NEW DELHI: The Pension Fund Regulatory and Development Authority (PFRDA) has raised the upper age limit to join under NPS-Private Sector from 60 years to 65 years.
“Now, any Indian citizen, resident or non-resident, between the age of 60-65 years, can also join NPS and continue up to the age of 70 years in NPS. With this increase of joining age, the subscribers who are willing to join NPS at the later stage of life will be able to avail the benefits of NPS,” the finance ministry said.
Those joining NPS beyond the age of 60 years will have the same choice of the Pension Fund as well as the investment choice as is available under the NPS for subscribers joining NPS before the age of 60 years, it added.
“NPS provides a robust platform to save for his/her old age income security. Due to the better healthcare facilities along with the opportunities and avenues available in the private sector as well as in the capacity of self-employment, more and more people in their late 50s or 60s are now living an active life allowing them to be employed productively,” the statement noted.