National Pension System (NPS)
Part of: GS Prelims – Government Initiatives and GS-III- Economy
- 7,000 corporates in the country are currently registered with PFRDA, but only 10 lakh employees from this corporate sector are covered under the NPS.
- NPS currently has a total subscriber base of 3.25 crore, (with ₹4 lakh crore under investment as on December 31)
- National Pension System (NPS) is a government-sponsored pension scheme launched in January 2004 for government employees. However, in 2009, it was opened to all sections.
- Implementation Agency: NPS is being implemented and regulated by PFRDA(Pension Fund Regulatory and Development Authority) – a statutory body established by PFRDA Act, 2013
Who can join NPS?
- Any Indian citizen (Both Resident and Non-Resident) between 18 and 60 years can join NPS. The only condition is that the person must comply with know your customer (KYC) norms.
- However, OCI (Overseas Citizens of India) and PIO (Person of Indian Origin) card holders and Hindu Undivided Family (HUFs) are not eligible for opening of NPS account.