PFRDA to observe National Pension System Diwas on October 1.

• Pension Fund Regulatory and Development Authority, PFRDA will observe 1st of October as the National Pension System Diwas (NPS Diwas) to promote pension and retirement planning among the citizens. PFRDA is organising this campaign under ‘Azadi Ka Amrit Mahotsav’.
• The pension regulator aims to encourage every citizen, whether working professionals or self-employed professionals, to plan towards creating a pension corpus to ensure a financially sound future after retirement.
• NPS subscribers will enjoy the benefits of tax deduction on contribution, power of compounding and reap the benefits of regular income after retirement.

About Pension Fund Regulatory and Development Authority, PFRDA

• It is the statutory Authority established by an enactment of the Parliament, to regulate, promote and ensure orderly growth of the National Pension System (NPS).
• It works under the Department of Financial Services under the Ministry of Finance.

Functions:

• It performs the function of appointing various intermediate agencies like Pension Fund Managers, Central Record Keeping Agency (CRA) etc.
• It develops, promotes and regulates the pension industry under the NPS and also administers the APY.