The Pension Fund Regulatory and Development Authority (PFRDA) will observe 1 October as the National Pension System Diwas to promote pension and retirement planning. For this, the regulator has kickstarted a campaign under ‘Azadi Ka Amrit Mahotsav, said PFRDA on Thursday.
The pension regulator aims to encourage every citizen – working professionals and self-employed professionals — to plan towards creating a financial cushion to ensure for oneself a financially sound future after retirement. NPS subscribers will enjoy the benefits, power of compounding now and reap many of the benefits after retirement.
PFRDA is promoting this campaign on its social media platforms.
PFRDA chairperson, Supratim Bandyopadhyay said: “We are happy to announce October 1 as NPS Diwas, especially for pension and retirement planning. We are excited to be a part of the Azadi Ka Amrit Mahotsav of the Government. Through this campaign, we want to create awareness about pension planning among the public. As a regulatory body, our foremost aim is to cover all eligible citizens under a pension scheme to fulfil the vision of a pensioned society for India.”
To be sure, the combined assets under management (AUM) of the NPS and Atal Pension Yojana increased to 32.91% year-on-year to touch ₹6.47 lakh crore by the end of August 2021. On the same day last year, the combined AUM of both schemes stood at ₹4.87 lakh crore.
Also, as of the end of August, the total NPS subscriber base was at 4.53 crore from 3.65 crores in August 2020, showing a year-on-year (Y-o-Y) increase of 24.06%.
One must invest in NPS as it is a low-cost investment scheme that allows exposure to equity for up to 75% of the corpus. Besides, the product rationally taxes efficiently.