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Govt increases its contribution to 14 pc under NPS

12/10/2018

New Delhi, The Government has increased its contribution for its employees covered under the National Pension System (NPS) to 14 per cent from existing 10 per cent, Union Finance Minister Arun Jaitley said on Monday. To make the Scheme more attractive, the Government has also decided that tax exemption limit for lump sum withdrawal on exit has been enhanced to 60 per cent from 40 per cent. At present, 40 per cent of the total accumulated corpus utilised for purchase of annuity is already tax exempted. Out of 60 per cent of the accumulated corpus withdrawn by the NPS subscriber at the time of retirement, 40 per cent is tax exempt and balance 20 per cent is taxable.

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