NPS Rule Change: It has not been even a month since the government implemented UPS that a major change has been made in the rules of NPS.
In the guideline issued by the Ministry of Personnel, it has been said that the payment rules have been changed after the death of the NPS account holder or after he is removed from service.
The pension rules of government employees have been changed once again. It has not been even a month since the Unified Pension System (UPS) was implemented that a major change has been made in the rules of the New Pension Scheme (NPS). The Pension and Pensioners Welfare Department has 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 guideline, 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) Rules, 1972, if an NPS account holder dies or is declared unfit or disabled and is removed from the job, 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 refunded: It is clearly stated in the guidelines that in such a situation, the remaining pension corpus will be given to the employee or his nominee in lump sum. The rules issued by PFRDA in 2015 will be followed for refunding the money.
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 from 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 2015, if after the death of the employee, his beneficiaries have already taken the benefit under the CCS Pension Rule, then the entire amount of contribution made by the employee and the government and its return will also go back to the government account.
For how long will the interest be calculated: The guidelines clarify that the return on the corpus of an employee after his death will be calculated based on the interest rate of PPF. This interest will be paid only for the period which elapses between the death of the employee and the transfer of the pension corpus i.e. the fund to their beneficiaries.
Money will have to be returned with interest: If all the benefits have already been given as per CCS rules and in such a situation, if the government contribution money has not come into the government account, then this money will have to be returned to the government along with interest from NPS.
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