As of December 2021, NPS and APY are the two flagship pension schemes of _________.

Question

Question

This question was previously asked in

SSC Selection Post 2024 (Matriculation Level) Official Paper (Held On: 21 Jun, 2024 Shift 1)

Answer 1

The correct answer is PFRDA

Key Points

PFRDA stands for the Pension Fund Regulatory and Development Authority.
As of December 2021, the National Pension System (NPS) and the Atal Pension Yojana (APY) are the two flagship pension schemes regulated by the PFRDA.
The NPS is a voluntary, defined contribution retirement savings scheme designed to enable subscribers to make optimum decisions regarding their future through systematic savings during their working life.
APY is a government-backed pension scheme targeted primarily at the unorganized sector, aiming to provide a universal social security system for all Indians, especially the poor, the underprivileged, and the workers in the unorganized sector.
The PFRDA was established by the Government of India in 2003 and it regulates and develops the pension sector in India.

Additional Information

The National Pension System (NPS) was launched on 1st January 2004 with the objective of providing retirement income to all the citizens.
Atal Pension Yojana (APY) was launched on 9th May 2015 and aims to deliver old age income security particularly to the workers in the unorganized sector.
The PFRDA ensures the orderly growth and development of the pension market in India.
Both NPS and APY are aimed at encouraging the habit of saving for retirement among the citizens.