PFRDA pledges to contribute to PM-CARES Fund to help fight COVID-19 outbreak
01 APR 2020
The pension sector regulator Pension Fund Regulatory and Development Authority (PFRDA) has pledged tocontribute a part of the employee’s salary to the Prime Minister’s Citizen Assistance and Relief in EmergencySituations (PM CARES) Fund, instituted recently under the guidance of Prime Minister Shri Narendra Modi toassist and provide relief measures to the citizens of the country following the global outbreak of novelCoronavirus (COVID-19).
Alike other Government institutions, industry leaders, celebrities, individuals, PFRDAemployees have decided to contribute part of their salary and PFRDA is committed to assist the government inits fight against the pandemic in India.
Shri Supratim Bandyopadhyay, Chairman PFRDA said “This is one of the most challenging period that our countryis facing today. At this moment what matters most is sharing the responsibility of fight against coronavirus(COVID-19) in every way possible. The PFRDA is perceptive of the implications of this pandemic situation andwould like to contribute towards the fight of this crisis”.
Pension Fund Regulatory and Development Authority (PFRDA) is the statutory Authority established by anenactment of the Parliament, to regulate, promote and ensure orderly growth of the National Pension System(NPS) and pension schemes to which this Act applies. NPS was initially notified forcentral government employees joining service on or after 1st Jan 2004 and subsequently adopted by almost allState Governments for its employees. NPS was extended to all Indian citizens (resident/non-resident/overseas)on a voluntary basis and to corporates for its employees.
As on 31st March 2020, the total number of subscribers under NPS and Atal Pension Yojana has crossed 3.45crores and the Asset under Management (AUM) has grown to Rs 4,17,478 crores. More than 68 lakhs governmentemployees have been enrolled under NPS and 22 lakhs subscribers have subscribed to NPS in the private sectorwith 7,568 entities registered as corporates. More than 2.11 crores subscribers are presently covered underthe GoI guaranteed pension scheme – Atal Pension Yojana.