India - The public launch of the New Pension Scheme has been delayed because of impending elections.
Although the NPS has received contributions for the Indian civil service, it was due to open to all workers in India on April 1.
It said the delay also comes as a result of impending elections.
New employees of the central government were enrolled into the NPS in January 2004.
The government then transferred the accumulated funds with its matching contribution to three fund managers, appointed by the PFRDA, for investment management from 1 April last year.
The government advised the PFRDA to open the scheme to all citizens last August. As a result of the preparatory work that would be required, the PFRDA decided to set the date for extension as 1 April 2009.
As part of the preparations, the PFRDA has already appointed six new fund managers and outlined 23 'points of presence' to manage contributions for all citizens, including workers for the unorganised sector.
The PFRDA had already disseminated the news to the general public that the NPS would be extended to all citizens through an advertisement unveiled on 28 February this year.
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The Department for Work and Pensions (DWP) has said it while believes in the benefits of consolidating defined benefit (DB) schemes, there are significant issues to overcome.
There is just one week left to register to enter the Workplace Savings and Benefits Awards 2018.
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