The national pension scheme of the NPS emerged in 2004. It would work almost like the employee provident fund of the EPF that we are familiar with. The employees were put in a share of their salary and the government would put in a bit too. On retirement, a part of this corpus can be withdrawn in a single shot. And the annuity then pays out a monthly pension.
In today’s episode for 15th March 2023 we explain why there’s a furore over the pension system in India.