|
Getting your Trinity Audio player ready...
|
Central Government announced the decision of making National Pension Scheme (NPS) withdrawal tax free. NPS is scheme runned by Central Government for retirement planning of citizens. In which subcriber have to save money from his earning on regular basis. Corpus accumulated at the age of 60 years is used for purchasing annuity. Subscriber get the life time pension from annuity. However subscriber able to withdraw 60 % of the corpus at the age of 60 years. This 60 % withdrawal amount is now made completely tax free. Earlier the Public Provident Fund (PPF) and Employee Provident Fund (EPF) accounts has this facility. This is the major decision taken by the Central Government for sake of pensioner welfare and social security of older citizens.