How to Start Corporate NPS with PensionBox?

The Corporate model of National Pension System (NPS) has gained significant traction as a robust pension scheme in India, especially for organizations looking to offer retirement-centric benefits to their employees. Suppose you’re considering implementing Corporate NPS by PensionBox for your organization. In that case, this guide will walk you through the essential aspects of Corporate NPS, its benefits, and the steps for implementation with PensionBox to ensure a smoother integration into your organization.

What is Corporate NPS?

Corporate NPS is an extension of the National Pension System (NPS) tailored for companies to offer a structured pension plan to their employees. The NPS, introduced by the Government of India and regulated by the Pension Fund Regulatory Authority of India (PFRDA) is a defined-contribution pension scheme that provides a stable retirement income. Corporate NPS allows companies to contribute to their employees’ pension accounts, enhancing their retirement benefits.

Eligibility

Eligibility for Corporate NPS includes:

• 1. Employer Participation: Any corporate entity registered in India can participate.
• 2. Employee Enrollment: Employees are eligible to be part of the Corporate NPS by easily connecting their HR with PensionBox (well, employees can do it anonymously too). Typically, this includes all full-time employees but can be tailored according to the company's policy.

Benefits of Corporate NPS

• 1. Enhanced Retirement Security: By contributing to Corporate NPS, companies help employees build a substantial retirement corpus, providing financial security post-retirement.

• 2. Tax Benefits: Contributions made by both the employer and the employee are eligible for tax deductions under Section 80CCD of the Income Tax Act. Employees can claim an additional deduction of up to ₹50,000 over and above the ₹1.5 lakh limit under Section 80C.

• 3. Flexibility: Employees can choose their contribution percentage (up to 14% of Basic Salary + DA), pension fund managers & investment options, allowing them to tailor their investments based on their risk appetite.

• 4. Portability: The NPS account is portable across jobs, ensuring that employees can continue contributing to their NPS account even if they change employers.

• 5. Lowest Management Costs Ever: NPS offers low management fees compared to many other pension schemes, enhancing the overall return on investment. Amazingly, PensionBox further charges 50% less than any other POP out there! If you wish to read more about the regulatory charges, click here.

Steps to Implement Corporate NPS with PensionBox

1. Understand the Regulatory Framework

Before implementation, familiarize yourself with the regulations governing Corporate NPS, including compliance requirements and the roles of the NPS Trust and Pension Fund Regulatory and Development Authority of India (PFRDA).

2. Choose the Right NPS Platform

PensionBox offers a streamlined, effortless, and automated platform for managing Corporate NPS. Explore PensionBox’s features to ensure they align with your organization’s needs, such as employee self-service, contribution tracking, and reporting capabilities, efforts on the admin end, etc.

Now to get started, here are some quick steps to Sign Up at Corporate NPS by PensionBox for your organization and improve existing employee benefits for better.

• 1. If you're an employer/HR, use the link provided by your trusted Advisor or Platform to get access to the PensionBox. But, if you're an employee looking to enhance your existing retirement benefits, Connect us to your HR and we'll do the rest!
• 2. On the homepage, find Corporate NPS as our New offering.

• 3. PensionBox’s Workplace Page will open.
• 4. To join Corporate NPS by PensionBox, enter your work email and click “Get Demo”
• 5. An email will be sent from our side, for addition, fill in your details like Full Name, Company Name & Phone Number, then click “Submit”. Check your inbox and “Schedule a Meeting”.
• 6. In meanwhile, a confirmation pop-up will show, simply click “Got it” and our Sales Team will get back to you shortly.
• 7. To schedule a meeting, you can select Date & Time according to your convenience and click “Next”.
• 8. In the next step, enter details like Name, Email & Phone Number, then click “Schedule Event”. Your Workplace Demo will be scheduled.

Taking it forward, our Sales team will guide you through the Corporate NPS onboarding process & explain your personal PensionBox's Corporate Dashboard.

How to Log In to your Corporate Dashboard?

• 1. Using the link provided by your trusted Advisor or Platform, Log In/Sign Up to your Corporate Dashboard.
• 2. Click “Log In” if you’ve joined Corporate NPS.
• 3. Enter your Work Email and click “Log In”.
• 4. An OTP will be generated, enter it to Verify. You have now Logged In to your Personal Corporate Dashboard! Let’s Walk you through everything on your Corporate Dashboard!

To get started, let’s Set Up your account in 3 quick steps.

• 1. Complete Account Setup
• 2. Complete KYC
• 3. Choose Module Setup- Make sure you have all the details ready for you like Personal, Nodal Officer's, and Alternate Nodal Officer's Details.
• 4. Select your Corporate NPS Preferences and upload necessary documents like MOU and CHO Forms

All of the details will now be submitted successfully and are under review, which will take up to 2-3 working days to update. In the meantime, you can start adding your employees to be rolled out. Soon enough the Corporate NPS program is rolled out, you can now manage NPS Accounts for your employees effortlessly and save taxes along with secured retirement savings!

Trust us, it takes the minimum of all time to get your Corporate NPS rolling out in your Organization!