New Pension System News

The Indian government is developing a universal pension scheme for all citizens, including those in the unorganised sector. The scheme will cover individuals aged 18 and above, including unorganised workers, traders, and self-employed people, ensuring broader access to pension benefits. This initiative aims to provide financial security to workers who are currently excluded from large government savings programs.

PFRDA promotes, develops and regulates organised pension funds; namely National Pension System (NPS) to serve the old age income needs of people on a sustainable basis.

In its bid to optimise the retirement income of the New Pension System (NPS) members, PFRDA is exploring alternative mechanisms for introducing different variants of the withdrawal options, a senior official said.

Here is a simple step-by-step guide on how you can make payment to NPS online:  

Subscribers of New Pension System can now make their contributions online through net banking, credit or debit cards with pension fund regulator PFRDA launching a platform for the same.

Pension fund regulator PFRDA has made it mandatory for the subscribers of New Pension System (NPS) to submit applications online for settlement of withdrawal claims from April 1 next year.

For greater returns, the stock market investment from the New Pension System (NPS) corpus rose to 13 per cent in the last fiscal, while the pension regulator PFRDA is in discussion with the government for greater tax benefits for subscribers of this scheme.

The Centre has launched Atal Pension Yojana (APY) targeted at people in the unorganised sector who wish to join NPS and are not a member of any other social security plan.

Mutual fund houses have said that tax benefits for retirement solutions should be provided on the lines of the New Pension System (NPS) as they are planning to enter pension funds sector in a big way.