National Pension Scheme Will Ensure Financial Security Of Retired Citizens: PFRDA Chairman

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Posted in Featured, Northeast, Tripura
Abhijit Nath, NET Correspondent, Tripura

Agartala, December 06, 2022: The Chairperson of Pension Fund Regulatory and Development Authority (PFRDA) – Supratim Bandopadhyay on Tuesday said that the National Pension System is an investment scheme launched across the country by Prime Minister Atal Bihari Vajpayee in 2008 to ensure a financially secure lifestyle for old age or retirees.

“Since the launch of this scheme, more than 6 crore people across the country have joined this pension scheme”, he added.

Addressing a press conference on the National Pension System at the conference hall of West Tripura District Administration office here in Agartala city on Tuesday morning, chairman Bandopadhyay said “The central government employees have been involved in this project in the first phase. Later, various state governments of the country also encouraged their state government employees to join this scheme. The scheme was launched in Tripura from July 1, 2018.”

“The government has been able to invest about eight and a half lakh crore rupees in various markets due to the involvement of more than 6 crore people in this project”, he added.

Regarding this National Pension System, PFRDA chairman said, “If any central government employee deposits 1000 of his basic pay in this scheme every month, the government is contributing 14 percent there. On the other hand, in the case of various state employees, if an employee deposits 10 percent of his basic pay in this scheme every month, the government will also deposit 10 percent in this scheme. One can join this scheme from the age of 18 years and can continue this scheme till the age of 60 years. If necessary, one can continue this scheme till the age of 75 years. In the press conference, he said, this scheme is a very important service for the elderly. A retiree can get a huge financial benefit from this scheme after the end of service.”

Citing an example, Bandopadhyay said, “If a person accumulates Rs 40 lakh in this scheme after retirement. You can withdraw 24 lakh rupees from that. By investing the remaining Rs 16 lakh in this scheme, the person can get a fixed amount of Rs as pension every month. In case of the death of a pensioner his wife or nominee will get the pension. In case of the death of a wife or niece, her family can withdraw the principal amount deposited. No income tax is payable on it. That is, this scheme is a completely income tax free scheme.”

Speaking to reporters, he urged everyone to take advantage of this pension scheme. PFRD Authority Chief General Manager K Mohan Gandhi and State Finance department’s Additional Secretary Akinchan Sarkar were present in the press conference.

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