PFRDA launches campaign to promote NPS
Pension fund regulator PFRDA has launched a 15-day campaign across the country to promote the government's flagship social security scheme National Pension System (NPS).
"It has been observed that the subscribers/employees in the central government and state government are not fully aware of various functionalities/facilities available under the National Pension System," the finance ministry said while giving details about the NPS Service fortnight from June 27.
It further said a large number of the queries and grievances received from subscribers pertain to elementary issues like non-receipt of Statement of Transaction.
"However, it is seen that majority of these information gaps are on account of non-availability of the latest contact details of the subscribers in the respective documents/PRANs," it added.
During this period all the nodal offices under the central and state governments, banks, and aggregators involved with the acquisition and servicing of National Pension System subscribers will provide all necessary assistance to the subscribers as well as prospective subscribers in a "proactive manner".
During the fortnight, besides sharing information on the range of functionalities and services, the subscribers would be apprised about the need for constant updation of information to enable the system to operate at its optimum service level.
Pension Fund Regulatory and Development Authority (PFRDA) has advised separately the Central Recordkeeping Agency (CRA/NSDL) and all the nodal offices for actively assisting the subscribers during this campaign.
EPFO likely to fix PF rate for FY18 next month
Retirement fund body EPFO is likely to announce the interest rate on PF deposits for this fiscal at its trustee meeting slated for next month. The Employees Provident Fund Organisation (EPFO) had lowered the rate of return for its over 4.5 crore subscribers to 8.65 per cent for 2016-17, from 8.8 per cent in 2015-16.
"After discussing in the Central Board of Trustees meeting, my ministry will take a decision. I am going to call a meeting shortly. The meeting will happen next month," Labour Minister Bandaru Dattatreya told reporters.