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Business EconomyPosted at: Jul 28 2016 1:02PM


PFRDA urges CABs to adopt NPS without delay

New Delhi, Jul 28 (UNI) Provident Fund Regulatory and Development Authority (PFRDA) has urged all the Central Autonomous Bodies (CABs) to adopt National Pension Scheme (NPS) without any further delay as it is a mandatory requirement.
In his keynote address, Hemant Contractor, Chairman, PFRDA said, “It was mandatory for all CABs which had offered Central Provident Fund (CPF) to its employees earlier to switch to NPS, but some CABs had not done so, and I’m urging them to adopt NPS without further delay, in view of the benefits of doing so, apart from the mandatory requirement.”
He further mentioned that it was important for CABs to offer a pension benefit to their employees in view of the many advantages, which could never be matched by lump sum payments such as CPF payment.
R V Verma, Whole Time Member (Finance) PFRDA, also urged to all the CABs present in the conference to be part of NPS and said that there is no reason why CABs have not implemented despite all the benefits in NPS.
He expressed PFRDA is confident that this conference will help the participating CABs to understand NPS in a better way and will help them to join NPS at the earliest without further delay.
Currently, NPS has more than 1.30 crore subscribers with total Asset Under Management (AUM) of more than Rs 1.37 lakh crore.
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