Finance Minister Announces ‘Vatsalya’ Pension Scheme for Minors in Union Budget 2024-25
Desk Report, July 23, 2024: Union Minister for Finance & Corporate Affairs, Smt. Nirmala Sitharaman, unveiled a new pension scheme named ‘Vatsalya’ for minors in the Union Budget 2024-25, presented in Parliament today. This contributory scheme will involve contributions from parents and guardians, providing financial security for children.
Upon reaching adulthood, the scheme can seamlessly transition into a standard National Pension System (NPS) account. This innovative approach aims to ensure long-term financial stability for young citizens as they enter adulthood.
Additionally, the Finance Minister reported significant progress made by the Committee reviewing the NPS. She commended the constructive stance of the Staff Side of the National Council of the Joint Consultative Machinery for Central Government Employees. The Minister assured that a balanced solution addressing key issues while maintaining fiscal prudence will be developed to safeguard the interests of common citizens.
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