New Delhi. A conference on implementation of National Pension System (NPS) by the central government ministries/departments and Central Autonomous Bodies (CABs) was organised by PFRDA on December 21, here.
The prime objective of the conference was to provide a forum to all central government ministries/departments and CABs, where the progress in the implementation of NPS with respect to compliance of timelines in various NPS related activities could be brought to light and a way forward could be provided.
Dr. Badri Singh Bhandari, Whole Time Member (Economics) in his opening remarks emphasised the need for discipline in submission of subscriber registration forms and remittance of the subscriber contribution.
He also touched upon the need of resolving pending grievances and withdrawals on priority by the nodal officers.
Dr. Bhandari highlighted the responsibility of nodal officers handling NPS and advised that they should be aware of the product and process in detail which shall reduce grievances.
Chairman, PFRDA, Hemant Contractor, emphasized the fact that NPS, being a contrbutory scheme, was different from the earlier pension system in the government, which was a formula based PAYG (Pay As You Go) scheme.
In NPS, pension was dependent on various factors, such as period of stay in the scheme, contribution level, returns on investments etc.
The government offices, subscribers and PFRDA all had to work in tandem to ensure that NPS works efficiently and pensions are served effectively.
Dr. Madanesh Mishra, Joint Secretary, Department of Financial Services stressed to all participants on the need of becoming sensitive and responsible towards employees currently covered under NPS in order to protect their interest, while monitoring various NPS related activities.
He also stressed upon the role which can be played by the PrAOs, CCAs and FAs of the respective Ministries in streamlining NPS operations. Quite a few presentations were made by various stakeholders under NPS for the benefit of the participants.