Normally it is considered that a person is having an active working life up to the age of 60 years, whether he/she is employed or not. Those who are employed in Government, Public or Private sectors retire on attaining the age of 60 years. To meet the post-retirement expenses, some sort of regular income is required. To overcome this, the Pension scheme was introduced for Government and Public sector employees.
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The pension scheme was regulated through the Pension Act. It was also considered as a social security measure. Whereas this facility is not available for Private Sector employees and unorganized sector workers. The unorganized sector workers are also deprived of Pension benefits. To have a uniform Pension scheme for all citizens under both Organised and Un-organised sector Government introduced the National Pension Scheme (NPS).
[The noticeable features of the scheme are as under:]
- Scheme is available for both Organised and Un-organised sector employees.
- All Central/State Government/PSU Employees are covered under the scheme.
- It is a voluntary contribution scheme. Contributions to the scheme could be made in monthly instalments of as low as Rs 500 pm. Thus, inculcate the savings habit and financial discipline.
- Contributions made by an individual accumulates till the age of 60 years. The amount so accumulated is managed by professional funds managers.
- The NPS scheme is regulated and administered by PFRDA or Pension Fund Regulatory and Development Authority set up under the PFRDA Act,2013.
- Scheme is managed online through their portal eNPS. Accounts can be opened online by providing the required documents. The account can be opened through accredited agencies like Various Banks. Contribution to the scheme can also be made either online or through banks.
- Subscribers are issued a unique Permanent Retirement Account Number or PRAN. Contribution to the scheme is done through PRAN.
