Govt contribution to NPS to rise to 14 pc

NEW DELHI: In a bonanza for Government employees, the Cabinet on Thursday raised the Government’s contribution to National Pension Scheme (NPS) to 14 per cent of basic salary from the current 10 per cent, sources said.
Minimum employee contribution will, however, remain at 10 per cent.
The Cabinet also approved tax incentives under 80C of the Income Tax Act for employees’ contribution to the extent of 10 per cent, they added.
Presently, the Government and employees contribute 10 per cent of basic salary each to NPS.
While the minimum employee contribution remains at 10 per cent, the Government contribution has been increased from 10 per cent to 14 per cent. (AGENCIES)