New pension system to be offered to more segments

Chennai, July 2

Expressing satisfaction over pension sector reforms, the government in its Economic Survey 2008-09 has said the new pension system (NPS) will be offered to more segments.

"Efforts are underway to extend the NPS to new segments (autonomous bodies, state governments and unorganised sector) and introducing micro-pension initiatives," said the survey tabled in parliament Thursday.

"NPS has been well received by the state governments. Twenty-one state governments have notified similar schemes for their new recruits," it added.

According to the survey, the appointed pension fund managers and the Central Recordkeeping Agency (CRA) have been in talks with the states and union territories for facilitating their entry into the NPS.

As of date, CRA has signed agreements with six state governments.

With the central governments last year deciding to extend NPS to all citizens, the Pension Fund Regulatory and Development Authority will roll out the scheme this fiscal, the Economic Survey noted.

As part of this exercise, the regulator appointed six pension fund managers and 22 points of presence for handling NPS contributions.

Tier-I of the NPS constituting the non-withdrawable pension account has become operational from May 1, and tier-II or the withdrawable account will become operational in about six months.

Last updated on Jul 2^nd, 2009 at 16:37 pm IST--IANS

Possibly related news:

Other News Headlines

Cuba, Russia sign telecommunications pact

Havana, March 13

Cuba and Russia have signed a pact to collaborate in the telecommunications field, Prensa Latina reported.

Shilpa Shetty to launch new club in Mumbai

New Delhi, March 13

Bollywood actress Shilpa Shetty has announced her latest venture on micro-blogging site Twitter. She is all set to open a new club called Royalty in Mumbai with her businessman husband Raj Kundra.

Maharashtra to build 200,000 rental homes

Mumbai, March 12

In a move that could benefit thousands of migrants entering Mumbai each year, 200,000 rental homes will be constructed in Thane and Raigad, the Mumbai Metropolitan Region Development Authority (MMRDA) announced here Friday.

India, Russia add diamond sparkle to ties

New Delhi, March 12

India's ties with Russia got a fresh sparkle Friday as Russian state monopoly Alrosa signed a clutch of agreements with Indian companies to supply diamonds worth about $1 billion.

Bosch lifts lockout following truce with labour (Lead)

Bangalore, March 12

Automotive component major Bosch Ltd decided to lift the lockout Saturday at its plant on the outskirts of this tech hub following an agreement with its workers in restoring normalcy, an official said late Friday.

Enter Your Name and Email below and Post your comment
Name	Email:
Comment:

Please login to use this service
Usermame :
Password :
Quick signup \| Forgot Password