While the government has increased its contribution from 14 per cent under the new pension system (NPS) to 18.5 per cent of the basic pay of employees under UPS, individual's contribution has been retained at 10 per cent.
Employees could choose the investment plan of their choice based on their contribution and 10 per cent contribution by the government.
Otherwise they can go with the default option, which invests money in debt and equity in a predetermined manner.
Separately, a pool fund would be created with 8.5 percentage points of government contribution, which would be invested by the government.
This fund would be used to meet any shortfall or top-up towards the payment to an individual on retirement, the sources said.
Bu hikaye Business Standard dergisinin August 27, 2024 sayısından alınmıştır.
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Bu hikaye Business Standard dergisinin August 27, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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