NPS New Guidelines: Big news for central employees! Government issued new guidelines for NPS Pension

 

Department of Pension and Pensioners has issued a new guideline related to NPS contribution for central employees. This memorandum has been issued by the government on 7 October 2024.

New  Delhi: A big update has come regarding central employees. The central government has issued a new guideline for National Pension System contribution for the employees working under it. The Pension and Pensioners Department, working under the Ministry of Personnel, Public Grievances and Pensions, issued a memorandum on October 7, which explains the new guidelines related to NPS contribution of employees.

Contribution will be reviewed from time to time

Apart from this, information about the existing guidelines has also been given in this memorandum, which states the contribution requirements of 10 percent of the monthly salary to NPS. According to the memorandum issued by the Pension and Pensioners Department, the NPS amount will be rounded off to the nearest whole rupee, while the contribution will be reviewed from time to time.

Contribution can be continued after suspension

If an employee is suspended, he will have the option to continue the NPS contribution, whereas if he joins service after the suspension is lifted, the contribution will be recalculated based on the salary at that time. Let us tell you that it has also been clarified in the new guideline that if there is any mistake in the contribution, then it will be deposited in the pension account of the beneficiary along with interest.

Contribution is mandatory even during probation

According to the new guidelines, if an employee is absent or on leave without pay, he will not be required to make NPS contribution. Also, if the employee goes to another department or another institution, then only he will have to make such contribution. Apart from this, it is mandatory for employees on probation period to make NPS contribution as well.

In case of delay in depositing the contribution, the full amount will be paid along with interest

Let us tell you that the monthly deduction will be deposited by the Drawing and Disbursing Officer. After this, the Pay and Accounts Officer will compile the contributions and send it to the Trustee Bank by the end of the month. The memorandum further said that a special time limit will be set for the month of March. If there is any mistake on the part of the Pay and Accounts Officer in depositing the contribution, then the employee will be given his contribution along with interest.

Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the Corona ep
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the Incom
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5% TDS on amounts exceedi
Read more