New Delhi: The Union Minister for Finance & Corporate Affairs, Nirmala Sitharaman has introduced a new pension scheme called ‘Vatsalya’ for minors in the Union Budget 2024-25, which was presented in Parliament today.
This contributory pension scheme will involve contributions from parents and guardians. Once the minor reaches the age of majority, the account can be smoothly transitioned into a standard NPS account.
Additionally, the Union Minister reported significant progress by the Committee reviewing the NPS. She noted the constructive participation of the Staff Side of the National Council of the Joint Consultative Machinery for Central Government Employees, stating that a resolution is being developed to address pertinent issues while upholding fiscal responsibility to safeguard the interests of the general public.