Who among the following can join the National Pension System (NPS)?

National Pension System (NPS)

Who among the following can join the National Pension System (NPS)?

1. Resident Indian citizens only
2. Persons of age from 21 to 55 only
3. All State Government employees joining the services after the date of notification by the respective State Governments
4. All Central Government employees including those of Armed Forces joining the services on or after 1st April 2004.

Answer: All State Government employees joining the services after the date of notification by the respective State Governments

What is NPS?

National Pension System (NPS) is a voluntary, defined contribution retirement savings scheme. TheNPS has been designed to enable systematic savings during the subscriber's working life. It is an attempt towards finding a sustainable solution to provide adequate retirement income to every citizen of India.

Who can join NPS?

Central Government Employees

NPS is applicable to all new employees of Central Government service (except Armed Forces) and Central Autonomous Bodies joining Government service on or after 1st January 2004. Any other government employee who is not mandatorily covered under NPS can also subscribe to NPS under "All Citizen Model" through a Point of Presence - Service Provider (POP-SP).

State Government Employees

NPS is applicable to all the employees of State Governments, State Autonomous Bodies joining services after the date of notification by the respective State Governments. Any other government employee who is not mandatorily covered under NPS can also subscribe to NPS under "All Citizen Model" through a Point of Presence - Service Provider (POP-SP).

Corporate

A Corporate would have the flexibility to decide investment choice either at subscriber level or at the corporate level centrally for all its underlying subscribers. The corporate or the subscriber can choose any one of Pension Fund Managers (PFMs)- External website that opens in a new window available under “All Citizen Model” and also the percentage in which the funds are allocated to various asset classes.

Individual

All citizens of India between the age of 18 and 60 years as on the date of submission of his / her application to Point of Presence (POP) / Point of Presence-Service Provider (POP-SP) can join NPS.

Unorganised Sector Workers - Swavalamban Yojana
A citizen of India between the age of 18 and 60 years as on the date of submission of his / her application, who belongs to the unorganized sector or is not in a regular employment of the Central or a state government, or an autonomous body/ public sector undertaking of the Central or state government, can open NPS -Swavalamban account. The subscriber of NPS -Swavalamban- External website that opens in a new window account should not be covered under social security scheme like Employees' Provident Fund and Miscellaneous Provisions Act, 1952, The Coal Mines Provident Fund and Miscellaneous Provisions Act, 1948, The Seamen's Provident Fund Act, 1966, The Assam Tea Plantations Provident Fund and Pension Fund Scheme Act, 1955 and The Jammu and Kashmir Employees' Provident Fund Act, 1961.