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This video explains India's National Pension System (NPS), a scheme designed to help you build a secure retirement corpus.
Under the NPS scheme, individuals can invest in their pension account at regular intervals throughout their employment. Once the employee retires, he/she can withdraw a portion of the NPS corpus, while the remaining amount can be disbursed as a monthly fixed pension amount.
Initially limited to Central Government employees, the NPS was made mandatory for those joining after January 1, 2004. Subsequently, the Pension Fund Regulatory and Development Authority (PFRDA) opened it to all Indian citizens on a voluntary basis. This means now anyone can invest in NPS regardless of whether they are a private sector employee or a public sector employee.
The NPS is particularly beneficial for private sector employees seeking post-retirement financial stability. It also provides tax benefits under Section 80C and Section 80CCD.
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