The Pension Fund Regulatory and Development Authority (PFRDA) has increased the incentives payable to points of presence (POPs), the principal distributive points for the National Pension System (NPS), the ministry said in a statement. “PFRDA believes the renewed incentive will help in increasing the reach of pensions, through the efforts of POPs,” the statement added. The challenge is to reach out to the informal sector,” PFRDA chairman Hemant Contractor had said in an interview with Mint in July. According to the ministry, PFRDA has taken several initiatives in the past to increase pension coverage, notably introducing e-NPS, reducing minimum contribution levels, new investment instruments, and aggressive life cycle funds. The subscriber base includes central and state government employees and members from private sector enterprises, including the informal sector.

Source: Mint October 27, 2017 18:11 UTC