The NPS Vatsalya Scheme is a significant initiative aimed at providing financial security to the families of Central Government employees, here are some things to know.
1
The primary objective of the NPS Vatsalya Scheme is to offer financial security and stability to the families of Central Government employees.
2
The scheme is specifically designed for Central Government employees who are covered under the National Pension System.
3
Under the NPS Vatsalya Scheme, the family of a deceased Central Government employee is entitled to receive a pension.
4
Both the employee and the government contribute towards the pension fund during the employee's service period.
5
Contributions made to the NPS Vatsalya Scheme are eligible for tax benefits under Section 80CCD of the Income Tax Act.
6
They can choose to withdraw the accumulated pension fund as a lump sum or receive regular pension payments.
7
The NPS Vatsalya Scheme is regulated by the Pension Fund Regulatory and Development Authority (PFRDA), ensuring transparency and reliability.