Page 8 - தேசிய ஓய்வூதியம் News Today : Breaking News, Live Updates & Top Stories | Vimarsana

What are the major changes being proposed to the NPS? The story so far: Started as the New Pension Scheme for government employees in 2004 under a new regulator called the Pension Fund Regulatory and Development Authority (PFRDA), the National Pension System (NPS) has been open for individuals from all walks of life to participate and build a retirement nest-egg. Given the dominance of informal employment in India, the Employees’ Provident Fund Organisation, which is contingent on a formal employer-employee relationship, only covers a fraction of the workforce. The NPS has been gradually growing in size and now manages ₹5.78 lakh crore of savings and 4.24 crore accounts in multiple savings schemes. Of these, over 3.02 crore accounts are part of the Atal Pension Yojana (APY), a government-backed scheme for workers in the unorganised sector that assures a fixed pension payout after retirement. The rest constitute voluntary savings from private sector employees and self-employed i

Supratim bandyopadhyayPension fund regulatoryNational pension systemDevelopment authorityEmployee provident fund organisationNew pension schemeAtal pension yojanaNational pensionThe hindu explainsPension fund regulatory and development authorityRetirement nest eggInformal employmentEmployees provident fund organisationFormal employer employee relationshipIndia workforceSavings schemes