Question
Consider the following statements related to pension
funds in India: 1) The National Pension System (NPS) is mandatory for all Indian citizens. 2) It is mandatory for government employees who joined the service on or after 1st January 2004. 2) Pension Fund Regulatory and Development Authority (PFRDA) is the regulatory body for pension funds in India. Which of the above statements is/are correct?Solution
Statement 1 is incorrect as NPS is not mandatory for all Indian citizens. While it is mandatory for government employees who joined the service on or after 1st January 2004, it is voluntary for other citizens. Statement 2 is correct as PFRDA is indeed the regulatory body for pension funds in India.
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