At present, the government sector staff are registered below the National Pension System (NPS) either by means of submission of physical kind to the Central Record Keeping Agency (CRA) or by means of the Online PRAN Generation Module (OPGM) adopted by the Nodal Offices of the government. Now, Pension Fund Regulatory and Development Authority (PFRDA) is exploring the possibility to allow e-NPS platform as an extra alternative to government sector staff to facilitate their on-line onboarding below NPS. The on-line opening of the NPS is referred to as eNPS account opening.
Accordingly, the staff of the government sector will have an alternative to register below NPS by means of e-NPS. Further, an current Subscriber of other sectors. on getting into into the Government sector, shall have an alternative to shift to the Government sector by means of e-NPS.
e-NPS is the on-line NPS onboarding portal hosted by the CRA wherein a Subscriber can register and contribute on-line into NPS. Through eNPS, a Subscriber can register below NPS, create a Permanent Retirement Account Number (PRAN) below All Citizens of India and Corporate Sectors.
Further, the Subscribers who have currently been registered below NPS across sectors with active PRAN can make contributions by means of eNPS as nicely as activate their Tier II account. The potential NPS Subscribers below private sector can register in e-NPS either by means of `Aadhaar Offline e-KYC’ or by means of ‘PAN & Bank Account’
Benefits of e-NPS account opening
The proposed mode of e-NPS primarily based registration of Government Sector staff bring the following added benefits to the stakeholders:
i. Ease of onboarding for staff and on-line verification/authorization of employee by nodal officers.
ii. Paperless approach of enrollment with e-Sign/OTP.
iii. Easing the perform of Nodal officers from manual approach of Acct opening and freeing them from handling papers and related challenges of dispatching the physical types to CRA.
iv. Optimizing the price of Acct opening by finish to finish digitization.
v. Expediting the account opening approach compared to current modes of account opening strategies produced accessible to the Government sector.
vi. Timely PRAN generation and therefore timely deposit of NPS contribution which would lead to larger investment added benefits.
vii. Since the staff fill the information in e-NPS portal themselves though on-boarding, information entry error may well come down and consequently the decline in rejection of types.