All central and state government employees recruited on or after January 1, 2004, are part of the NPS.
Under the NPS, individual contributions are pooled into a pension fund, which is invested by the government's Pension Fund Regulatory and Development Authority (PFRDA).
For non-government employees, there are other schemes, including Atal Pension Yojana (APY) primarily targeting those working in the unorganised sector.
There are over 2.2 crore subscribers under Atal Pension Yojana, launched in 2015.
The APY can be subscribed by any Indian citizen in the age group of 18-40 years having a bank account.
The scheme offers three distinctive benefits. It gives a minimum guaranteed pension ranging from Rs 1,000 to Rs 5,000 on attaining 60 years of age.
Secondly, the amount of pension is guaranteed for lifetime to the spouse on death of the subscriber and lastly, in the event of death of both the subscriber and the spouse, the entire pension corpus is paid to the nominee.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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