DK selected for trial NPS implementation

DK selected for trial NPS implementation

Mangalore Today News Network

Mangalore, Feb 25: Dakshina Kannada has been chosen for the implementation of the New Pension Scheme (NPS) on a trial basis. The Asian Development Bank (ADB) is the coordinator of this pilot project. 




At a workshop on NPS held in Mangalore on Wednesday, Ashish Agarwal, the communication expert of ADB, said that DK was selected because of its socio-economic status, availability of several banks, and “fairly good” literacy rate. 

The NPS, which has been launched by the union government, is regulated by the Pension Fund Regulatory and Development Authority. Only government employees could avail of it earlier; but in May 2009, it was extended to all citizens between the ages of 18 and 55. 

Investors can choose one of the 6 fund managers, including ICICI Prudential Pension Funds Management Company Ltd. and UTI Retirement Solutions Ltd. The fund managers will invest the funds in the stock market, government securities, and fixed deposit schemes presented by private players. Investors can personally assess the risks involved and decide how to reinvest their money. Investors are required to make a minimum investment of Rs 500 a month or Rs 6000 per year. 

Mr Agarwal said that the results of the implementation of NPS in DK will be communicated to the Union Government after conducting a national-level workshop in May. 

Prabhuling Kavalikatti, the assistant commissioner, inaugurated the workshop and thanked the NPS operators for choosing DK for the trial implementation of the scheme.