Consider the following 1 All employees of the Central Government are now covere...........

Economic Affairs Pension and Insurance

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Consider the following:

1. All employees of the Central Government are now covered by New Pension System with effect from 1 January 2004.

2. New Pension System has been opened up to all citizens of India from 1 May 2009, on compulsory basis

3. ‘Swavalamban’ is an incentive scheme for the NPS

Which of the above statements is/are correct?

Only 1

1 & 2

Only 3

All are correct

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Explanation:

1st and 2nd statements are contradictory.
The National Pension System (NPS) was launched on 1st January, 2004 with the objective of providing retirement income to all the citizens. NPS aims to institute pension reforms and to inculcate the habit of saving for retirement amongst the citizens.
Initially, NPS was introduced for the new government recruits (except armed forces). With effect from 1st May, 2009, NPS has been provided for all citizens of the country including the unorganised sector workers on voluntary basis not compulsory basis.