India. National Pension System: PFRDA to extend entry age to avail benefits
Senior citizens who have not yet got into the National Pension System (NPS) bandwagon may have some cause for cheer. Pension regulator PFRDA plans to soon extend the maximum entry age for availing NPS benefit to 70 years from the current 65 years, its Chairman Supratim Bandyopadhyay said on Thursday.
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Simultaneously, the exit age limit is proposed to be extended from 70 years to 75 years, he said at a virtual press conference. Currently, Indians between the age bracket of 18-65 years can open an NPS account. Bandyopadhyay highlighted that there is good interest among those who are above 60 years to open an NPS account and noted that nearly 15,000 new NPS subscribers (aged above 60 years) had enrolled for NPS in the last three years.
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Subscriber growth
Bandyopadhyay said that despite adverse situation of COVID-19, the assets under management of NPS saw 38 per cent growth in FY20-21and 6 lakh new NPS subscribers were added .
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