New Pension Scheme launched in India for all citizens

NEW DELHI - The New Pension Scheme (NPS) has been launched on ‘Labour Day’ on Friday for all the citizens.

This followed the confirmation by the National Interim Pension Regulator of the scheduled launch of the Mega Pension Plan from Friday.

According to the Pension Fund Regulatory and Development Authority (PFRDA), the necessary infrastructure for the roll out of the NPS is now ready and it will be available to all the citizens.

Under this scheme, the Central Government employees who joined on or after January 1, 2004 are also covered under this.

Besides the government employees, bank branches and post offices will be used to collect contributions for all the citizens.

Six pension fund managers will plan schemes and manage funds.

A central record-keeping agency has also been appointed.

All these institutions will be regulated by an independent regulator, the PFRDA. (ANI)