PFRDAPension Fund Regulatory Development Authority (India)
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Das, Executive Director of PFRDA, while addressing the gathering.
Some of the ruling coalition members admitted that the government decided not to antagonize the BJP over this bill as a "good gesture" in response to the opposition party's support for crucial PFRDA bill.
It had also proposed a joint commission comprising the Finance Minister as Chairperson and RBI Governor as Vice Chairman, Secretary in the Department of Economic Affairs, Secretary (Financial Services) and the heads of stock market, insurance, banking and pension fund regulators - SEBI, IRDA, RBI and PFRDA - as members.
What's more, at the time of bidding, the intermediaries were told that the task of marketing and spreading awareness would be of the PFRDA an exception of sorts if you consider other regulators like the Reserve Bank and the Insurance Regulatory & amp; Development Authority (IRDA).
He informed the gathering that PFRDA is considering an auto enrolment system under National Pension System (NPS), with an element of soft compulsion, in which all the employees working in government identified sectors/industries in unorganized sector would be automatically covered unless they choose to opt out.
A subscriber on the date of submission of the withdrawal form, shall be permitted to withdraw not exceeding 25 percent of the contributions made by such subscriber to his individual pension account" for specified purposes, a PFRDA circular said.
Contractor, Chairman, PFRDA, talks to Money Today about making the National
Verma, an IAS officer, lost out in the race to head PFRDA and has to now be contented with the post of member of the pension regulator.
Taking at the conference, Chairman of the PFRDA, Hemant Contractor said that the authority endeavour to provide pension cover to all those who do not have it.
PFRDA has modified the registration form for APY asking subscribers to provide their Aadhaar card number.
Contractor, PFRDA Chairman, admits distribution is a problem.