Enter Keyword and Search

NTPC, DVC likely to join New Pension System

On the heels of the state-owned Nalco joining the New Pension System, the public sector power firms such as NTPC and Damodar Valley Corporation (DVC) have shown interest in moving their retirement funds to the scheme.

"NTPC and DVC have shown interest in joining the New Pension System (NPS). We are holding talks with them," a senior Pension Fund Regulatory and Development Authority (PFRDA) official told PTI today.

The nation's largest power producer NTPC employees around 24,500 while DVC has over 11,000 in its rolls.

Recently, the interim regulator PFRDA wrote to the Department of Public Enterprises to help the Central PSUs bring their employees into the NPS for pension savings beyond the mandatory contributions at 24 per cent of the salary to the Employees Provident Fund Organisation.

"We expect more PSUs to put their retirement funds in the coming days into the NPS," the official added.

Initially, the NPS was launched for Central government employees joining service from January 1, 2004, but from last May it was extended to all citizens.

According to the information available on the PFRDA website, as many as 6,90,274 subscribers have joined the NPS till this January 2, which include 3,119 from the unorganised sector.

Out of this , the maximum 5,64,705 subscribers are the Central Government employees, apart from 1,20,517 state government employees.

The total corpus under these schemes is close to Rs 3,500 crore.
Source: Economic Times

Related Posts...

Recent Stories...


90Paisa - Dedicated to Central Government Employees and Pensioners. As and when orders amending the rules are published by the Government, the amendment orders will be published in our blog immediately. Readers are requested to refer to the source link is given at the end of the post. All efforts have been made to ensure accuracy of the content on this blog, the same should not be construed as a statement of law or used for any legal purposes. 90paisa accepts no responsibility in relation to the accuracy, completeness, usefulness or otherwise, of the contents. Users are advised to verify/check any information with the relevant department(s) and/or other source(s), and to obtain any appropriate professional advice before acting on the information provided in the blog. Links to other websites that have been included on this blog are provided for public convenience only. 90paisa is not responsible for the contents or reliability of linked websites and does not necessarily endorse the view expressed within them. We cannot guarantee the availability of such linked pages at all times.

Recent Posts