Government to Launch Pension Scheme for Minors

On 18th September, 2024, Finance Minister will unveil a new pension scheme, NPS Vatsalya, aimed at securing the financial future of minors.

Key Points

Scheme Launch: The central government is set to introduce 'NPS Vatsalya,' a pension scheme for minors, allowing parents to save for their children's future through flexible contributions.
Investment Options: Parents can invest as little as Rs. 1,000 annually in their child’s name, making the scheme accessible to families across various economic backgrounds.
Regulatory Oversight: The Pension Fund Regulatory and Development Authority (PFRDA) will manage and oversee the scheme, ensuring compliance and efficient management of pension funds.
Online Platform Launch: Along with the scheme, an online platform for subscribing to NPS Vatsalya will also be launched, making it easier for parents to enroll.
Financial Security for Future Generations: The scheme reflects the government’s focus on promoting long-term financial planning and ensuring future generations grow up financially independent and secure.
Nationwide Events: NPS Vatsalya events will be held in 75 locations across India, connected via video conference for the launch. Permanent Retirement Account Number (PRAN) cards will be distributed to new minor subscribers at these events.