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Government Raises Contribution to Pension to 14%, Makes 60% Withdrawal Tax-Free
December 12, 2018
This Monday, the government announced that now the entire 60% of the pension withdrawn under the National Pension Scheme (NPS) will be tax-free. Earlier, only 40% of this 60% was tax-free and the remaining amount was taxable.
Last week, the Cabinet Committee of Economic Affairs revised the NPS and approved the recommendation for increasing the government’s contribution of NPS tier-I from the current 10% to 14%. The change will be effective for employees who are registered under the scheme after January 1, 2004, whose number is around 18 lakhs.
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