The Ministry of Finance increased the maximum age of joining the National Pension System (NPS) from the existing 60 years to 65 years under NPS – Private Sector (i.e. all citizen and corporate model).
In accordance with several initiatives undertaken by the Pension Fund Regulatory and Development Authority (PFRDA) during the last few years, now any Indian citizen, resident or non-resident, between the age of 60 – 65 years, can join NPS and continue up to the age of 70 years.
Important Takeaways from Above News for IBPS PO Mains exam-
- The subscriber joining NPS beyond the age of 60 years will have the same choices of pension fund and investment, as those individuals who subscribe to it before the age of 60 years.
- Subscriber joining NPS after the age of 60 years will have an option of normal exit from NPS after completion of three years.
- Arun Jaitley is the present finance minister of India.
Source- The Livemint