The National Pension System (NPS) is a retirement savings initiative introduced by the Government of India to ensure individuals receive a stable income after retirement.
The admins can integrate NPS into the salary configuration and Flexible Benefit Plan (FBP) by updating the salary structure to include NPS as a specific component. They must define the contribution rates and any relevant limits.
This involves outlining the entitlements associated with NPS, such as employer contributions, employee contributions, and any tax benefits linked to these contributions.
The admin must revise the FBP to include NPS as an option for employees, allowing them to allocate a portion of their salary toward their contributions.
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