New Body to Promote NPS: A new body has been announced to promote the National Pension System (NPS). This announcement was made by Deepak Mohanty, Chairman of Pension Fund Regulatory and Development Authority. Its purpose is to promote the pension industry like mutual funds. People will get a lot of information from this.
New Delhi: If you have any problem related to pension, it will be resolved soon. The government is going to form a new institution which will provide all the information related to pension. Actually, this institution will be like the Mutual Fund Association which will promote the National Pension System (NPS).
Pension Fund Regulatory and Development Authority Chairman Deepak Mohanty announced the formation of a self-regulatory body to promote the pension industry. Its name will be Association of NPS Intermediaries. According to the Times of India, the new body will increase NPS awareness on the lines of the Mutual Funds Association in India. Also, this new institution will promote NPS collaboration and contribute to innovation. Not only this, it will establish NPS as a global benchmark for cost-effective pension solutions.
‘World’s lowest cost scheme’
Mohanty said that NPS is the world’s lowest cost pension scheme. He said that the assets under management of NPS are Rs 14 lakh crore and by the end of the year it can exceed Rs 15 lakh crore. At the same time, the number of account holders is expected to increase to 8 crores. He described it as less and said that due to low public awareness it is not getting promoted.
What is NPS?
NPS is a pension and investment scheme of the central government. Investment is made in it for a fixed period. After that not only a big fund is received but pension also starts. Any citizen between 18 to 60 years can apply for this. The central government has recently started a scheme named NPS Vatsalya for children below 18 years of age.
UPS is also an option
The central government has also recently launched the Unified Pension Scheme (UPS). However, this scheme is for central employees. It will work as an alternative to the existing National Pension System (NPS). The purpose of this new scheme is to provide better financial security to the employees after retirement.
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