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March 18, 2018

Pension regulator PFRDA has appointed IL&FS Skill Development Corporation to train 64500 government employees

New Delhi : Pension regulator PFRDA has appointed IL&FS Skill Development Corporation to train 64500 government employees and other stakeholders on various aspects of flagship schemes NPS and APY, said a PTI report today.

The training institute has been appointed to create mass awareness and impart training on National Pension System (NPS) and Atal Pension Yojna (APY) to the employees of Points of Presence, APY service providers, and corporates of North-West zone.

Nodal officers of central and state governments and those at state autonomous bodies too would be trained, said Pension Fund Regulatory and Development Authority (PFRDA).

“It is intended to have at least 50-60 participants in each session of 3-4 hours duration and conduct approximately 1,610 training sessions and train 64,500 participants in the NW zone over the next 12 months,” PFRDA said while notifying the training institute.

Participants from Jammu and Kashmir, Himachal Pradesh, Uttar Pradesh, Uttaranchal, Punjab, Haryana, Bihar, Jharkhand, Chandigarh, Delhi, Goa, Gujarat, Maharashtra, Madhya Pradesh, Rajasthan, Chhattisgarh, Daman and Diu, Dadra and Nagar Haveli would be imparted training on various aspects of the two flagship social security programmes.

As on January 17, the overall number of NPS and APY subscribers stood at 1.42 crore, with Asset Under Management (AUM) of Rs 1.61 lakh crore. APY, which guarantees a monthly pension of Rs 1,000 – Rs 5,000, has about 43 lakh subscribers.

An additional income tax deduction (from FY 2015-16) of Rs 50,000 for contribution towards NPS under Section 80CCD(1B) was amended. To avail the tax deduction, the investment has to be made in Tier I account of NPS only. Currently, there is no upper capping on doing your savings to the NPS account. However, an individual will get tax deductions of only up to Rs 50000 which is above the section 80C limit of Rs 1.5 lakh.

Anybody, whether a government employee, a private sector employee, self-employed or an ordinary citizen, can claim for the benefit of Rs 50000 under sub section 80CCD(1B). This makes the NPS the most favourite scheme for investors to invest their money for their retirement.

Note: News share for public awareness with reference from the information provided at online news portals.

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