Finance Deptt orders implementation of revised rate of NPS monthly contribution

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Finance Department today issued orders for the implementation of revised rate of monthly contribution of National Pension Scheme (NPS).

“Consequent upon the Government of India, Ministry of Finance, notification no-1/3/2016-PR dated January 31, 2019 for streamlining of implementation of NPS, the central Government makes certain amendments in the above said notification,” the order of Finance Department reads referring to the implementation of revised rate of monthly contribution of NPS.

“As per the said notification for the words ‘the monthly contribution would be 10 % of the salary and DA to be paid by the employees and matched by the central Government’ the word ‘the monthly contribution would be 10% of the basic pay plus Dearness Allowance to be paid by the employee and 14% of the basic pay plus DA by the central Government’ shall be submitted,” he reads while explaining the revised rate of monthly contribution of NPS.

It says that the revised rate of monthly contribution of NPS shall come into effect from April 1, 2019.