NPS Rule Change: Not even a month has passed since the government implemented UPS, that a major change has been made in the rules of NPS. The guideline issued by the Ministry of Personnel states that the payment rules have been changed after the death of the NPS account holder or after he is removed from service.
The pension rules of government employees have been changed once again. It has not been even a month since the Unified Pension System (UPS) was implemented that a major change has been made in the rules of the New Pension Scheme (NPS). The Pension and Pensioners Welfare Department has issued a new guideline regarding NPS on Wednesday. This guideline has been issued regarding the rules of Central Civil Services (after the implementation of NPS) 2021.
This department under the Ministry of Personnel has said in its guideline that this change has been made to bring more clarity regarding the refund of NPS contribution amount to government employees and their beneficiaries. Let us tell you that NPS was implemented in the year 2004 and since then its rules have been changed continuously. In the recent guidelines, 6 rules related to NPS have been changed. 6 rules have been changed
The amount will go to the government account: The guideline states that under the Central Civil Service (Pension) Rule, 1972, if an NPS account holder dies or is removed from the job after being declared unfit or disabled, then in this case the contribution made by the government and the return received on it will go back to the government account.
Remaining money will be returned: The guideline clearly states that in such a situation, the remaining pension corpus will be given in lump sum to that employee or his nominee. To refund the money, the rules issued by PFRDA in 2015 will be followed.
Previous relief will be adjusted: After the implementation of NPS in the year 2004, a rule was made in 2009 that under the CCS Pension Rule, if any relief has been given earlier to save the beneficiaries of the employee from any trouble, then it will be adjusted with its amount before making the final payment of NPS.
Also Read- Post Office MIS: Invest in Post Office Monthly Income Scheme and get an interest rate of Rs 1,11,000 every year, know details
The entire money will go to the government account: The guideline states that under the regulation issued in the year 2015, if after the death of the employee, his beneficiaries have already taken the benefit under the CCS Pension Rule, then the entire amount of contribution made by the employee and the government and its return will also go back to the government account.
Till when will the interest be calculated: The guideline clarifies that the return on the corpus of an employee after his death will be calculated on the basis of the interest rate of PPF. This interest will be given only on the period which will elapse between the death of the employee and the transfer of the corpus i.e. the fund of the pension to his beneficiaries.
Money will have to be returned with interest: If all the benefits have already been given as per CCS rules and in such a situation, if the government contribution money has not come into the government account, then this money will have to be returned to the government along with interest from NPS.
Related Articles:-
Ayushman Card Eligibility: Who can get Ayushman Card and who cannot? Know here
We have taken all measures to ensure that the information provided in this article and on our social media platform is credible, verified and sourced from other Big media Houses. For any feedback or complaint, reach out to us at businessleaguein@gmail.com
