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National Pension Scheme (NPS) permits partial withdrawal for purposes such as education expenses for children, marriage, house construction, or medical emergencies

NPS withdrawal rules: From February 1st, subscribers won't be able to withdraw over 25% of contributions

<h2>National Pension Scheme (NPS) permits partial withdrawal for purposes such as education expenses for children, marriage, house construction, or medical emergencies</h2>

The Pension Fund Regulatory and Development Authority has introduced new rules for withdrawals of funds from NPS accounts. Beginning the 1st of February, subscribers will not be able to withdraw more than 25% of their contributions. The withdrawal money also excludes Employers' contribution.
<h3>Partial withdrawal eligibility</h3>
Subscribers must have been a member of this scheme for a minimum of three years to avail partial withdrawal.
Also Read: <a href="https://www.editorji.com/business-news/epfo-removes-aadhaar-as-a-valid-date-of-birth-proof-these-are-the-documents-you-can-use-instead-1705571610099">EPFO removes Aadhaar as a valid date of birth proof; these are the documents you can use instead</a>
NPS rules also allow subscribers to withdraw money only 3 times throughout their subscription period. For subsequent withdrawals, only incremental contributions made by the subscriber from the date of the previous partial withdrawal shall be allowed.&nbsp;
As per new rules, NPS partial Withdrawal is permitted for
<ul>
<li>Higher education expenses for the subscriber's children. This is also applicable for legally adopted children.</li>
<li>Marriage expenses for the subscriber's children. Also applicable for legally adopted children.</li>
<li>Purchase or construction of a residential house or flat in the subscriber's name or jointly owned.</li>
<li>Medical expenses for specified illnesses, such as cancer, kidney failure, primary pulmonary arterial hypertension, multiple sclerosis, major organ transplant, coronary artery bypass graft, and others.</li>
<li>Medical and incidental expenses arising from the disability or incapacitation suffered by the subscriber.</li>
<li>Expenses for skill development or re-skilling.</li>
<li>Expenses incurred by the subscriber for establishing their venture or any start-up.</li>
</ul>
In case a subscriber is ill, a family member can make a withdrawal request. The Point of Presence or Government Nodal Office will identify the recipient once the request is made.

In this episode of Invest Smart, Sriram Iyer CEO, HDFC Pension and Editorji's Avni Raja talk about the evolving perception towards retirement planning in India. 

Invest Smart: An insight into National Pension System & retirement planning

<h2>In this episode of Invest Smart, Sriram Iyer CEO, HDFC Pension and Editorji's Avni Raja talk about the evolving perception towards retirement planning in India.&nbsp;</h2>

In this episode of Invest Smart, we delve into the critical realm of retirement planning, shedding light on the often-overlooked National Pension System (NPS). Seasoned banker &amp; CEO HDFC Pension, Sriram Iyer, breaks down the findings of the first-of-a kind NPS Preference Index. The survey while guaging the familarity and perception towards NPS also assesses what Indians attitude towards retirement is. Iyer said, that retirement planning, a fundamental aspect of financial management, often takes a back seat in India. Even when considered, it tends to be insufficient. With rising life expectancy and healthcare costs, addressing pension inadequacy has become crucial. The NPS, a government-backed retirement savings plan, stands as a viable solution.
He highlighted that the survey reveals retirement planning is not a top-three financial priority for most respondents. Additionally, there's a significant underestimation of the required retirement corpus, posing a challenge to future financial security. Despite increased awareness, retirement planning remains inadequately addressed.
Iyer emphasized that the best time to start retirement planning was yesterday. Even if that opportunity was missed, the urgency remains, start planning today. The NPS, with its simplicity, tax benefits, and long-term security, is a compelling choice for retirement planning.
As India faces the challenges of an ageing population, understanding the urgency of retirement planning becomes paramount. The NPS stands as a beacon of financial security, offering a path towards a comfortable retirement. In the journey towards a financially stable future, the NPS can play a pivotal role, ensuring that Indians retire with confidence and security, he added.&nbsp; Also Watch: <a href="https://www.editorji.com/business-news/invest-smart/invest-smart-mistakes-that-investors-must-avoid-1695989896389">Invest Smart: Mistakes that investors must avoid</a>

Family pension for bank employees is at a paltry level, the government on Wednesday raised the same to 30 percent of the last drawn salary. 

Good news for PSU bank employees, PF and pension plans see big jump

Good news for PSU bank employees, PF and pension plans see a big jump

Government's new benefits to bank employees

More reasons to prepare for a government job as the finance ministry has announced some big benefits for the bank employees.
Admitting that family pension for bank employees is at a paltry level, the government on Wednesday raised the same to 30 percent of the last drawn salary. With this, the family pensions would rise three times.
Currently, kin of deceased public-bank employees get a maximum of Rs 9,284 per month which would rise to as high as Rs 35,000 per month,&nbsp;said Department of Financial Services Secretary Debasish Panda.
"The cap has been completely removed and a uniform slab of 30 percent at the last-drawn salary will be entitled as family pension," Panda told reporters.
The ministry has also decided to increase the employer's contribution in the&nbsp;New Pension Scheme (NPS) to 14 percent of the salary from the current 10 percent.

Currently, the family of deceased public-bank employees get a maximum of Rs 9,284 per month.

More reasons to prepare for a government job as the finance ministry has announced some big benefits for the bank employees.
Admitting that family pension for bank employees is at a paltry level, the government on Wednesday raised the same to 30 percent of the last drawn salary. With this, the family pensions would rise three times.
Currently, kin of deceased public-bank employees get a maximum of Rs 9,284 per month which would rise to as high as Rs 35,000 per month,&nbsp;said Department of Financial Services Secretary Debasish Panda.
"The cap has been completely removed and a uniform slab of 30 percent at the last-drawn salary will be entitled as family pension," Panda told reporters.
Also Watch :<a href="https://www.editorji.com/story/lic-launches-saral-pension-plan-1625208194411" target="_blank">&nbsp;LIC launches Saral pension plan</a>
The ministry has also decided to increase the employer's contribution in the&nbsp;New Pension Scheme (NPS) to 14 percent of the salary from the current 10 percent.

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