September 18th 2024.
In an exciting development, Finance Minister Nirmala Sitharaman is set to launch the 'Vatsalya' Pension Scheme in New Delhi on Wednesday. The Ministry of Finance has announced that school children will also be joining the event. This scheme, which was announced in the 2024 Union Budget, aims to provide a secure future for children by allowing their parents to contribute towards the National Pension Scheme.
To mark this occasion, NPS Vatsalya events will be held simultaneously at 75 locations across the country. The Finance Minister will launch an online platform for subscribing to the scheme, release a brochure, and distribute PRAN cards to new minor subscribers. Other locations will also join the launch through video conference and distribute PRAN membership to new subscribers.
According to the Ministry, NPS Vatsalya will empower parents to save for their children's future by investing in a pension account, which will help them build a retirement fund with the benefit of compounding. This flexible scheme allows parents to contribute as little as Rs 1,000 annually in their child's name, making it accessible to families from all economic backgrounds.
This new initiative emphasizes the importance of starting early in securing a child's financial future and marks an important step in the development of India's pension system. The scheme will be regulated by the Pension Fund Regulatory and Development Authority.
"The launch of NPS Vatsalya highlights the government's commitment to promoting long-term financial planning and security for all," said the Ministry. One of the unique features of this scheme is that children will be able to withdraw a portion of the accumulated amount as a lump sum and receive the rest as regular pension payments. This will provide financial stability to children in their later years.
Overall, the NPS Vatsalya Pension Scheme is a significant step towards securing the future of our children and promoting a culture of long-term financial planning in our country. We are excited to see the positive impact it will have on families from all walks of life.
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