NPS Current Affairs - 2020
The Employees State Insurance Corporation (ESIC) payroll data released by the Central Statistical Office (CSO) suggests 2 crore jobs created in 16 months. The ESIC data is one of payroll numbers released by the Central Statistics Office (CSO) in its reports based on people joining various social security schemes run by Employees Provident Fund Organisation (EPFO) and Pension Fund Regulatory Development Authority (PFRDA). The data shows that:
- During September 2017 and December 2018, as many as 1.96 crore new subscribers joined the scheme
- Employment generation in the formal sector almost trebled to touch a 16-month high of 7.16 lakh in December 2018 compared to 2.37 lakh in the year-ago month.
- Around 72.32 lakh new subscribers were added to social security schemes of the EPFO from September 2017 to December 2018.
- An estimated number of new NPS (National Pension Scheme) subscribers during the period of September 2017 to December 2018 is 9,66,381.
The report gives different perspectives on the levels of employment in the formal sector and does not measure employment at a holistic level.
Tags: Central Statistical Office • Central Statistics Office • CSO • Employees' State Insurance Corporation • Employees’ Provident Fund Organisation
The Union Finance Ministry has announced that non-resident Indians (NRIs) can now open National Pension Savings (NPS) accounts online i.e. through eNPS if they have Aadhaar Card or Permanent Account Number (PAN) card.
Earlier, NRIs could open NPS accounts only through paper based applications by approaching Bank offices. NPS is being regulated by the PFRDA (Pension Fund Regulatory and Development Authority), a regulator established by the Finance Ministry.
- Through eNPS, NRI’s will be able to open NPS accounts both on repatriable and on non-repatriable basis. The NPS funds would be deposited only in their NRO accounts
- On a repatriable basis, NRIs will have to remit the amount through his/her NRE/NRO/FCNR account.
- On a non-repatriable, NRIs will be able to join NPS through their NRE/FCNR/NRO accounts at the time of maturity or during partial withdrawal.
- This move will greatly appeal to NRIs who intend to return to India after their employment abroad, in view of their attractive returns, low cost and flexibility.
- India has the second-largest diaspora in the world, with around 29 million people living in over 200 countries and out of them 25% live in the Gulf countries.
Tags: Government Schemes • Indian Diaspora • NPS • Pension Sector