New pension guidelines for central govt employees released: Check new NPS contribution rules

The centre has released new NPS contribution guidelines for periods of suspension, periods of unpaid leave, probation, and many others

Published on: Oct 11, 2024, 13:19:31 IST

By HT News Desk

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The centre has released new guidelines for contributions to the National Pension System (NPS), according to a Financial Express report.

The centre has released new guidelines for contributions to the National Pension System (NPS) ((Representational Image/Pixabay))

The guidelines were released in an Office Memorandum from the Department of Pension and Pensioners’ Welfare, which comes under the Ministry of Personnel, Public Grievances and Pensions, dated October 07, 2024.

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What are the mentioned NPS contribution guidelines?

The guidelines reiterate existing provisions, which includes the 10% of monthly salary contribution requirement to the NPS. The amount will always be rounded up to the nearest whole rupee.

However, during periods of suspension, employees can choose to continue their contributions.

If the suspension is later deemed as duty, the contributions will be recalculated based on the salary at that time.

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All discrepancies in contributions will get credited to the pension account along with applicable interest.

Employees who are absent or are on unpaid leave won't be required to contribute.

Employees on deputation to other departments or other organisations will still have to contribute to the NPS as if they haven't been transferred at all.

Employees on probation also have to compulsorily make contributions.

In cases where there are delays in crediting contributions, affected employees will receive their contribution with interest as well.

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HT News Desk
Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.Read More

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