INSUBCONTINENT EXCLUSIVE:
PFRDA has lauded budget announcement of hiking tax deduction limit in NPS for state employeesNew Delhi: Pension Fund Regulatory and
Development Authority (PFRDA) chairman Supratim Bandyopadhyay has welcomed the budget announcement of hiking tax deduction limit to 14 per
cent for state government employees under the National Pension System (NPS), which, he said will bring them at par with central government
For the state government, the tax-free contribution by the employer is 10 per cent.Finance Minister Nirmala Sitharaman while presenting the
union budget 2022-23 in Parliament on Tuesday, had proposed to increase the tax deduction limit from 10 per cent to 14 per cent in
employer's contribution to the NPS account of the state government employees as well."This is a significant announcement to bring state
government employees on par with the central government employees and this will help state government employees getting extended social
equal treatment to both central and state government employees.This would help in enhancing the social security benefits of the state
government employees and bring them at par with central government employees, the finance minister had said in her budget speech.
