The National NPS Reforms Coordination Committee

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The National NPS Reforms Coordination Committee (NNRCC)has again urged the Ministry of Finance to urgently reform NPS framework for PSBs Employees, citing financial losses due to restrictions on choosing or switching PFMs & investment options. Despite PFRDA guidelines allowing such flexibility and post continuous follow up in the matter, Bank of India, Punjab & Sind Bank have recently allowed their Employees this flexibilties however, most banks have not implemented these provisions yet.The NNRCC calls for immediate action to enable the choices & Appeals to NPS employees for support in their mission for pension justice.

Jhataklal Yadav
National Coordinator, The NPS Reforms Coordination Committee

Punjab & Sind Bank granted its employees the flexibility to select fund managers and adjust fund allocations.

The National NPS Reforms Coordination Committee has addressed the issue, leading to Punjab & Sind Bank granting its employees the flexibility to select fund managers and adjust fund allocations.

PFRDA should reconsider its circular, particularly point no. 1(iii), which appears to favor the employees of the Corporates enrolled under NPS post 24.11.2018. Despite repeated efforts to raise this issue with PFRDA, no concrete actions have been taken so far. However, our engagements with the Department of Financial Services, Ministry of Finance, Government of India, have shown promising outcome, with several public sector banks making progress in this direction. Department Of Financial Services, GOI NPS - National Pension System Government Employees Pension Fund Pension Fund Regulatory And Development Authority

PFRDA should reconsider its circular, particularly point no. 1(iii), which appears to favor employees of corporates enrolled under NPS prior to 24.11.2018. Despite repeated efforts to raise this issue with PFRDA, no concrete actions have been taken so far. However, our engagements with the Department of Financial Services, Ministry of Finance, Government of India, have shown promising results, with several public sector banks making progress in this direction.

Advocating for fair retirement policies & driving reforms in the National Pension System (NPS) & transitioning it into the Old Pension Scheme (OPS).