PFRDA to observe National Pension System Diwas

Pension regulator Pension Fund Regulatory and Development Authority (PFRDA) is set to observe National Pension System (NPS) Diwas on October 1, 2021.

Key Points

• PFRDA also started a campaign under ‘Azadi Ka Amrit Mahotsav’ in order to promote pension and retirement planning.
• NPS Diwas will be observed for a carefree azad retirement.
• NPS subscribers will enjoy the benefits, power of compounding and will reap many of the benefits after retirement.

Aim of the campaign

• PFRDA will organise campaigns with the aim of encouraging every citizen to plan for creating a financial cushion in order to ensure for oneself a financially sound future after retirement.
• The campaign also seeks to create awareness regarding the pension planning among public.
• It also aims to cover all eligible citizens under a pension scheme in order to fulfil the vision of pensioned society for India.

Pension Fund Regulatory and Development Authority (PFRDA)

PFRDA is the regulatory body working under the jurisdiction of Ministry of Finance. It looks after overall supervision and regulation of pension across India. It is the regulator of National Pension System and also ensures orderly growth & development of the pension market.

Members of PFRDA

It consists of a chairperson and six members. Out of 6 members, at least three shall be whole-time members. Members are appointed by the Central Government.

Which act was passed to set up PFRDA?

Interim Pension Fund Regulatory & Development Authority (PFRDA) was established on August 23, 2003 by a resolution passed by Government of India in order to promote, develop and regulate pension sector. Later, in September 2013, Pension Fund Regulatory & Development Authority Act was passed and was notified in February 2014.

Month: Current Affairs - September, 2021