What is minimum pension in NPS?
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In the National Pension System (NPS), the minimum pension amount depends on various factors such as the contributions made, the investment returns, and the annuity option chosen at the time of retirement. The pension amount is calculated based on a formula that takes into account these factors. It’s important to note that the minimum pension amount may vary for different individuals based on their specific circumstances. To get a more accurate estimate of the minimum pension amount, it’s advisable to consult with a financial advisor or visit the official NPS website for detailed information. 😊💰🏦
According to extant NPS norms, a minimum of 40% of the accumulated NPS corpus from contributions during a person’s working years must be invested in annuities to generate a monthly pension, which is linked to annuity returns and not guaranteed. The balance of 60% can be withdrawn, which is tax-free.