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National Pension Scheme
More than 1 lakh babies have opted for the NPS Vatsalya scheme, which was launched in September last year to allow parents to save for their children by investing in pension accounts, according to a senior official. Pension Fund Regulatory & Development Authority (PFRDA) Chairperson Deepak Mohanty on Wednesday said the regulator is doing a lot of outreach and also expanding the intermediary base as pension penetration is low in the country. "New born babies can also opt for NPS. I am happy to say that since the product was launched by the finance minister in September last year, we have more than 1 lakh babies opting for NPS Vatsalya," he said at an event in the national capital. He was participating in a discussion at the Civis' Public Consultation Awards 2025 function organised by non-profit platform Civis. Under the NPS Vatsalya scheme, all minor citizens up to the age of 18 years are eligible to open an account. The minimum monthly contribution that can be made by a parent or .
The Economic Survey 2024-25 on Friday made a case for scalability of pension coverage to bring more people under the social security net. Despite significant advancements in the pension sector, just 5.3 per cent of the total population is covered by the National Pension System (NPS) and Atal Pension Yojana (APY) combined. "This highlights another critical aspect of the Indian pension system: scalability. Low costs are essential to enhance coverage meaningfully. Achieving this will require highly competitive, low-cost fund management and minimal transaction costs, which is particularly vital for small-ticket transactions," it said. In principle, it said, taking into consideration both scalability and sustainability, India's pension system design seems robust and stable, the survey tabled in Parliament said. NPS is one of the lowest-cost pension schemes globally and its framework is based on a defined contribution model, which ensures that future payouts are determined by market ...
HDFC Securities on Monday announced a strategic partnership with KFin Technologies Ltd to boost accessibility and adoption of the National Pension System (NPS) among its subscribers. The collaboration aims to leverage KFin Technologies' advanced central recordkeeping agency (CRA) platform to provide an enhanced user experience for HDFC Securities' 3.5 lakh subscribers and over 2,700 corporate clients, the company said in a statement. CRAs play a vital role in the NPS ecosystem by managing subscriber records, ensuring transparency, and facilitating seamless account operations. KFintech's CRA platform is equipped with features such as flexible transaction statement downloads, real-time SMS notifications for contributions, and advanced security measures like dual-factor authentication using passwords and OTPs, it added. Subscribers can also access dedicated portals, WhatsApp services, and a missed-call facility to monitor investments and make changes conveniently, the stockbroking fir
Prime Minister Narendra Modi said Saturday the Unified Pension Scheme ensures dignity and financial security for government employees, aligning with the government's commitment to their well-being and secure future. His remarks came after the Union Cabinet approved an assured 50 per cent of salary as pension for 23 lakh government employees who joined service under the National Pension System (NPS). The National Pension System is applicable for government employees joining the service after April 1, 2004. It was based on the premise of contribution rather than defined benefit applicable for employees prior to the NPS. "We are proud of the hard work of all government employees who contribute significantly to national progress. The Unified Pension Scheme ensures dignity and financial security for government employees, aligning with our commitment to their well-being and a secure future," Modi said in a post on X. Announcing Cabinet decisions, Union Information and Broadcasting Minist
Child rights organisations hailed the Union Budget 2024-25 for introducing pension scheme for minors, increased allocations for child health, nutrition and education, and highlighted its potential to promote early financial planning for a stable future. They said these developments, including the National Pension Scheme for Minors (NPS Vatsalya), were significant steps towards ensuring the long-term financial security and well-being of children across the nation. Sudarshan Suchi, CEO of Bal Raksha Bharat, appluaded the forward-thinking nature of the initiative. However, Suchi said there were challenges in amplifying awareness and accessibility of the scheme, particularly in remote or underprivileged areas. The scheme's effectiveness will depend on the returns generated by investments, and parents will need assurance of adequate returns to meet future needs, he added. Puja Marwaha, CEO of Child Rights and You (CRY), provides a broader analysis of the Union Budget, which allocates Rs
The Congress on Tuesday attacked the Modi government over the Atal Pension Yojana, alleging it is a "very poorly-designed scheme" and a "paper tiger" that needs officials to hoodwink and coerce people into participating in it. Congress general secretary Jairam Ramesh said the scheme is a "fitting representation of the Modi Government's policy making: headline management, with few benefits actually reaching the people". His attack came after a media report claimed that nearly one of three subscribers who dropped out of the central government's pension scheme for the unorganised sector, the Atal Pension Yojana (APY), did so because their accounts were opened without their "explicit" permission. The report cited a recent sample study by the Indian Council of Social Science Research (ICSSR). In a post on X, Ramesh said, "The Finance Minister (Nirmala Sitharaman) was in Bengaluru on the 24th of March, where she was proclaiming the benefits of the Atal Pension Yojana initiated by the Modi
Lakhs of Assam government employees on Monday resolved to intensify their agitation demanding the restoration of the Old Pension Scheme (OPS). Leaders of opposition political parties and prominent personalities of the state have also lent their support to the demand of the government employees, claiming that adequate pension is a right of the workers. The decision was taken at a meeting organised by the All Assam Government NPS Employees Association (AAGNPSEA) and supported by the Joint Coordination Committee for OPS Assam and the Joint Forum for Restoration of OPS Assam here, a release said. The AAGNPSEA, along with other workers' bodies and unions, have been carrying out phased agitations for the restoration of OPS in the state. Among the resolutions adopted at the meeting was the demand to cancel the National Pension System (NPS) and to provide pensions to all workers, employees and teachers of the state government under the OPS. The meeting also demanded the repeal of the Pens