NPS to other Citizens Deferred
New employees of the Central Government were brought into NPS w.e.f. January 1, 2004. Government transferred the accumulated funds along with its matching contribution to the three Fund Managers appointed by PFRDA for investment management on 1st April, 2008.
In August, 2008, Government advised PFRDA to extend the New Pension System (NPS) to all citizens. Since considerable preparatory work was involved, PFRDA decided to extend NPS to all citizens from April 1, 2009. As part of that exercise, PFRDA has already appointed six new Fund Managers and 23 Points of Presence for managing NPS contributions pertaining to all citizens, including workers of the Unorganised Sector. PFRDA had also brought to the notice of the general public the fact of NPS being made available to all citizens through an advertisement released on 28th February, 2009.
However, keeping in view the Model Code of Conduct for Elections, it has not been possible for PFRDA to continue this information campaign and undertake other preparatory activities as originally scheduled. It has, accordingly, been decided to defer the date of the extension of the NPS to other citizens.
BSC/BY/DN-92/09
(Release ID :48321)