Pension Scheme: Those doing private jobs will also get a pension, just have to invest in this government scheme!


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The biggest challenge faced by those doing private jobs is that they do not get any kind of financial assistance in old age. Despite years of hard work in private employment, many individuals do not receive pension benefits, thereby facing difficulties in maintaining themselves after the age of 60. This worry often causes problems in people.

To solve this problem, the government has launched a scheme called National Pension Scheme (NPS). Originally designed for government employees, the scheme has been expanded to include all individuals, allowing them to invest and benefit from a pension in old age.

For your information, let us tell you that under the National Pension Scheme, a significant part (40%) of the invested amount goes to the pension fund. This ensures that individuals are provided with a larger sum along with monthly pension benefits upon retirement. The amount of pension received depends on the extent of investment made by the individuals. Opening an NPS account is easy and can be opened through any bank. Persons aged between 18 to 70 years are eligible to invest in this scheme.

Minimum documentation is required to open an NPS account, individuals are able to do so using their PAN and Aadhar card. The process involves visiting the Pension System Trust website, verifying Aadhaar details, and filling out a form. NPS account can be opened with a minimum investment of ₹500. However, the funds cannot be withdrawn until the age of 60 years. For quick withdrawals, individuals need to open a Tier-2 account, which functions like a savings account.