Union Budget 2024: Finance Minister Nirmala Sitharaman Proposes ‘Vatsalya’ Pension Scheme for Minors in Budget 2024-25
A new pension scheme named ‘Vatsalya’ has been proposed for minors by the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in the Union Budget 2024-25 tabled in Parliament today.
New Delhi, July 23: A new pension scheme named ‘Vatsalya’ has been proposed for minors by the Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in the Union Budget 2024-25 tabled in Parliament today. Union Budget 2024: Finance Minister Nirmala Sitharaman Lays Out Nine Priorities of Modi Government.
New ‘Vatsalya’ Scheme to Offer Pension Savings for Minors
A contributory pension scheme, this will have contribution by parents and guardians. On attaining the age of majority, the plan can be converted seamlessly into a normal NPS account. Union Budget 2024-25: Finance Minister Nirmala Sitharaman Announces Investment of Rs 10 Lakh Crore Under PM Awas Yojna.
The Union Minister also announced that the Committee to review the NPS has made considerable progress in its work. She expressed satisfaction that the Staff Side of the National Council of the Joint Consultative Machinery for Central Government Employees have taken a constructive approach. “A solution will be evolved which addresses the relevant issues while maintaining fiscal prudence to protect the common citizens”, the Minister further informed.
(The above story first appeared on LatestLY on Jul 23, 2024 01:54 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).