CIVILSHUB IAS
67th B.P.S.C. (Re-Exam) (Pre) 2022

Choose the correct statement related to the National Pension System (NPS).

aNPS is regulated by the Pension Fund Regulatory and Development Authority✓ Correct
bNPS is a retirement benefit scheme introduced by the Government of India to facilitate a regular income to all the citizens of India
cNPS is regulated by the IRDA
dNPS is regulated by the SEBI
eNone of the above/More than one of the above

Explanation

## Page 19 The National Pension System (NPS) is mandatory only for Central Government employees. For State Government and other employees, it is not mandatory. It is regulated by the Pension Fund Regulatory and Development Authority (PFRDA). For all citizens of the country aged 18 to 70 years, it is a voluntary scheme. At present, the Central Government approved the Unified Pension Scheme (UPS) on 24 August 2024, which is effective from 1 April 2025. is administered by the Ministry of Labour and Employment with the support of the Life Insurance Corporation of India (LIC) and Common Service Centre e-Governance Services India Limited (CSC SPV) for seamless implementation. PM-SYM (PM-SYM) Key Features * The Central Government contributes on a 1:1 basis, equal to the worker’s contribution. * This is a voluntary scheme, allowing workers to contribute as per their capacity and requirement. * If the beneficiary dies, the spouse gets 50 percent of the pension amount as family pension. Family pension is available only to the spouse. * Participants may exit the scheme subject to specified conditions (as detailed in Section 9). * Eligible workers can register through Common Service Centres (CSCs) or through the Maandhan portal. * The scheme is administered by LIC, ensuring financial stability and reliability.

economic-social-development