Minimum Timelines for Maximum subscriber’s benefits – PFRDA circular
Contents News/Article Date: 7th February 2023
Relating to which Act: NPS is now regulated under the PFRDA Act, 2013, and regulation framed thereunder by the Department of Financial Services and PFRDA. Under the NPS, every Government servant is registered and allotted a Permanent Retirement Account Number (PRAN).
Applicable to which State: Whole of India
Type: Pension Fund Regulatory & Development Authority, Circular No. PFDRA /2023/06/SUP/CRA/03 issued by Chief General Manager
Pertains to: All Government Employees
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And in this instance: The National Pension System or simply “NPS” as it is called, was launched by the Government of India in 2003, with the primary aim of enabling a smooth transition from a defined benefit pension system to a defined contributory pension system for its new recruits except those under the Armed Forces. Subsequently, NPS was adopted by the State Governments, and various Corporates in the Public and Private Sectors, and later on, it was extended to all citizens, making it a truly universal pension product in the sense that every citizen in this country can now aspire and plan for a respectful old age living. In this context, the Pension Fund Regulatory and Development Authority Act (23 of 2013) is notably a landmark legislation that has paved the way for the orderly growth and development of old age income security for citizens.
Subject: Minimum Timelines for Maximum subscriber’s benefits – PFRDA circular
Attached is the notification