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NPS subscribers touches 13.16 lakh

Published: Mar 09, 2018

By TIOLCORPLAWS News Service

MUMBAI, MAR 9, 2018: IN a corporate meet held yesterday, the Pension Fund Regulatory Development Authority (PFRDA) shared information that as on March 6, 2018, more than 13.16 lakh subscribers from the private sector (all citizen and corporate) came under the umbrella of the National Pension System (NPS). PFRDA's endeavour is to significantly scale-up these segments during the ongoing months. The conference was conducted at Mumbai in association with FICCI, Maharashtra State Council.

Addressing the gathering, Mr. Jaspal Bindra, Chairman, FICCI Maharashtra State Council and Executive Chairman, Centrum Group lauded the efforts of PFRDA for organizing such meetings across the country and creating awareness about NPS which can be effective platform for corporates to provide pension to their employees for their old age income security. The Executive Director, PFRDA, Mr A. G. Das, addressed the participants and briefed the contours of NPS for old age income security.

Mr. Mono MG Phukon, General Manager, gave a detailed presentation on NPS and informed the participants about the features, benefits and the process of joining NPS to the employees as well as to the employer. He requested the participants to utilize this meet for better understanding of NPS and implementing the same in their respective organizations. Ms. Kamalam Venkatesan, AVP, CRA-NSDL gave a presentation on process flow of registration of corporates and their employees under NPS. More than 220 participants from around 140 corporates attended the workshop. Mumbai based POPs, Pension Funds and Central Recordkeeping Agency were also present for the conference. PFRDA officials clarified the queries regarding joining of NPS, tax benefits, POPs details, timelines, transfer of superannuation fund to NPS, annuity to the participants. 

Mr. Das informed that in the changing demographic status of the country, pension is one of the most important factor to be considered by everyone. NPS provides a platform to every segment of the society for savings for retirement. He requested the participants to think NPS not only for tax benefits, but also as a product which can yield market related returns and secure their regular income in the old age. Dr. Susan Thomas, Professor, Indira Gandhi Institute of Developmental Research emphasized on the need of old age income security and the risks of increasing longevity of individuals due to medical advancements and should be prepared for living a life of dignity after retirement.

There are more than 6.83 lakh employees of more than 4,365 registered corporates who have joined NPS under NPS Corporate Model and more than 6.3 lakh subscribers have joined NPS under NPS-All Citizen Model. The overall number of NPS and APY subscribers have crossed 2.05 crore with overall Asset under Management (AUM) of more than 2.25 lakh crore.

 

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