New Delhi, Oct 2: The Pension Fund Regulatory and Development Authority (PFRDA) aims to bring over 600 million workers under the National Pension System (NPS) by 2047 while adding 20-40 million new subscribers over the next two to three years, ANI reported PFRDA Chairperson S Ramann as saying.
Speaking to ANI after the launch of the UPI-based NPS Tatkal platform, Ramann said the regulator’s immediate focus would be on expanding NPS coverage in the private sector through digital distribution channels and new products.
“We have a huge target... there are more than 60 crore people who are part of the workforce and therefore our aim is to make sure that by 2047 everybody in the workforce should have a National Pension System (NPS) account,” Ramann said.
PFRDA is primarily focusing on the non-government segment, where subscriber growth is currently around 22-25 per cent, as per Ramann. The government segment, he said, has been covered under the pension framework for around 18 years.
The regulator is also seeking to expand access through digital platforms such as NPS Tatkal and StAR NPS, while encouraging more intermediaries to act as pension agents. Ramann said the regulator was also looking to leverage digitised Primary Agricultural Credit Societies, with assistance from NABARD, to expand NPS coverage in rural areas.
“Finally, it's about how well you serve the local community and get people to put their money because, finally, investment is all about trust. So we have to create that trust,” ANI reported Ramann as saying.
PFRDA has also launched NPS Swasthya, a bundled product aimed at addressing healthcare costs during retirement. The product pairs a dedicated medical pension account with top-up health insurance coverage. The pension account would finance co-payment or deductible requirements, while the insurance component would cover hospitalisation expenses beyond that. The regulator said the product offers lower group premiums and limits waiting periods for pre-existing diseases to one year.
Ramann also stressed the importance of financial literacy and investor awareness as NPS coverage expands, saying subscribers need to understand their risk appetite before making investment decisions. “It's about education, awareness, and financial literacy. This is what we'll do,” he said. (ANI)
