Current Affairs · Government Schemes

Carefully evaluate these statements concerning the regulations of the National Pension System (NPS): Statement 1: Any Indian citizen including Non-Resident Indians (NRIs) between the age of 18 and 70 years is eligible to join the NPS and they can continue to stay invested until the age of 75. Statement 2: The Asset Class E (Equity) allows for a maximum investment of 75 percent under the Active Choice for private sector subscribers while Asset Class A (Alternative Assets) is capped at 5 percent. Statement 3: For government employees, the mandatory contribution is 10 percent of their basic salary and dearness allowance while the government's contribution is 14 percent. Statement 4: A subscriber can change their Pension Fund Manager once in a financial year and can change their investment choice up to four times in a single financial year. Statement 5: If a subscriber dies before reaching the age of 60, the entire accumulated pension corpus is paid to the nominee or legal heir as a 100 percent tax-free lump sum. Statement 6: The PFRDA has mandated that at least 50 percent of the NPS corpus must be invested in gold and real estate to provide a hedge against inflation. Statement 7: The Securities Appellate Tribunal (SAT) is the designated authority to hear and dispose of appeals against the orders passed by the PFRDA according to the PFRDA Act, 2013. Which of the following options is correct?