NPS Diwas was observed on October 1 by Pension Fund Regulatory and Development Authority (PFRDA).
- The National Pension System Diwas (NPS Diwas) was observed by the pension regulator to promote pension and retirement planning among Indian citizens and attain financial independence after retirement.
- The objective of the NPS Diwas campaign is to encourage all citizens, both working professionals and self-employed professionals, to create a pension corpus and attain a financially secure future post retirement.
- The inaugural edition of the NPS Diwas was organized by the PFDRDA in 2021 as part of an initiative to encourage pension and retirement planning that can make the retirement life worry free.
- On this occasion, KFintech launched a novel corporate NPS initiative called FuturRs.
- The FuturRs aims to help corporate employees understand and enroll for the National Pension Scheme, while easing the pains of employers.
What is National Pension System?
The National Pension System (NPS) is a market linked, defined pension contribution product regulated by the statutory body Pension Fund Regulatory and Development Authority (PFRDA). This pension-cum-investment scheme provides social security for elderly people. Under this scheme, a unique permanent retirement account number will be generated and maintained by the Central Recordkeeping Agency. The NPS provides market-linked returns. The assets under the NPS are owned by National Pension System Trust (NPST), which was set up by the pension regulator. Under this initiative, individual savings are invested by the PFRDA-regulated fund managers in diverse assets like government bonds, corporate debentures and shares. The savings will grow based on returns obtained from these investments.
Pension Fund Regulatory and Development Authority (PFRDA), which comes under the aegis of the Union Finance Ministry, is responsible for the overall supervision and regulation of pensions in India. It was set up under the PFRDA Act, which was notified in February 2014 to provide financial security for senior citizens and safeguard the interests of NPS subscribers.
Topics: Ministry of Finance • National Pension • National Pension Scheme (NPS) • National Pension System • National Pension System Diwas • National Pension System Trust • Pension Fund Regulatory and Development Authority (PFRDA) • pension retirement funds • PFRDA • Union Ministry of Finance
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