New Pension System (NPS) for all Citizens was introduced by GOI and managed by the Pension Fund Regulatory and Development Authority (PFRDA), the regulator of pension fund in our country, to secure the old age income by way of giving an annuity i.e. pension, once the subscriber(s) attains the age of 60.
Extension of facility to the NPS subscribers of the State to change the Pension Fund Manager and also the Asset-Equity ratio (Investment Pattern) of the subscriptions from the Default combination
State Government will make a monthly contribution of 14% of the Basic Pay plus DA. However, the employees’ contribution would remain unchanged i.e. 10% of the Basic Pay plus DA.
NPS shall be mandatory for all new recruits of the All India Services [AIS], who have joined on or after 01.01.2004 and have been borne on West Bengal cadre.