An awareness seminar titled “Workshop on Enhancing Awareness about National Pension System (NPS),” jointly organised by MADITSSIA and the Pension Fund Regulatory and Development Authority (PFRDA), was held at the MADITSSIA Hall on September 21.
The seminar aimed to create awareness among participants about the National Pension System, a Government of India initiative focused on retirement savings and financial security.
The welcome address was delivered by J. Mohamed Yasik, Vice President of MADITSSIA. The programme concluded with a vote of thanks proposed by J. Ashok, Honorary Secretary of MADITSSIA.
The participants were briefed on the eligibility criteria, account types, investment options, tax benefits and withdrawal provisions under NPS. Indian citizens aged between 18 and 70 years, including salaried employees, self-employed persons and Non-Resident Indians, are eligible to join the scheme.
The seminar explained the Tier-I mandatory retirement account and the voluntary Tier-II account. Under NPS, investments can be made in equity, corporate bonds, government securities and alternative assets through Active Choice or Auto Choice options.
Participants were also informed about tax benefits available under Sections 80C and 80CCD(1B). On attaining 60 years, up to 60% of the accumulated corpus can be withdrawn as a lump sum, while the remaining 40% is invested in an annuity to provide regular pension income. Accounts can be opened online through eNPS or offline through banks and post offices.