Outlook Money
NPS Vatsalya will allow parents to open an account and contribute to the National Pension System on behalf of their minor children.
On reaching the age of 18, parents can transfer the rights to the account to their children.
NPS Vatsalya complements efforts to addressing the issue of financial security of the common citizen while maintaining fiscal prudence.
Expenditure by employers towards NPS is proposed to be increased from 10 to 14 per cent of the employee’s salary.
The proposed NPS changes will allow a deduction of up to 14% of an employee's salary in the private or public sector undertakings.
Compiled By Himani Verma