New Pension Scheme, pfrda India
The Indian government has launched a new pension scheme for all Indian citizens , private sector employees and self-employed from May 1st , The new scheme will allow investment of 50 % of funds in the stock markets..
"The new pension scheme for private sector employees is launched from tomorrow," Meena Chaturvedi, Executive Director, Pension Fund Regulatory and Development Authority (PFRDA)
The PFRDA has shortlisted six fund managers – subsidiaries of Reliance Capital, UTI, State Bank of India, IDFC, ICICI Prudential Life Insurance and Kotak Mahindra Bank for the new scheme.
Any citizen between the age of 18 and 55 can join the NPS. Tier-I of NPS constituting non-withdrawable pension account becomes operational from may 1 and Tier-II (withdrawable account) of the NPS account will become operational in about six months.
A minimum annual contribution of Rs 6,000 in each subscriber account has been set by the PFRDA. The subscriber will have to have a minimum of four transactions of Rs 500 each in a year.
