National Pension Scheme NPS

National Pension Scheme (NPS) What is National Pension System? A substantial corpus creation for one’s retirement phase is an essential aspect to take care of during financial planning. It not only allows individuals to fulfil their expenditure requirements but also allows them to sail through their post-retirement life with the least hassles. To address this concern of the growing senior citizen demography in the country, the Indian Government thus introduced schemes like the National Pension System or NPS. The scheme allows for systemised savings during one’s working years, thus inculcating a financial discipline among individuals to save for the future. An initiative undertaken by the Government of India, the National Pension System seeks to provide retirement benefits to all citizens of India, even from the unorganised sectors. Regulated and administered by the PFRDA or Pension Fund Regulatory and Development Authority under the PFRDA Act 2013, NPS is a defined, voluntary contribut...