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  • NPS - National Pension Scheme

    Overview about National Pension Scheme (NPS)

    The NPS or the National Pension Scheme is a contribution scheme launched by the Indian government, which offers a large variety of investment options to employees. The scheme helps individuals make decisions with regards to where they should invest their pension wealth. The National Pension Scheme’s main objective is to lower the liabilities of the Government of India with regards to total pension as well as to ensure that the country’s citizens would earn a stable income following their retirement along with helping them earn decent returns on their investment.

    The NPS was launched on the 1st of January 2004 and was aimed at individuals newly employed with the central government, but not including ones in the armed forces. From the year 2009 however, the NPS was made open to every Indian citizen between the age of 18 and 60.

    Unique Permanent Retirement Account Numbers (PRAN) are allocated to each subscriber under the NPS at the time of their joining. Subscribers are also allocated two accounts, which they can access at any time

    • Tier I Account - Under this account, withdrawals are not allowed. It is solely meant for savings after the subscriber’s retirement.

    • Tier II Account - Under this account, a subscriber is free to make as many withdrawals as he or she likes at any time, similar to a regular savings account.

    New Pension Scheme

    The New Pension Scheme was initially introduced by the Indian government for all individuals employed with the government as well as private employees. However, from May 2009 its scope was broadened to be made available to all Indian citizens.

    The New Pension Scheme structurally consists of three types of accounts:

    • Tier I Account - Under this account, subscribers cannot withdraw funds before they retire. It is compulsory for all government employees to invest or direct 10% of their salary into this account.

    • Tier II Account - Under this account, subscribers are free to invest funds as well as withdraw funds as per their convenience. However, a subscriber must possess a Tier I account in order to open a Tier II account.

    • Swavalamban Account - In this account the Indian government contributes a sum of Rs 1,000 every year over the initial four years. The purpose of this account is to provide encouragement for workers of poor economic standing.

    How the New Pension Scheme compares to the National Pension Scheme

    The main features differentiating the two schemes are:

    • Contribution by employees - As per the old pension scheme, an individual has to contribute 10% of the total of his Special Pay, Basic Pay and all other allowances that combine to make up his Provident Fund. However, under the New Pension Scheme, all of the above are included along with Dearness Allowance

    • Contribution by the bank - Even though the bank’s contribution will match the contribution of the employee, under the old scheme a separate account was created to collect the funds. However, under the new pension scheme, the combination of the contributions of both parties will be kept in one account.

    • Employee’s Additional Contribution - Contributions made under the old pension scheme could be stopped by employees by providing a notification one month in advance, but the new pension scheme allows for withdrawals as well as contributions at any given time.

    • Management of Funds - As per the New Pension Scheme, the PFRDA appoints six fund managers to manage the subscriber’s investments, while funds under the old scheme were managed by a P.F trust.

    • Scope of Regulation - The authorised regulatory body for the New Pension Scheme is the PFRDA, but under the old pension scheme no such body exists at the nationwide level.

    • Levy of Charges - No extra charges or fees were levied on subscribers under the old pension scheme. However, some fixed as well as variable charges may be levied under the New Pension Scheme

    Swavalamban Pension Yojana or NPS - Lite

    The Swavalamban pension scheme of the NPS - Lite was introduced with the main objective of helping people from financial and economically backward sections to secure their future. The NPS - Lite scheme is structurally based on servicing of groups as a whole as well as on low charges. Organisations called ‘’Aggregators’ will take charge of people from these particular groups and will provide assistance with regards to registration, transfers and maintenance of pension contributions. Through these organisations, subscribers can join and make contributions provided they are between the ages of 18 and 60.

    As per this scheme, the Indian government made a contribution of Rs 1,000 to each individual NPS account for the initial four years after the opening of the account in the year 2010-11. Currently the Atal Pension Yojana has replaced this scheme, where any subscriber who is less than 40 years becomes eligible to receive pension up to an amount of Rs 5,000 once he attains 60 years of age.

    Features of Swavalamban Pension Yojana or NPS-Lite

    • A PRAN Card is allocated to each subscriber under this scheme

    • Contributions made monthly can be of any amount

    • As per guidelines set by the government, 85% of the funds are to be invested in debt securities, while 15% is to be invested in equity

    • Fund managers include IDFC, SBI, Reliance, UTI, Kotak and ICICI. The subscriber has the option to choose three of them.

    • Aggregators will receive account statements with regards to all transactions that take place as well as the corpus market value. This statement will be distributed to the subscribers on an annual basis.

    Pension Fund Regulatory and Development Authority

    The PFRDA is an independent regulatory body that was set up by the Indian government to regulate and oversee pension funds in India. It is the official regulator for the National Pension Scheme and regulates the workings of the system intermediaries such as the CRA, all pension fund managers, the NPS Trustee Bank etc

    The PFRDA’s main objective is to encourage citizens to secure themselves financially by protecting the subscriber’s pension funds as well as their interests. The PFRA is also authorised to regulate any pension fund that does not fall under the purview of any other law, and ensures that the NPS is administered as per the rules and provisions laid down in the PFRDA Act.

    Eligibility Criteria For National Pension Scheme

    The NPS is open to all Indian citizens, regardless of whether they are residents or NRIs. However, the following eligibility criteria should be met:

    • The subscriber is required to be at least 18 years of age and not more than 60 years of age at the time of submitting his or her application to the POP

    • The subscriber should adhere to the KYC rules and conditions laid out in the registration form

    The following individuals are not eligible to avail of the NPS

    • Individuals who are not of sound mind

    • Individuals who already hold accounts with NPS previously

    • An un-discharged insolvent

    Central Record keeping Agency (CRA)

    The CRA or Central Record keeping Agency was set up for the NPS after the PFRDA and NSDL e-Governance Infrastructure Limited came to an agreement. The CRA is a key component of the National Pension System and is vital to its working. As per the guidelines of the NPS, every employee who has commenced working for the government is required to open up an account with the CRA. This account in turn will be assigned a unique PRAN for identification.

    The most important duties and roles of the CRA are as follows:

    • Providing services to all NPS subscribers with regards to administration and recordkeeping

    • Ensuring that each individual subscriber is issued with a unique PRAN

    • Overseeing the issuance of PRANs to subscribers through a database

    • Recording any transactions that take place in relation to each individual PRAN

    • Providing an interface between NPS intermediaries and the PFRDA

    • Keeping a check on contributions by subscribers as well as relaying any relevant instructions and information to the corresponding pension funds on a day to day basis.

    • Providing subscribers with statements relating to their PRANs

    • Allocating other functions as per PFRDA rules and regulations

    The CRA is also in charge of providing connectivity to the PFRDA and other intermediaries such as the Trustee Banks via electronic means.

    Which individuals or entities can avail of the NPS?

    Any Indian citizen aged between 18 years and 60 years at the time of submitting their application with the POP or POP-SP, is eligible to avail of the NPS. These individuals include any of the following:

    Individuals Employed With The Central Government

    Any individual newly employed with the Central Government as well as Central Autonomous Bodies is eligible to join the NPS provided they have commenced service on the 1st of January 2004 or any time after.

    Individuals Employed With The State Government

    Individuals employed with State Governments as well as State Autonomous Bodies, but who have commenced service following the notification date set by their respective State Governments, are eligible to join the NPS.

    Corporates

    Corporates can opt to subscribe to the NPS and have the option to choose a Pension Fund Manager as per their requirements. This allows for flexible choice of investments and the additional benefit of deciding the amount of funds to be directed to the different asset classes on offer.

    Applicants or workers belonging to the Unorganised Sector - Swavalamban Yojana

    Any Indian citizen aged between 18 years and 60 years at the time of submitting their application, who is a part of the unorganised sector or is not a regular employee of the State or Central government or any of their undertakings, is eligible to open an NPS - Swavalamban account. However, the applicant must not already be covered under the following social security schemes:

    • The Jammu and Kashmir Employees' Provident Fund Act, 1961

    • The Assam Tea Plantations Provident Fund and Pension Fund Scheme Act, 1955

    • The Coal Mines Provident Fund and Miscellaneous Provisions Act, 1948

    • The Seamen's Provident Fund Act, 1966

    • Employees' Provident Fund and miscellaneous Provisions Act, 1952

    How to calculate pension received from NPS

    Whenever calculating the amount of pension an individual will receive from the NPS, it is important to note that the money that the subscriber has invested will not grow at a predetermined rate and that the NPS will not pay the pension amount to the subscriber directly.

    The individual will have to take responsibility with regards investing on a regular basis in the scheme, which in turn will invest the money on the behalf of the individual. After the individual reaches the age of 60, he or she will be required to invest the money received in order to obtain a regular income after retirement.

    Calculating the amount of pension a person receives can differ from individual to individual due to many factors, such as their risk profile, their choice of fund manager, the fund manager’s performance as well as the approach to investment of the individual’s money.

    Individuals can make use of NPS calculators that can be found on many websites on the internet. These calculators base pension calculations on the following parameters:

    • Contribution Amount

    • Frequency

    • Rate of Interest

    • Number of Years

    Interest rates offered by the National Pension Scheme

    Due to the fact that the NPS invests subscriber’s money into a broad range of investment options, the NPS does not offer any particular interest rate. In general, NPS schemes can earn a subscriber anywhere between 12% - 14% interest, which is still on the higher side when taking other investment options into consideration.

    Features of National Pension Scheme

    The salient features of the National Pension Scheme are:

    • The National Pension Scheme offers transparency to the subscriber and is a low cost investment option. Subscribers have the advantage of choosing their own pension fund schemes where they will be aware of how the investment is doing on a routine basis.

    • The NPS application process is extremely simple since the subscriber only has to open up an account at the respective nodal office and acquire a PRAN

    • Since employees are allocated unique PRANs, they will be identified by the same PRAN all over the country, regardless of which part of India they are in.

    • Subscribers can access details pertaining to the NPS online

    • The NPS offers its subscribers a wide range of options to choose from, which include Pension Fund Managers, Funds to allocate their money to and Customer services providers among others.

    • The NPS also give subscribers the flexibility to switch between fund managers and investment options

    • Should the subscriber choose, he or she can change the contribution amount as well as the contribution frequency at will

    • The NPS is a low cost investment option with extremely low fund management charges

    Benefits offered by the National Pension Scheme

    The National Pension Scheme offers subscribers a number of benefits. These are as follows:

    • The NPS is open to every Indian citizen and is entire voluntary

    • The subscriber has the freedom to decide how much they are willing to contribute

    • The application process is extremely convenient and easy

    • It offers subscribers versatility by allowing them to choose where to invest their money in as well as who should manage their investments

    • The subscriber can access his NPS account from anywhere in India at any time

    • Since the PFRDA controls the NPS, there is strict adherence to standards. Evaluation of the performances of fund managers also take place on a routine basis.

    Tax benefits subscribers can avail of under the National Pension System

    Subscribers can avail of the following tax benefits under the National Pension System:

    • Tax deductions under Section 80CCE, which states that the total amount of deduction shall not be more than Rs 1 lakh under Section 80CCD and Section 80CCC

    • Tax deductions under Section 80CCD (2) with regards to contributions made by the Central Government.

    These tax benefits can only be availed by subscribers with Tier I accounts.

    Charges levied by POPs and the CRA

    In the case of Tier I accounts, the employer is required to pay all fees and charges. However with regards to Tier II accounts, the subscriber is liable to pay for all transactional and activational charges.

    The CRA levies the following fees and charges:

    PRA account opening fees - Rs 50

    PRA account maintenance charges - Rs 190 per year

    Transaction fees - Rs 4 per transaction

    The POP levies the following fees and charges:

    • Registration fees at initiation - Rs 100

    • 0.25% of the initial amount contributed by the subscriber for contribution upload as well as any transactions pertaining to contributions uploads thereafter

    • If any transactions are made wherein the subscriber has not made a contribution - Rs 20

    It is important to note that these fees are chargeable from the date of joining and any other charges and services taxes may be imbued in line with current tax laws.

    Procedure to check balance in National Pension Scheme Statement online

    Subscribers can check their balances in Tier I and Tier II accounts by following the steps below:

    • First open the main website of the CRA and NSDL via the following link https://cra-nsdl.com/CRA/

    • Login as a subscriber to access the balance details under NPS

    • Login by entering your user ID and password, which is the PRAN number allocated by the NSDL to each individual subscriber

    • Following the log-in procedure, head to the ‘Views’ tab shown under that particular transaction statement

    • This will provide the subscriber with details of where his money is invested as well as the fund managers appointed to manage his investments

    • The subscriber can also check the aggregate amount that has been invested by both himself as well as the government, including any returns he might have accrued

    • Tier II balance details can be accessed by heading to the ‘Account Details’ section, which is shown at the bottom

    Generation of Returns Through National Pension Scheme

    Any returns that subscribers accrue through the NPS are usually borne after the NPS invests funds in a broad range of securities such as government securities, equity and corporate debt. Due to the good performance in both debt and equity markets, fund managers have attained good returns for subscribers in recent times.

    Rules Regarding Withdrawals from National Pension Scheme

    Withdrawal from the NPS is allowed by the PFRDA only under the following conditions:

    • If a minimum of 40% of the total accumulated pension of the subscriber is used for the purchase of annuities, then the remaining accumulated balance is given to the subscriber in the form of a lump sum

    • In the event of the death of the subscriber, the total pension that the subscriber has accumulated will be paid to his or her nominee

    • If a minimum of 80% of the total accumulated pension of the subscriber is used for purchasing annuities, then the remaining balance will be given out to the subscriber in the form of a lump sum

    Rules Regarding Withdrawal From NPS For Both Tier I & II Accounts

    The main rules with regards to withdrawals made from Tier I and Tier II accounts are:

    • Withdrawal from Tier-I accounts: Should the subscriber complete service of 15 years, then he will be eligible to make withdrawals before maturity. Should he complete service of 25 years then he can make withdrawals totalling to 50% of his contribution. These withdrawals can be made in case of serious emergency or similar situations.

    • Withdrawal from Tier-II accounts: No restrictions on withdrawals exist on Tier-II accounts. Subscribers have the freedom to make withdrawals whenever they so choose depending on their needs and requirements.

    General Withdrawal Rules Regarding Premature Withdrawal from NPS for Both Tier I & II accounts

    There are a number of basic and generic rules regarding premature withdrawals from NPS as far as both Tier I and Tier II accounts are concerned:

    • The subscriber is allowed to make partial withdrawals of a maximum of 25% of the contribution

    • Only three premature withdrawals are allowed per subscriber

    • In order to be eligible to make premature withdrawals, subscribers are required to have made contributions towards the NPS for at least 10 years

    • In the event of any major emergency such as a major illness, then premature withdrawals can be allowed to meet treatment expenses

    • Premature withdrawals can also be made to meet educational and marital expenses of the subscriber’s children

    • Premature withdrawals can also be made by a subscribed should he intend to buy a house for the first time

    • Procedure and Documentation Required To Make Withdrawals From The NPS

      Any subscriber looking to stop making contributions to the NPS is required to fill up, complete and submit a withdrawal application form to his or her respective Point of Presence.

    • The subscriber is also required to submit the documents mentioned below with the withdrawal forms:

      • Original PRAN card

      • Identity Proof such as Passport, PAN Card, Driver’s License etc

      • Address Proof such as Passport, Voters ID, Aadhar Card etc

      • Bank certificates or cancelled cheques that contain the name of the subscriber as well as his bank account number with IFSC code. This is required for transfer of funds either electronically or through a direct credit

    • Following authentication of all documents, the Point of Presence will then send them to the CRA and NSDL

    • The CRA will then ensure that the claim is registered and the required application forms and documents are submitted

    • Following the receipt of the documents, the CRA will ensure that the application is processed and the account is settled

    National Pension Scheme Withdrawal Forms

    The Indian government has separated all withdrawal forms pertaining to the NPS into three different categories:

    • Employees of the Government

    • Subscribers belonging to corporates

    • Swavalamban or unorganised sector subscribers

    Withdrawal Forms Pertaining to Government Employees:

    • Form 101GS - Employees in government service can avail of this form should they choose to withdraw their accumulated pension following their retirement

    • Form 102GP - Employees in government service can avail of this form should they choose to withdraw their accumulated pension before their time of retirement

    • Form 103GD - Nominees or any legal heir of an employee with the government who is a part of the NPS, can avail of this form in order to claim the pension accumulated in the account of the subscriber.

    Withdrawal Forms Pertaining To Corporate Subscribers:

    • Form 301 - Corporate employees as well as other individuals and citizens who opt for withdrawal of their total accumulated pension following retirement can use this form

    • Form 302 - Corporate employees as well as other individuals and citizens who opt for withdrawal of their total accumulated pension before retirement can use this form

    • Form 303 - Nominees or any legal heir of a corporate employee can avail of this form in order to claim the pension accumulated in the account of the subscriber.

    Withdrawal Forms Pertaining to Swavalamban Subscribers:

    • Form 501 - Any subscriber who is a part of the Swavalamban sector can use this particular form to make withdrawals of their total accumulated pension following their retirement

    • Form 502 - Any subscriber who is a part of the Swavalamban sector can use this form to make withdrawals of their total accumulated pension before their retirement

    • Form 503 - Any nominee of a person who is a part of the Swavalamban sector can make use of this form to claim the total pension amount in the account of the subscriber

    Death Benefits Provided Under The National Pension Scheme

    As per the guidelines of the National Pension Scheme, the nominee of the subscriber is allowed to withdraw, as a lump sum, the total pension amount that has been accumulated in the account of the subscriber in the unfortunate event of his or her death.

    In order for a nominee to make the withdrawal, he or she is required to provide the following documents:

    • The relevant and form pertaining to withdrawals should be completed and submitted depending on the subscriber’s employment status

    • The PRAN Card in original

    • A cancelled cheque showing relevant details of the nominee such as his or her bank account number as well as IFSC Code

    • The subscriber’s death certificate

    • Any document or certificate that proves that the person claiming the amount is the legal nominee or heir of the subscriber

    • The nominee’s ID proof as well as Proof of Address

    FAQs on National Pension Scheme

    Following retirement, are employees engaged in government service eligible for leave encashment as per the guidelines of the NPS?

    No. Leave encashment is not allowed as per the guidelines laid down by the CCS and does not count as a component of the benefits available to the employee after retirement.

    What is the reason behind the compulsory utilisation of a minimum of 40% of the accumulated pension funds to buy annuities after retirement?

    The main reason behind this move is to ensure employees in government service will still obtain a regular and stable income every month following their retirement.

    Which body is responsible for the calculation of interest with regards to the NPS?

    The interest is calculated by the The Pension Accounting Office, who is the official body appointed for this particular task

    Which agency or office will be responsible for contribution deductions In the event of the transfer of an employee during the course of the month?

    The office that draws the salary of the subscriber for the maximum amount of time during the month will be responsible for the deduction of contribution towards the NPS

    News About NPS

    • Private sector NPS subscribers can now invest in AIFs, REITs

      Expanding the already three existing categories - equity, corporate bond and government debt - the Pension Fund Regulatory and Development Authority (PFRDA) introduced a new asset class which enables private sector National Pension System (NPS) subscribers to invest up to 5% in Real Estate Investment Trusts (REITs) and Alternative Investment Funds (AIF).

      With the introduction of the new asset class, NPS subscribers can now invest in commercial or residential mortgaged-backed securities under the REITs and asset-backed securities modulated by the Securities and Exchange Board of India (SEBI). Apart from this, private sector NPS subscribers can also invest in units controlled by the Alternative Investment Funds (AIF) and the Infrastructure Investment Trusts.

      Keeping in mind the interest of the investors that are eligible, the Pension Fund Regulatory and Development Authority (PFRDA) initiated two new cycles to the private sector Life Cycle Funds - Aggressive and Conservative Life Cycle Funds. Depending on the age and the risk profile of the subscriber, the Aggressive Life Cycle Fund enabled subscribers to invest a limit of 75% in equities whereas the Conservative Life Cycle curtailed the limit of investment to 25%. The existing Life Cycle Fund remained at its default percentage of 50% for equity investments.

      22nd November 2016

    • Proposals to bring all pension plans under a common authority

      A senior official at PFRDA said that the regulatory authority has proposed a plan for consolidating all the pension products under one roof. According to him, such an initiative would cover more than 20 percent of India’s population in the next 6 years. At present, the pension funds are controlled by the PFRDA but the pension schemes and mutual funds are regulated by IRDAI and Sebi. Suggestions have been forwarded to the government for converting NPS as a tax free contribution pension system. Finance ministry has communicated with PFRDA that a committee will be set up to study the details pertaining to this plan.

      9th November 2016

    • Retail Segment of NPS Grows by 100%

      The retail segment of NPS has seen a growth of over 100% in the past year. New tax benefits that were provided on the scheme has been the main factor in drawing more retail investors. Investors can benefits from tax benefits on up to 40% of the maturity of their investment. The NPS schemes launched in the past were unable to get retail subscribers. The scheme started with a minute base and has now reach an asset management value of Rs.1.38 trillion. Out the total asset management, Rs.3,000 crore comes from the retail sector. The Chairman od the PFRDA, Mr. Hemant Contractor had stated that the reason for the boost in growth of the retail segment of NPS is the new provision of tax benefits.

      22nd September 2016

    • NPS Tier II is More Cost Effective than Mutual Funds

      Mutual Funds are quite a hit when it comes to market linked investment choices but the fund management charges can be a heart burner. An alternative waiting to be discovered is NPS Tier II plans where additional charges are less than 1%. These funds have also outperformed their market counterparts during various terms, making them a lucrative deal.

      A Mutual Fund charges a load of anywhere between 0.75% to 1.50% as fund management charges annually whereas NPS Tier II funds work out to be much cheaper. The ease of investing and tax treatments are probably a few reasons why investors are shying away from exploring the potential of NPS plans.

      28th July 2016

    • Non-resident Indians (NRIs) can open NPS accounts through eNPS

      Non-resident Indians (NRIs) will be able to open National Pension Savings (NPS) accounts using their Aadhaar Cards and PAN cards. This facility can be availed online, through eNPS. This is a new proposal as until now NRIs could only open using bank offices. NPS accounts can be opened by NRIs on a non-repatriable and repatriable basis. When done on a repatriable basis, NRIs have to remit funds using their FCNR, NRO and NRE accounts. When done on a non-repatriable basis, NRIs can remit funds using their FCNR, NRO and NRE accounts, during maturity or while partially withdrawing funds. The NPS scheme would work as old-age security for NRIs living in various countries across the world.

      8th July 2016

    • Kollam EPF Subscribers who have not received UAN asked to Contact EPF Office

      Employee Provident Fund (EPF) subscribers in Kollam whose accounts come under the jurisdiction of Kollam EPF sub regional office have received an announcement from the EPF office. EPF subscribers in Kollam who have retired prior to 2016 but still have not received their Universal Account Number (UAN) have been requested to contact the sub regional EPF office in Kollam along with a copy of their Aadhar Card to receive their Universal Account Number.

      9th June 2016

    • PFRDA to hold 15 day Campaigns to spread awareness on NPA

      PFRDA has decided to conduct 15 day campaigns from June 27 across all nodal offices in state and central government to spread awareness on the National Pension Scheme (NPS). PFRA has taken this decision after facing a number of “elementary” queries from NPS subscribers. PFRDA has noted that NPA subscribes, employees of state & central government are not fully aware of facilities and features available under NPS. PFRDA also has said that majority of the gaps in information are due to non-availability of latest details of subscribers in PRAN (Permanent Retirement Account Number) and other documents.

      9th June 2016

    • New Pension Scheme to be introduced for Sebi staff.

      Sebi would launching a new pension scheme for all its permanent staff members in order to provide financial security during retirement. New employees joining Sebi can benefit from the New Pension Scheme (NPS). Employees currently holding positions with Sebi can choose between joining the New Pension Scheme (NPS) or continuing to contribute to their PF accounts. The NPS has been issued mainly for State Government/Central Government employees and individuals in the unorganised sector and private organisations. Under the NPS, employees can get tax benefits on savings of Rs. 50,000 every year.

      1st June 2016

    • National Pension System (NPS) corpus to be invested in infrastructure : PFRDA Chairman

      The Chairman of the Pension Fund Regulatory and Development Authority (PFRDA), Hemant Contractor said that 19% of the NPS corpus would be invested in infrastructure, with the likelihood of an increase. Launched in 2004, the National Pension System (NPS) has annual inflows amounting to Rs. 35,000 crores. Pension funds can now be invested in infrastructure through investment trusts, real estate investment trusts and infrastructure debt funds, according to a statement from the PFRDA Chairman.

      26th May 2016

    • Applications open for the CEO position with the NPS Trust.

      The PFRDA has put out invitations for individuals to apply for the post of Chief Executive Officer (CEO) of the NPS trust. This section handles the funds and assets of the NPS. The new CEO will have to work closely with stakeholders and other intermediaries, making sure timelines are met. He/she will also be held responsible for the management and administration of the NPS Trust. Applicants are required to carry an experience of 20 years (minimum) in the finance industry and should be aged between 40 to 55 years. The new CEO will be hired for five years and will be on contract. The monthly gross remunerations will be around Rs. 1,68,262 ( excluding House Allowance) and Rs. 2,43,262 (including House Allowance). Additional benefits would include medical allowance, entertainment allowance and office car.

      24th May 2016

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