The Centre has issued new guidelines regarding contributions to the National Pension System (NPS), as reported by Financial Express. These guidelines were outlined in an Office Memorandum from the Department of Pension and Pensioners’ Welfare, under the Ministry of Personnel, Public Grievances and Pensions, dated October 07, 2024.
The guidelines reaffirm existing rules, including the mandatory 10% monthly salary contribution to the NPS, rounded up to the nearest whole rupee.
Employees under suspension have the option to continue their contributions. If the suspension is later considered duty, the contributions will be recalculated based on the salary at that time. Any discrepancies will be credited to the pension account with applicable interest.
Employees on unpaid leave or absent are not required to contribute. Those on deputation to other departments or organizations must continue contributing as though they were not transferred. Probationary employees are also required to make contributions.
In cases of delayed contributions, employees will receive the amount with added interest.