Hiking of entry age into NPS creates one more retirement saving avenue for senior citizens

Senior citizens should invest at least Rs 50,000 to avail of the additional tax benefit that NPS provides

The Pension Fund Regulatory and Development Authority (PFRDA) has hiked the entry age into the National Pension System (NPS) for the private sector from 60 to 65. For those who did not join NPS earlier but would like to do so after 60, this is a positive step.

In its circular, PFRDA says that it has hiked the entry age in response to requests from the public, corporates and intermediaries. With better health care facilities, growing fitness levels, and increasing life spans, more people now work after 60, and hence, have the ability to contribute to a retirement saving product