Department of Pension and Pensioners has issued a new guideline related to NPS contribution for central employees. This memorandum has been issued by the government on 7 October 2024.
New Delhi: A big update has come regarding central employees. The central government has issued a new guideline for National Pension System contribution for the employees working under it. The Pension and Pensioners Department, working under the Ministry of Personnel, Public Grievances and Pensions, issued a memorandum on October 7, which explains the new guidelines related to NPS contribution of employees.
Contribution will be reviewed from time to time
Apart from this, information about the existing guidelines has also been given in this memorandum, which states the contribution requirements of 10 percent of the monthly salary to NPS. According to the memorandum issued by the Pension and Pensioners Department, the NPS amount will be rounded off to the nearest whole rupee, while the contribution will be reviewed from time to time.
Contribution can be continued after suspension
If an employee is suspended, he will have the option to continue the NPS contribution, whereas if he joins service after the suspension is lifted, the contribution will be recalculated based on the salary at that time. Let us tell you that it has also been clarified in the new guideline that if there is any mistake in the contribution, then it will be deposited in the pension account of the beneficiary along with interest.
Contribution is mandatory even during probation
According to the new guidelines, if an employee is absent or on leave without pay, he will not be required to make NPS contribution. Also, if the employee goes to another department or another institution, then only he will have to make such contribution. Apart from this, it is mandatory for employees on probation period to make NPS contribution as well.
In case of delay in depositing the contribution, the full amount will be paid along with interest
Let us tell you that the monthly deduction will be deposited by the Drawing and Disbursing Officer. After this, the Pay and Accounts Officer will compile the contributions and send it to the Trustee Bank by the end of the month. The memorandum further said that a special time limit will be set for the month of March. If there is any mistake on the part of the Pay and Accounts Officer in depositing the contribution, then the employee will be given his contribution along with interest.
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