Last Updated: November 07, 2022, 10:52 IST
A federation of Central Government employees has written to the Cabinet Secretary to restore the Old Pension Scheme (OPS) as the National Pension System (NPS) is a disaster for retiring employees in their old age. OPS was discontinued in 2003 by the Atal Bihari Vajpayee government. So what is the National Pension System?
As cited by the NPS portal, it is a pension-cum-investment scheme launched to provide old age security to Citizens of India. It brings long-term saving avenues to effectively plan retirement through safe and regulated market-based returns.
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The Scheme is regulated by Pension Fund Regulatory and Development Authority (PFRDA). The PFRDA in the NPS updated version has enabled another feature. Now, interested applicants can open an account via DigiLocker using their driving license. Moreover, updating the address details can be done.
Step – 1 Visit the Protean CRA website and open the NPS registration system. Click on the new registration with documents with DigiLocker. Select the driving license from the category provided.
Step – 2 Automatically the applicant will be redirected to the DigiLocker website. Login to your account and provide consent to CRA for sharing of documents.
Step – 3 Allow NPS to access DigiLocker and documents issued by it. Automatically, the demographic information and photo from the driving license will be taken to open the NPS account.
Step – 4 The website will ask for details like PAN card, bank account, and scheme and nomination as required. Completed the requirement. This will allow the applicant to pay through NPS contributions.
Step – 5 Through the above steps, you have successfully created your NPS account.
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