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New Delhi: In a major relief for bank employees, a proposal to enhance family pension and bank employer’s contribution under NPS has been approved by Finance Minister Nirmala Sitharaman.
Family pension payout will now be 30% of last drawn salary.
The previous slabs were 15%, 20% and 30% of salary, subject to a maximum of Rs 9,284.
Following the revision, family pension will go up significantly — to Rs 30,000-35,000.
The contribution of PSBs for employee pension under NPS has been increased from 10 % to 14%.
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