New Delhi, Sep 18 (IANS) Finance Minister Nirmala Sitharaman will launch the New Pension Scheme (NPS) ‘Vatsalya’ on Wednesday here, which will be joined by school children, according to an official statement from the Ministry of Finance.
Announced in the Union Budget 2024, the scheme will allow parents to contribute a certain amount on behalf of their children towards National Pension Scheme (NPS) to secure their future and help them develop a retirement fund.
As part of the launch in New Delhi, NPS Vatsalya events will be organised simultaneously at nearly 75 locations throughout the country, according to the Ministry of Finance.
The Finance Minister will also launch an online platform for subscribing to NPS ‘Vatsalya’, release of scheme brochure, and distribute PRAN cards to new minor subscribers.
Other locations will join the launch through video conference and will also distribute PRAN (permanent retirement account number) membership to new minor subscribers in that location.
“NPS ‘Vatsalya’ will allow parents to save for their children’s future by investing in a pension account and ensure long-term wealth with the power of compounding,” said the Ministry.
NPS ‘Vatsalya’ offers flexible contributions and investment options, allowing parents to make investment of Rs 1,000 annually in the name of the child, thus making it accessible to families from all economic backgrounds.
This new initiative is designed to start early in securing financial future of children, marking an important step in India’s pension system. The scheme will be run under the Pension Fund Regulatory and Development Authority (PFRDA).
“The launch of NPS Vatsalya highlights the Union government’s commitment to promote long-term financial planning and security for all,” said the Ministry.
The scheme allows children to withdraw a portion of the accumulated corpus as a lump sum and receive the rest as regular pension payments.
–IANS
khz/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.