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What is Pension Fund Regulatory and Development Authority mean?
Pension Fund Regulatory and Development Authority is the regulatory body under the jurisdiction of Ministry of Finance , Government of India for overall supervision and regulation of pension in India. The Government of India had, in the year 1999, commissioned a national project titled "OASIS" (an acronym for old age social & income security) to examine policy related to old age income security in India. Based on the recommendations of the OASIS report, Government of India introduced a new Defined Contribution Pension System for the new entrants to Central/State Government service, except to Armed Forces, replacing the existing system of Defined Benefit Pension System. On 23 August 2003, Interim Pension Fund Regulatory & Development Authority (PFRDA) was established through a resolution by the Government of India to promote, develop and regulate pension sector in India. The contributory pension system was notified by the Government of India on 22 December 2003, now named the National Pension System (NPS) with effect from 1 January 2004. The NPS was subsequently extended to all citizens of the country w.e.f. 1 May 2009 including self employed professionals and others in the unorganized sector on a voluntary basis.
The Pension Fund Regulatory & Development Authority Act was passed on 19 September 2013 and the same was notified on 1 February 2014. PFRDA is regulating NPS, subscribed by employees of Govt. of India, State Governments and by employees of private institutions/organizations & unorganized sectors. The PFRDA is ensuring the orderly growth and development of pension market.
referenceFull Form | Category |
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Pension Fund Regulatory Development Authority | Governmental |
Pension Fund Regulatory and Development Authority (India) | Governmental |
Pension Fund Regulatory and Development Authority | Indian Ministry of Finance |
Posted on 20 Sep 2024, this text provides information on Miscellaneous in Indian Ministry of Finance related to Indian Ministry of Finance. Please note that while accuracy is prioritized, the data presented might not be entirely correct or up-to-date. This information is offered for general knowledge and informational purposes only, and should not be considered as a substitute for professional advice.
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