Are NPS Vatsalya & hiked NPS deduction limit for private sector employees good moves from Budget 2024? Experts decode

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Times of India 11h ago

Are NPS Vatsalya & hiked NPS deduction limit for private sector employees good moves from Budget 2024? Experts decode - Times of India

Quick Summary:

In the Union Budget 2024, Finance Minister Nirmala Sitharaman introduced two initiatives: extending NPS 14% employer contribution benefits to the private sector and announcing NPS Vatsalya.

This scheme allows parents and guardians to contribute to a minor's account, which can be converted into a regular NPS account once the child reaches adulthood."It provides a very long duration for reaping the compounding benefits and accumulating a huge bounty at a later age.

Effectively, this means that now, private-sector employees can choose to reduce the taxable portion of employers’ contribution to their NPS corpus, thereby paying less tax and leaving greater funds in their pension deposits.“Employees will benefit from tax savings.