28July2016 11:39 IST
Press Information Bureau
Government of India
Ministry of Finance
Conference on Implementation of National Pension System (NPS) in Central Autonomous Bodies (CABs)
A conference on implementation of National Pension System (NPS) in Central Autonomous Bodies (CABs) was
organized by PFRDA on 27th July 2016 at New Delhi. The prime objective of the conference was to understand
and address the concerns of the Central Autonomous Bodies who have not yet registered for NPS.
Shri Hemant Contractor, Chairman, PFRDA in his key note address stressed on the need for a regular and steady
source of income for old age income security. He informed the participants that it was mandatory for all CABs
which had offered CPF to its employees earlier to switch to NPS, but some CABs had not done so, and he urged
them to adopt NPS without further delay, in view of the benefits of doing so, apart from the mandatory
requirement. He gave the example of State Governments which had voluntarily adopted NPS in view of its
merits. He further mentioned that it was important for CABs to offer a pension benefit to their employees in view
of the many advantages, which could never be matched by lump sum payments such as CPF payment. He urged
the CABs to comply with the Government directives and join NPS at the earliest so that the employees could get
the benefit of pension under NPS for their old age income security.
Dr. B. S. Bhandari, Whole Time Member (Economics), PFRDA, while speaking on the occasion highlighted on
the introduction of NPS for all Central Government Employees (except armed forces) joining services on or after
01st January 2004 and also informed the participants about the various notifications issued by Government for
implementation of NPS in the Central Autonomous Bodies. He also briefed about the basic operational aspects of
the NPS, investment pattern & NPS architecture. He also illustrated the benefit of higher return under NPS and
power of compounding on this higher return resulting to better yield in comparison to other superannuation
Shri R V Verma, Whole Time Member (Finance) PFRDA, also urged to all the CABs present in the conference
to be part of NPS and said that there is no reason why CABs have not implemented despite all the benefits in
NPS. He informed that though the scheme is mandatory for all Central Autonomous Bodies having contributory
Provident fund, many of the CABs are yet to join NPS. He expressed PFRDA is confident that this conference
will help the participating CABs to understand NPS in a better way and will help them to join NPS at the earliest
without further delay.
. Currently, NPS has more than 1.30 crore subscribers with total Asset Under Management (AUM) of more than
Rs.1.37 lakh crores.