PENSION FUND REGULATORY AND DEVELOPMENT AUTHORITY PRESS RELEASE

NPS workshop for State Autonomous Bodies at Assam by PFRDA PFRDA Conference - Person speaking on podium is Shri A.G Das, CGM PFRDAThe government of India introduced National Pension System (NPS) based on defined contribution for all new entrants joining services of Central Government on or after 01.01.2004. Most of the State Governments have notified a similar pension system for the employees of the respective State on various dates and many states have approached State Autonomous Bodies to adopt a similar scheme for their employees. With a view to promote and expand the coverage of NPS among the State Autonomous Bodies, PFRDA is organizing state level workshops for Autonomous Bodies of states which have not yet implemented NPS. These workshops are held by PFRDA in association with the respective State Govt. In the last one year, the events were held at various States like Maharastra, Orissa, Gujarat and Karnataka. The basic objective of the workshop is to facilitate the autonomous bodies for seamless onboarding into NPS by understanding their concerns and feedback. PFRDA has now proposed to convene a workshop on NPS for the State Autonomous Bodies of Assam in association with Director of Treasuries, Government of Assam . The government of Assam has notified NPS for its employees in various Autonomous Bodies (SABs) of the state vide notification number BW. 7/2008/Pt-1/69 date 18th October 2012. Currently, there are more than 45 State Autonomous Bodies operating in the State of Assam and out of which only 8 entities have adopted NPS with the subscribers base of less than 1000. PFRDA expects that all these unregistered entities will adopt NPS after the workshop. In the workshop, NSDL/CRA is also participating to answer the queries related to technical parameters on NPS adoption. PFRDA has also planned a special window at the end of the session for accepting the letter of consent so as to ensure faster adoption of NPS. NPS has massive footprints across the country with a subscriber base of more than 129 lacs and with an asset base of more than 1.30 lakh crores. The state of Assam has 1.19 lacs subscribers with a total AUM Rs 2270.93 crores as on 25th of June 2016. NPS operates on high technology user interface platform provides various benefits including tax benefits and a higher returns of more than 10.5%. Recently, GoI has allowed exclusive tax benefits on NPS investment up to Rs 50000.


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