Over the past decade, Corporate Social Responsibility (CSR) in India has undergone a significant transformation, particularly in regional areas. The shift from voluntary philanthropy to a mandated, structured effort has revolutionized how companies contribute to social development. CSR has now become a crucial element of corporate strategy, with a focus on sustainability, impact, and long-term change.

Corporate Social Responsibility (CSR) in India has evolved, with companies now mandated to allocate profits to social causes. In 2014, India became the first country to legally mandate CSR spending under Section 135 of the Companies Act, 2013.  This requires businesses exceeding specific financial criteria to allocate 2% of their average net profits to CSR initiatives.

In India, Corporate Social Responsibility (CSR) plays a crucial role in addressing various socio-economic challenges, from education and healthcare to environmental sustainability. Despite mandates for certain companies to allocate a portion of their profits to CSR, a significant portion of these funds often remains unspent. 

The 2024 Union Budget introduced NPS Vatsalya, a pension plan for minors, available nationwide. This article compares NPS Vatsalya with traditional savings options like Mutual Funds and the Public Provident Fund (PPF) to help parents choose the best plan for their child.

In today’s fast-paced world of financial planning, one of the most valuable gifts parents can give their children is the habit of saving early. As Finance Minister Nirmala Sitharaman aptly said in her 2024 Union Budget speech, “Building the foundation of financial security begins in childhood.” With the introduction of NPS Vatsalya, a pension scheme specifically designed for minors, parents can establish a secure foundation even before their children reach adulthood.

1. What should I do if I have a complaint or grievance?

Lodge your grievance online via the Central Grievance Management System (CGMS) accessible through your NPS account.  Intermediaries must resolve complaints within 30 days.  If unsatisfied, escalate the grievance following the prescribed escalation matrix.  Contact the relevant entities based on your specific concern, starting with the primary service provider and progressing to PFRDA as needed.

1. When can I withdraw money from my NPS account?

• Partial Withdrawal: After 3 years, up to 25% of your contributions for specific reasons (illness, children's education/marriage, buying property, starting a business) up to 3 times.
• Premature Withdrawal: After 5 years (or 3 years if joined after 60), up to 20% lump sum, 80% annuity.

1. What types of accounts are available in NPS?

NPS offers two account types:

1. What is the National Pension System (NPS)?

The National Pension System (NPS) is a voluntary, defined contribution retirement savings plan. Individuals contribute to their accounts during their working years to build a corpus for retirement income. NPS is mandatory for Central Government employees (except armed forces) hired after January 1, 2004.

2. What are the key features of NPS?

The World Bank's report states that approximately 850 million individuals worldwide lack any form of identification. Half of the women in low-income nations are in this situation.