The Pension Fund Regulatory and Development Authority (PFRDA) has permitted subscribers under the National Pension System (NPS) to make partial withdrawals for the treatment of COVID-19.
In a circular dated April 9, 2020, and addressed to stakeholders and subscribers under NPS, the PFRDA said, "In view of the decision of 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."
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Following this, the regulatory body has allowed partial withdrawals in order "to fulfil financial needs of the subscribers, if required to him/her against the request placed for partial withdrawals towards the treatment of illness of subscriber, his legally wedded spouse, children, including a legally adopted child or dependent parents".
The subscriber would be required to produce a medical certificate as well as a formal request for the partial withdrawal.
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NPS is a flagship pension scheme run by the PFRDA for employees in the central, state governments, autonomous bodies and corporates, along with individual taxpayers.
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