a higher note in early trade hours as investors looked past the tariff threats from Donald Trump. Previously, on Monday, the NSE Nifty 50 finished the

Stocks To Watch: Reliance Ind, Grasim Ind, Bata, Titan, ONGC, IHCL, Nykaa, Lupin, Eicher Motors, Ahoka Buildcon

GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a higher opening on Tuesday. Here’s a look at the key stocks to watch in trade. Stocks in Focus: Here’s a comprehensive list of stocks to keep in mind before you start your day. From Reliance Industries to Ashoka Buildcon

DIIs place big bets on 2 pharma giants. Multibaggers in the making?

By Suhel Khan As the world’s largest supplier of generic drugs, renowned for its cost-effective vaccines and generic medicines, India plays a very important role in global medicine. The Indian pharmaceutical industry has transformed into a flourishing sector, currently ranking third globally in terms of production volume and 14th in terms of value. Over the

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

How will markets open today? Here are top 7 cues to watch ahead of trading on February 11

GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 are implied to open on a higher note on Tuesday. Also, Asian markets opened majorly on a higher note in early trade hours as investors looked past the tariff threats from Donald Trump. Previously, on Monday, the NSE Nifty 50 finished the

Stocks To Watch: Reliance Ind, Grasim Ind, Bata, Titan, ONGC, IHCL, Nykaa, Lupin, Eicher Motors, Ahoka Buildcon

GIFT Nifty indicated that Indian equity indices BSE Sensex and NSE Nifty 50 may see a higher opening on Tuesday. Here’s a look at the key stocks to watch in trade. Stocks in Focus: Here’s a comprehensive list of stocks to keep in mind before you start your day. From Reliance Industries to Ashoka Buildcon

DIIs place big bets on 2 pharma giants. Multibaggers in the making?

By Suhel Khan As the world’s largest supplier of generic drugs, renowned for its cost-effective vaccines and generic medicines, India plays a very important role in global medicine. The Indian pharmaceutical industry has transformed into a flourishing sector, currently ranking third globally in terms of production volume and 14th in terms of value. Over the

Rupee fall hurts India Inc hard

The rupee inched closer to the 88-mark against the US dollar on Monday, putting companies in import-sensitive sectors on the edge. While firms fear a surge in imported inflation on account of rupee depreciation, consumer electronics companies, for instance, are taking price hikes to protect margins. In sectors such as thermal power, where the cost

Bata India Q3 profit grows marginally to Rs 58.6 crore on weak demand

Footwear major Bata India on Monday reported a marginal 1% growth in its net profit at Rs 58.6 crore during the October-December quarter, as compared to Rs 57.9 crore in the same quarter in 2023-24. Bloomberg consensus estimates had pegged the net profit during the quarter at Rs 72 crore.  The company’s revenue from operations