Union Budget: New pension scheme named Vaysalya proposed for minors
A new pension scheme named ‘Vatsalya’ has been proposed for minors by Union Minister for Finance & Corporate Affairs Nirmala Sitharaman in the Union Budget 2024-25 tabled in Parliament on Tuesday.
A contributory pension scheme, this will have contribution by parents and guardians. On attaining the age of majority, the plan can be converted seamlessly into a normal NPS account.
The Union Minister also announced that the Committee to review the NPS has made considerable progress in its work.
She expressed satisfaction that the Staff Side of the National Council of the Joint Consultative Machinery for Central Government Employees have taken a constructive approach.
“A solution will be evolved which addresses the relevant issues while maintaining fiscal prudence to protect the common citizens,” the Minister further informed.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
Related Articles
CRR cut, AI ethics push, and SORR benchmark: Experts hail RBI’s pragmatic policy moves
Mumbai: The Reserve Bank of India (RBI) has kept the repo rate unchanged at 6.5% while the cash reserve ratio (CRR) has been slashed by 50 basis points to 4 percent, media reports said.
JP Morgan gives 'overweight' rating to Adani Group bonds
Mumbai: US investment bank JP Morgan has assigned an 'overweight' rating to four bonds issued by the Adani Group, citing the group's capacity to scale and grow through internal cash flows, which reduces the likelihood of credit stress.
LG Electronics files DRPH with SEBI; IPO size expected to be over RS 15,000 cr
Mumbai: South Korean electronics giant LG Electronics has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) on Friday for the proposed public listing of its Indian business, according to a notification on the Bombay Stock Exchange (BSE).
De-dollarisation not on India's agenda; derisking domestic trade is: RBI Governor Shaktikanta Das
Mumbai: India has not initiated any steps towards de-dollarisation and is solely focused on mitigating risks to domestic trade from geopolitical uncertainties, Reserve Bank of India (RBI) Governor Shaktikanta Das clarified on Friday, media reports said.
Latest News
FTA with EFTA nations to come into effect from October 1, says Indian Minister Piyush Goyal
Three die during protests over alleged gangrape of tribal girl in Bangladesh
Cocktail 2: Homi Adajania, Kriti Sanon join Shahid-Rashmika's pool party in Sicily, fresh picture from shoot arrives
Tension flares up in PoK as thousands come out on streets against Shehbaz Sharif govt
