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"Panel Formed by Government to Revamp NPS Pension System" | GS-3 | UPSC


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The Indian government has formed a panel to reform the national pension system (NPS), which has been a long-standing demand of employees and stakeholders. The move towards reforming the NPS system has been taken to make it more efficient and effective in providing pension benefits to its subscribers. The NPS was launched in 2004 as a government-sponsored pension scheme for the employees of the central and state governments, and also for the employees of private sector organizations. The scheme is contributory in nature with the central government contributing 14% of the basic salary of its employees, and the state government contributing up to 10% of the basic salary, towards the pension fund. The NPS has faced criticism from stakeholders and employees, mainly regarding the low returns on investment, high costs, and limited options for investment. The panel has been set up to address these issues and make the scheme more feasible for subscribers to opt for it as a long-term investment option. The panel, headed by former Pension Fund Regulatory and Development Authority (PFRDA) chairman, Supratim Bandyopadhyay, aims to address key issues such as increasing the choice of investment options, adding flexibility to exit plans, reducing the charges levied on investors, and increasing the transparency of the scheme. The reform will also aim to bring in new technology for the scheme’s functioning, to increase its efficiency and improve access for subscribers. The reform can also contribute towards increasing the subscriber base for the NPS scheme, which will ultimately benefit millions of employees across the country. The pension system is undergoing a massive reform globally, with countries increasing the retirement age and providing more flexible pension options. The reform of the NPS scheme is an important step towards making India’s pension system more effective and efficient. This move by the Indian government is expected to benefit millions of employees across the country and make them feel more secure about their financial futures. Overall, the government’s decision to form a panel to reform the NPS is a welcome move that will benefit millions of subscribers. The increased flexibility and transparency of the scheme will make it more attractive to employees and enable them to contribute to their future retirement with confidence. https://inflationprotection.org/panel-formed-by-government-to-revamp-nps-pension-system-gs-3-upsc/?feed_id=95327&_unique_id=6458261184b9d #Inflation #Retirement #GoldIRA #Wealth #Investing #CurrentAffairs2023 #currentaffairsforUPSC #IASCurrentAffairs #nationalpensionscheme #Nationalpensionsystem #NewPensionScheme #OldPensionScheme #oldpensionschemelatestnews #oldpensionschemenews #oldpensionschemeupsc #oldpensionschemevsnewpensionscheme #oldpensionschemevsnps #oldpensionschemes #oldpensionvsnewpensionscheme #pension #pensionscheme #studyiq #studyiq #StudyIQCurrentAffairs #whatisoldpensionscheme #RetirementPension #CurrentAffairs2023 #currentaffairsforUPSC #IASCurrentAffairs #nationalpensionscheme #Nationalpensionsystem #NewPensionScheme #OldPensionScheme #oldpensionschemelatestnews #oldpensionschemenews #oldpensionschemeupsc #oldpensionschemevsnewpensionscheme #oldpensionschemevsnps #oldpensionschemes #oldpensionvsnewpensionscheme #pension #pensionscheme #studyiq #studyiq #StudyIQCurrentAffairs #whatisoldpensionscheme
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