CURRENT AFFAIRS

Detailed explanation-1: -The Pension Regulator will be observing 1st October as the National Pension System Diwas (NPS Diwas) to promote pension and retirement planning among the citizens of India, and enjoy financial independence post retirement.

Detailed explanation-2: -National Pension System (NPS) was introduced for Central Government employees vide Ministry of Finance (Department of Economic Affairs) Notification No. 5/7/2003-ECB & PR dated 22nd December, 2003. NPS is now regulated under PFRDA Act, 2013 and regulation framed thereunder by Department of Financial Services and PFRDA.

Detailed explanation-3: -On 23rd August, 2003, Interim Pension Fund Regulatory & Development Authority (PFRDA) was established through a resolution by the Government of India to promote, develop and regulate pension sector in India.

Detailed explanation-4: -Consequent upon the tenure of the present chairman of the trust coming to an end on November 11, 2022, the authority has designated Suraj Bhan as chairperson of the board of the Trustee with effect from November 12, 2022, Pension Fund Regulatory & Development Authority (PFRDA).

Detailed explanation-5: -States like Rajasthan, Chhattisgarh, Jharkhand, Punjab and Himachal Pradesh have already rolled out the Old Pension Scheme and discontinued the National Pension System (NPS).