The Hindu : Tamil Nadu News : NPS introduced in Tirupur

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Friday, Mar 26, 2010
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Tamil Nadu

Tamil Nadu

NPS introduced in Tirupur

Staff Reporter

Tirupur: To provide better social security to public, the Department of Posts has introduced the New Pension Scheme (NPS) of the Central Government in Tirupur Postal Division.

Superintendent of Posts V. Sampath told The Hindu that the department would act as Point of Presence (PoP) for this scheme, which would be extended to all citizens aged between 18 and 55 years.

“Under the phase-1 of the implementation process, the three head post offices in the Division located at Tirupur, Mettupalayam and Dharapuram will act as PoPs," he said.

Mr. Sampath said that the scheme, mooted under the Pension Fund Regulatory and Development Authority (PFRDA) Bill, was conceptualised as a contributory pension scheme with the investors making a minimum contribution of Rs. 500 per month. “All subscribers should ensure that a minimum of four contributions are made every annum and they are being given various options of investments like non-with drawable account and voluntary savings account,” he added.

Mr. Sampath said that once the investor attained the age of 60 years, 60 per cent of the investment would be returned lump sum apart from commencement of disbursal of monthly pensions in different scales. “The remaining 40 per cent of the principal investment too will be returned, which makes the scheme attractive, once the investor turned 70 years of age,” he added.

For more details, contact Mr. Sampath either in person or through Tel: 98650-07353.

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