NPS for non-government employees

Mangalore Today News Network

Mangalore, Nov 29: The government’s National Pension Scheme (NPS) can now be availed of by those employed in the private sector as well as those who are self-employed. 

This scheme can be availed of through the South Indian Bank, the State Bank of Mysore, The UTI Asset Management Company, and CAMS. The employees of the central as well as of the state government in 22 states of India, including Karnataka, are already enjoying the benefits of the NPS scheme. 

According to a press release from the National Pension Fund Development Authority, this scheme, which has already collected Rs 2,100 crores, has earned an annual income of 12.37 percent as of Sept 30, 2009. Self-employed people as well as those who are employed in the private sector, aged between 18 and 55 can avail of all the benefits that government employees now enjoy. The benefits of the scheme will become available to the members at the age of 60. 

Under this scheme, members should save at least Rs 500 per month; but they can save as much as they can afford to.