Pension Fund Regulatory and Development Authority (National Pension System Trust) (Second Amendment) Regulations 2023
Contents News/Article Date: 5th February 2024
Relating to which Act: These regulations may be called the Pension Fund Regulatory and Development Authority (National Pension System Trust) (Second Amendment) Regulations, 2023. These regulations may be called the Pension Fund Regulatory and Development Authority (National Pension System Trust) (Second Amendment) Regulations, 2023.
Recent news on NPS – The early policy of General Provident Fund (GPF) has been replaced by NPS (National Pension System). The GPF was made available only for Government employees before January 2004. However, NPS is now available for all the Indian citizens. This makes the government employees not eligible for EPF (Employee Provident Fund)
NPS is a benefit given to individuals after retirement wherein the individual subscribing to the same gets an option to choose from various asset classes. Government Subscribers can invest up to 50% of the total investments in equity under Scheme E of NPS. There are two investment options available for the Government subscribers- Active and Auto. NPS gives inflation adjusted returns against the investments made by them in equity.
Applicable to which State: Whole of India
Type: Pension Fund Regulatory and Development Authority Notification No. PFRDA/16/02/05/0001/2021/REG/NPST issued by Chairperson
Pertains to: Establishments and Employers covered by the Act
Relevance of this news: Karma Global is in the business of HR Services, Payroll, Outsourcing and Regulatory Compliances right from its inception in 2004 and since then, has brought in a lot of efficiencies and technological upgradations with experts on its roll, to ease the hassles of Payroll Processing, Temp Staffing, On-boarding, Employee Life Cycle, Statutory, Regulatory and Payroll compliances by providing customized solutions to all its elite clients.
Now Karma Global is also fully into labour compliances for nearly 18 years and is helping both establishments and workers for fulfilment of obligations as per the laws of the land. It has over 200 staff, both direct and indirect on its rolls and operates on pan India basis. Recently, it has diversified into foreign shores as well, into countries like US, UK, UAE, Canada, Philippines, and Asia for handling payroll, outsourcing, recruitment and governance.
And in the current instance: In exercise of the powers conferred by sub-section (1) of Section 52 read with clauses (e), (o) and clause (v) of sub-section (2) thereof of the Pension Fund Regulatory and Development Authority Act, 2013 (23 of 2013), the Pension Fund Regulatory and Development Authority hereby makes the following regulations to amend the Pension Fund Regulatory and Development Authority (National Pension System Trust) Regulations, 2015, namely: –
- These regulations may be called the Pension Fund Regulatory and Development Authority (National Pension System Trust) (Second Amendment) Regulations, 2023.
- These shall come into force on the date of their publication in the official gazette.
- In the Pension Fund Regulatory and Development Authority (National Pension System Trust) Regulations, 2015, as amended from time to time (hereinafter referred to as „the principal regulations‟), the following amendments are made.
Subject: Pension Fund Regulatory and Development Authority (National Pension System Trust) (Second Amendment) Regulations 2023
Appended is the complete news item