PFRDA observe 1 October as the National Pension System Diwas

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The Pension Fund Regulatory and Development Authority (PFRDA) is observing 1st October as the National Pension System Diwas (NPS Diwas) to promote pension and retirement planning among the citizens of India. 

Important facts

• PFRDA is promoting this campaign on its social media platforms.

• PFRDA is organizing this campaign under 'Azadi Ka Amrit Mahotsav'.

• The objective of the pension regulator, PFRDA is to encourage every citizen, be it working professionals or self-employed professionals, to plan for building a pension corpus after retirement to ensure a financially sound future.

• NPS subscribers will get the benefit of tax deduction on their contributions and regular income after retirement.

About PFRDA

• It is the regulatory body under the jurisdiction of the Ministry of Finance, Government of India for overall supervision and regulation of pension system in India.

• The Pension Fund Regulatory and Development Authority Act was passed on 19 September 2013 and was notified on 1 February 2014.

• It regulates the National Pension System (NPS), subscribed by employees of Govt of India, State Governments and by employees of private institutions/organizations and unorganized sectors.

• As on 24 September, 2022, total number of subscribers under NPS is 571.86 lakhs (5.72 crores) and total Assets Under Management (AUM) is 7,99,467 crore (7.99 trillion).