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What pension benefits are offered to a government employee covered under NPS on his voluntary retirement from the service?
Can you tell me what pension benefits are offered to a government employee covered under NPS on his voluntary retirement from the service?
Of course. Upon voluntary retirement, a government employee covered under NPS is entitled to receive a lump sum amount of 20% of his or her total accumulated pension wealth. The remaining 80% of the pension wealth is used to purchase an annuity plan from a life insurance company approved by the government. The annuity provides a regular pension payment to the retiree for the rest of his or her life.