National Pension System- NPS
NPS is an initiative of the Government of India and PFRDA. NPS was initially for Government employees, and was later extended to all citizens of India. NPS Swavalamban scheme was launched in recognition of the need to provide old age income security to marginal income earners and to economically disadvantaged sections of society. What is Swavalamban?
As part of the Government’s initiative towards ‘Financial Inclusion’, the Finance Minister has announced “Swavalamban” to encourage subscribers to start saving for their old age, Govt. of India will also contribute Rs 1000 per year for the NPS-Swavalamban accounts opened in 2012-13 for five years.
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