NPS Rule Change: 6 rules related to NPS payment have been changed, know here...

The pension rules for government employees have been changed once again. It has not been even a month since the Unified Pension System (UPS) was implemented and a major change has been made in the rules of the New Pension Scheme (NPS). The Pension and Pensioners Welfare Department 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, which comes 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
Amount will go to 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.

The remaining money will be returned: The guideline clearly states that in such a situation, the remaining pension corpus will be given to that employee or his nominee in a lump sum. To refund the money, the rules issued by PFRDA in 2015 will be followed.

Earlier 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.

The entire money will go to the government account: The guideline states that as per the regulation issued in the year 2015, if the beneficiaries of the employee have already taken the benefit under the CCS Pension Rule after his death, 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 for the period that will elapse between the death of the employee and the transfer of the pension corpus i.e. the fund to his beneficiaries.

Money will have to be returned with interest: If all the benefits have already been given under the CCS rules and in such a situation, if the money of the government contribution has not come to the government account, then this money will have to be returned to the government along with interest from NPS.

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