National Pension System (NPS)

  • IASbaba
  • January 9, 2020
  • 0
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National Pension System (NPS)

Part of: GS Prelims – Government Initiatives and GS-III- Economy

In News

  • 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)

About NPS

  • 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.

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