Why states dare to give NPS a miss | Business Standard

Why states dare to give NPS a miss | Business Standard

Online comments posted on November 3, 2013:



The article gives a brief history and the present state of affairs of NPS(earlier New Pension System/Scheme and now National Pension System). For reasons best known to them, media, trade unions and organisations of employees affected by NPS and even political parties are observing a learned silence about the mess created by substituting a pension system which was being administered fairly well from a social security angle by NPS which in effect is ‘No Pension Scheme’. This article exposes the helplessness of PFRDA whose decade old existence is being legalised now.
One gets curious by the following observations made by PFRDA Chairman quoted in the article:
·       " I have no means to ensure compliance from state governments.
·        In one month, states’ contribution is 100 per cent, the next month it falls to 50 per cent and the next it becomes zero.
·        Till the time money is lying with the state governments, they pay an interest at par with the prevailing rate on government security, which is roughly around eight per cent. Whereas our rate of return has been 12-14 per cent.
·        There is no question of NPS giving guaranteed return. The new legislation talks about giving subscribers access to a product which gives minimum assured return."
If someone is clear about the efficiency of NPS as a substitute for the pension scheme it has replaced, please elucidate the above observations made by PFRDA Chairman.

M G Warrier, Mumbai

 

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