National Pension Scheme
The Government of India had, in the year 1999, commissioned a national project titled “OASIS” (an acronym for old age social & income security) to examine policy related to old age income security in India. Based on the recommendations of the OASIS report, Government of India introduced a new Defined Contribution Pension System for the new entrants to Central/State Government service, except to Armed Forces, replacing the existing system of Defined Benefit Pension System. On 23rd August, 2003, Interim Pension Fund Regulatory & Development Authority (PFRDA) was established through a resolution by the Government of India to promote, develop and regulate pension sector in India. The contributory pension system was notified by the Government of India on 22nd December, 2003, now named the National Pension System (NPS) with effect from the 1st January, 2004. The NPS was subsequently extended to all citizens of the country w.e.f. 1st May, 2009 including self employed professionals and others in the unorganized sector on a voluntary basis. The Pension Fund Regulatory & Development Authority Act was passed on 19th September, 2013 and the same was notified on 1st February, 2014. PFRDA is regulating NPS, subscribed by employees of Govt. of India, State Governments and by employees of private institutions/organizations & unorganized sectors. The PFRDA is ensuring the orderly growth and development of pension market.
Benefits of Atal Pension Yojana
Dr. B. S. Bhandari- Member, PFRDA interviewed on the benefits of Atal Pension Yojana by Kuldeep Sharma on DD Kisan Channel's Krishi Darshan program.
PFRDA National Pension System NPS for NRIs
NRIs between the ages of 18 – 60 years can subscribe to NPS. To invest in NPS, NRIs can open an NPS account through a POP (Point of Presence) bank, preferably where they have their NRI accounts.
Salient Features of National Pension System (NPS) - PFRDA
The National Pension System provides Corporate Institutions and Employers a platform to co-contribute for their employees’ pension.
PFRDA- National Pension System - Ready to Retire
We at PFRDA make you ready for your retirement and let you have an easy retired life.
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