New Delhi: Pension Fund Regulatory Development Authority (PFRDA) in its endeavour to promote NPS among the corporates have embarked upon conducting NPS workshops at various locations across the country. A Corporate meet was conducted at Mumbai yesterday in association with FICCI, Maharashtra State Council.
Jaspal Bindra, Chairman, FICCI Maharashtra State Council and Executive Chairman, Centrum Group in his welcome address lauded the efforts of PFRDA for organizing such meetings across the country and creating awareness about NPS which can be an effective platform for corporates to provide pension to their employees for their old age income security.
A. G. Das, Executive Director, PFRDA addressed the participants and briefed the contours of NPS for Old age income security. He informed that in the changing demographic status of the country, the pension is one of the most important factors to be considered by everyone.
National Pension System (NPS) promoted by Government provides the platform to every segment of the society for savings for retirement.
He requested the participants to think NPS not only for tax benefits but also as a product which can yield market-related returns and secure their regular income in the old age.
Dr. Susan Thomas, Professor, Indira Gandhi Institute of Developmental Research brief the participants on the role of NPS as a savings for retirement and informed the participants about the role envisaged at the inception, the present dispensation and the policy issues that need to be addressed to make NPS more acceptable to the subscribers and enlarge its coverage across the entire country.
She emphasized on the need of old age income security and the risks of increasing the longevity of individuals due to medical advancements and should be prepared for living a life of dignity after retirement.
Dhanraj Anchan, Senior General Manager, Reliance Industries shared their experiences in onboarding NPS in their organization and informed the participants the need and benefits of implementing NPS in the organization. He briefed the advantages for Corporates and its employees under NPS.
Mono MG Phukon, General Manager, gave a detailed presentation on NPS and informed the participants about the features, benefits and the process of joining NPS to the employees as well as to the employer. He requested the participants to utilize this meet for better understa a ding of NPS and implementing the same in their respective organizations.
Kamalam Venkatesan, AVP, CRA-NSDL gave a presentation on process flow of registration of corporates and their employees under NPS.
More than 220 participants from around 140 corporates attended the workshop. Mumbai based POPs, Pension Funds and Central Recordkeeping Agency were also present for the conference.
PFRDA officials clarified the queries regarding joining of NPS, tax benefits, POPs details, timelines, transfer of superannuation fund to NPS, annuity etc. to the participants.
As on 6th March 2018, more than 13.16 lakh subscribers are registered under NPS-Private Sector (All Citizen and Corporate). There are more than 6.83 lakh employees of more than 4,365 registered corporates who have joined NPS under NPS Corporate Model and more than 6.3 lakh subscribers have joined NPS under NPS-All Citizen Model.
The overall number of NPS and APY subscribers have crossed 2.05 crore with overall Asset under Management (AUM) of more than 2.25 lakh crore. PFRDA’s endeavour is to significantly scale-up these segments during the ongoing months.