Budjet CPS FINANCE MINISTER
Budget 2019-2020
Speech of Nirmala Sitharaman Minister of Finance
July 5, 2019
Pension Fund Regulatory and Development Authority (PFRDA) implements and regulates the National Pension System (NPS) and Atal Pension Yojana through various intermediaries including, inter- alia, the NPS Trust. Keeping in view the wider interest of the subscribers and to maintain arm’s length relationship of the NPS Trust with PFRDA, steps will be taken to separate the NPS Trust from PFRDA with appropriate organizational structure.
Incentives to National Pension System (NPS) subscribers In order to give effect to the cabinet decision already taken to incentivise NPS, it is proposed to,-
increase the limit of exemption from current 40% to 60% of payment on final withdrawal from NPS;
allow deduction for employer’s contribution upto 14% of salary from current 10%, in case of Central Government employee;
allow deduction under section 80C for contribution made to Tier Il NPS account by Central Government employees
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