The National Pension System (NPS) is a voluntary defined contribution pension system administered and regulated by the Pension Fund Regulatory and Development Authority (PFRDA), created by an Act of the Parliament of India. The NPS started with the decision of the Government of India to stop defined benefit pensions for all its employees who joined after 1 January 2004. While the scheme was initially designed for government employees only, it was opened up for all citizens of India in 2009. Today, the NPS contribution by an employee of Central Government is 10% whereas Employers contribution has been enhanced to 14% w.e.f. 01.04.2019 and also NPS is readily available & tax efficient under Section 80CCC and Section 80CCD.
At present there are 26 employees of this office are covered by National Pension System.