Key Points
During the current fiscal, the NPS expects to enrol 1.3 million new subscribers from the non-government sector, against 1 million people in the year-ago period...
In a bid to bring in more people-friendly initiatives, the Pension Fund Regulatory and Development Authority (PFRDA) intends to introduce a plan during the second half of this fiscal, to allow the subscribers of the National Pension Scheme (NPS) to withdraw 60% of the accumulated corpus in a systematic manner instead of the current system of a one-time withdrawal...
As per the proposal, NPS subscribers would be allowed to systematically withdraw 60% of their corpus post-retirement up to the age of 75, instead of the current system of one-time withdrawal, while 40% has to be invested in annuity...
Mohanty, who was in Chennai for a strategy meeting with bankers on spreading the Atal Pension Yojana (APY) scheme for the unorganised sector, said that the introduction of the new feature might happen during the last quarter of the calendar year, as the software has to be updated accordingly...
People have to mend for themselves and in that context, the APY is a good scheme for low-income and underprivileged people, he said.. Asked about the impact on the subscriber base with several states announcing reverting to the old pension scheme for the state government employees, Mohanty said while the subscriber base may go down initially, the growth in numbers will come from the corporate sector..
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