Coronavirus Outbreak: Govt allows partial withdrawal for NPS subscribers for covering expenses related to treatment of COVID-19
New Delhi: The Pension Fund Regulatory and Development Authority of India (PFRDA) on Friday said NPS subscribers will now be allowed partial withdrawal for covering expenses related to treatment of COVID-19.
In a circular addressed to all stakeholders and subscribers under the National Pension System (NPS), PFRDA said, "In view of the decision of the Government of India, which has declared COVID-19 as a pandemic, it has been decided to declare COVID-19 as a critical illness which is life-threatening in nature."
The partial withdrawals shall be permitted to fulfil financial needs of the subscribers, if required to him/her against the request placed for partial withdrawals towards the treatment of the illness of subscriber, his legally wedded spouse, children, including a legally adopted child or dependent parents, as per the regulations, PFRDA said in the circular.
PFRDA clarified that the facility of partial withdrawal will not be applicable for Atal Pension Yojana (APY) subscribers.
"We would like to clarify that presently, there is no provision for subscribers to make partial withdrawals under APY," PFRDA added.
NPS and APY are the two flagship pension scheme run by PFRDA. Whereas the NPS is for the central, state governments, autonomous bodies and corporates, APY is mainly meant to cater to the pension needs of those employed in the unorganised sector.
The majority chunk of India's workforce is employed into the unorganised sector.
As on 31 March, the total number of subscribers under NPS and APY stood at 3.46 crore. Of this, the number of APY subscribers were 2.11 crore, as per data from PFRDA.
Updated Date: Apr 10, 2020 15:47:25 IST
Tags : 21-Day Nationwide Lockdown, APY, APY Subscribers, Atal Pension Yojana, Coronavirus, Coronavirus Outbreak, Coronavirus Pandemic, COVID-19, Lockdown, National Pension System, NewsTracker, NPS, NPS Subscribers, Pension, Pension Fund Regulatory And Development Authority Of India, PF, PF Withdrawals, PFRDA, Shutdown
COVID-19 treatment: Scientists say brand new flu drug might help in reducing viral load, prevent SARS-CoV-2 transmission
Moderna to begin phase 3 trials in July, Oxford to test Chadox1 on children: All you need to know about COVID-19 vaccines in the works
Hydroxychloroquine sustained dose and PPE can reduce COVID-19 risk in healthcare workers, ICMR study says
Cyclone Nisarga: What to do before, during and after a cyclonic storm to stay safe, secure and healthy
Why social distancing is still the most effective non-pharmaceutical intervention for COVID-19
Studies suggest even mild symptoms of COVID-19 can cause severe damage to lungs, heart and brain
Coronavirus Outbreak Updates: 2,091 people test positive for COVID-19 in Maharashtra today; confirmed cases rise to 54,758 in state
Coronavirus Outbreak Updates: Gujarat BJP MLA Balram Thawani tests positive for COVID-19; 423 new cases reported in state today
Coronavirus Outbreak Updates: Junior assistant in Delhi LG's office tests positive for COVID-19; samples from 40 staff members taken
Coronavirus Outbreak Updates: Film producers' association writes to Uddhav Thackeray requesting resumption of film and TV shoots
Coronavirus Outbreak Updates: Mumbai reports 1,382 new COVID-19 cases; confirmed infections rise to 25,317
Coronavirus Outbreak Updates: With 1,82,143 COVID-19 cases reported till date, India now seventh worst-affected country, says WHO