NPS and APY: 97 lakh new people have joined the National Pension System (NPS) and Atal Pension Yojana (APY) in the year 2023. With this, the total subscriber base of both the pension schemes has reached 7.03 crore by December 31, 2023. Of these, 5.3 crore people are connected to Atal Pension Yojana. The asset under management (AUM) of this scheme has reached Rs 33,034 crore.
Total AUM of NPS and APY reaches Rs 10.9 lakh crore
Employer's contribution to pension will be brought equal to PF
Pension Fund Regulatory and Development Authority (PFRDA) has recommended bringing the employer's contribution in pension at par with the Provident Fund (PF). The employer's contribution to the employee's provident fund goes up to 12 percent of the salary (Basic and Dearness Allowance). Its maximum limit is Rs 7.5 lakh. The interest received on this contribution is tax free. On the other hand, the employer can contribute only 10 percent of the salary to the National Pension System (NPS). At present the employer's contribution in NPS is 10 percent of the salary and 12 percent in PF.
Employer's contribution to NPS will be increased by 14%
PFRDA Chairman Deepak Mohanty said that we have demanded to make the employer's contribution in NPS 12 percent at par with EPFO. Our target is to take it to 14 percent. For government employees, employer's contribution up to 14 percent is tax free.
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