In a significant development aimed at strengthening long-term financial security and fostering early savings habits, Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman, has launched the National Pension System Vatsalya (NPS Vatsalya) scheme. Announced in the Union Budget 2024-25 on July 23, 2024, this innovative pension scheme is designed exclusively for minors, marking a significant advancement in financial planning and setting a new standard for prudent financial management from a young age.
This innovative saving-cum-pension scheme, regulated and administered by the Pension Fund Regulatory Authority of India (PFRDA), marks a significant advancement in the government’s efforts to enhance financial planning and security across generations. By focusing on intergenerational equity, NPS Vatsalya not only aims to secure the future of its young subscribers but also underscores the importance of nurturing a culture of savings from an early age.
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