Contractor's term will be completed on April 30, 2019.
PFRDA was re-constituted into a statutory body after notification of PFRDA Act in 2014.
As per the Act, the chairman will have a tenure of 5 years or till age of 65 years, whichever is earlier.
The pension fund regulator has reached a subscriber base of 2.65 crore in its flagship National Pension System (NPS) and Atal Pension Yojana (APY) schemes and hopes to cover nearly 2.72 crore subscribers by the end of the current financial year.
The APY, mainly targeting the unorganised sector employees, offers five slabs of pension from Rs 1,000-5,000 per month upon retirement. Employees in the age bracket of 18-40 years can sign up for an APY account.
NPS is a voluntary defined contribution retirement savings scheme for government employees as well as for those working in the organised and unorganised sectors.
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