The Pension Fund Regulatory & Development Authority Act was passed on 19th September 2013 and the same was notified on 1st February 2014. PFRDA is regulating NPS, subscribed by employees of Govt. of India, State Governments, and by employees of private institutions/organizations & unorganized sectors.
The Government of India had, in the year 1999, commissioned a national project titled “OASIS” (an acronym for old age social & income security) to examine policy related to old age income security in India. Based on the recommendations of the OASIS report, the Government of India introduced a new Defined Contribution Pension System for the new entrants to Central/State Government service, except to Armed Forces, replacing the existing system of Defined Benefit Pension System. 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 the pension sector in India. The contributory pension system was notified by the Government of India on 22nd December 2003, now named the National Pension System (NPS) with effect from the 1st January 2004. The NPS was subsequently extended to all citizens of the country w.e.f. 1st May 2009 including self-employed professionals and others in the unorganized sector on a voluntary basis.
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