Contribution of 10 percent to National Pension System to make the retirement income scheme
GOVERNMENT OF INDIA
MINISTRY OF FINANCE
UNSTARRED QUESTION NO: 366
ANSWERED ON: 24.06.2019
National Pension System
Raksha Nikhil Khadse
Will the Minister of FINANCE be pleased to state:-
(a) whether the Government proposes to enhance the contribution which is presently at 10 percent to National Pension System (NPS) to make the retirement income scheme more attractive;
b) if so, whether the Government has notified this change;
(c) if so, the details thereof; and
(d) if not, the date proposed for the notification of the new scheme?
(a) to (c) Government has increased the mandatory contribution by Central Government from 10% to 14% of the basic pay+DA for all the Central Government employees covered under National Pension System Tier-I. The employees’ contribution rate would remain at the existing 10% of the basic pay+DA. This has been notified vide Gazette Notification No. 1/3/2016 PR dated 31.01.2019, and has come into force with effect from 01.04.2019.
d) Does not arise in view of reply given to parts (a) to (c).
Source: Lok Sabha