The Pension Funds Regulatory and Development Authority (PFRDA) launched a campaign under Azadi Ka Amrit Mahotsav. The Pensions Regulatory Authority commemorates October 1 as the National Pension Scheme Diwas (NPS Diwas) to facilitate retirement and retirement planning for Indian citizens to enjoy financial independence in retirement. PFRDA promotes this campaign on social media platforms. Pension regulators want to encourage all citizens (employed and self-employed) to plan to create a pension scheme to ensure a financially sound future after retirement. NPS participants enjoy the benefits of tax deductions on their contributions, the opportunity to compound interest and enjoy the benefits of regular income in retirement.
The Pension Funds Regulatory and Development Authority is the regulatory authority under the Ministry of Finance of India responsible for the overall supervision and regulation of pensions in India. The Pension Fund Regulatory & Development Authority Act was passed on September 19, 2013, and was notified on February 1, 2014. PFRDA regulates her NPS signed by government officials. By employees of India, state governments, and private institutions/organizational and non-organizational sectors. PFRDA ensures the orderly growth and development of the bond market.
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PFRDA Chairman Sri Supratim Banjopadhyay said “With this campaign, we reaffirm our commitment to raising public awareness about retirement benefits. Our ultimate goal as regulators is to ensure that all eligible citizens are enrolled in pension schemes to achieve our vision of a pensioned society in India”.