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Consider the following statements regarding the National Pension System (NPS):
1. The scheme is implemented and regulated under the Ministry of Personnel, Public grievances and Pensions.
2. Any individual citizen of India in the age group of 18-65 years can join NPS.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
Consider the following statements regarding the National Pension Syste...
- The Central Government has introduced the National Pension System (NPS) with effect from January 2004 (except for armed forces).
- NPS is being implemented and regulated by Pension Fund Regulatory and Development Authority (PFRDA) in the country.
- It works under the Department of Financial Services under the Ministry of Finance (and not Ministry of Personnel, Public grievances and Pensions). Hence, statement 1 is not correct.
- National Pension System Trust (NPST) established by PFRDA is the registered owner of all assets under NPS
- NPS was made available to all Citizens of India from May 2009.
- Any individual citizen of India (both resident and Non-resident) in the age group of 18-65 years can join NPS. hence, statement 2 is correct.
- However, OCI (Overseas Citizens of India) and PIO (Person of Indian Origin) card holders and Hindu Undivided
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Consider the following statements regarding the National Pension Syste...
Overview of National Pension System (NPS)
The National Pension System (NPS) is a government-sponsored pension scheme in India aimed at providing financial security during retirement.
Statement Analysis
Statement 1: Implementation and Regulation
- The NPS is primarily regulated by the Pension Fund Regulatory and Development Authority (PFRDA).
- It falls under the Ministry of Finance, not the Ministry of Personnel, Public Grievances and Pensions.
- Therefore, **this statement is incorrect**.
Statement 2: Eligibility Criteria
- The NPS is open to all Indian citizens aged between 18 and 65 years.
- This inclusivity allows a wide range of individuals to participate and secure their retirement savings.
- Hence, **this statement is correct**.
Conclusion
- Since only the second statement is correct, the answer to the question is option **B: 2 only**.
This analysis highlights the importance of understanding the regulatory framework and eligibility of the NPS, ensuring that citizens can make informed decisions regarding their retirement plans.
The National Pension System (NPS) is a government-sponsored pension scheme in India aimed at providing financial security during retirement.
Statement Analysis
Statement 1: Implementation and Regulation
- The NPS is primarily regulated by the Pension Fund Regulatory and Development Authority (PFRDA).
- It falls under the Ministry of Finance, not the Ministry of Personnel, Public Grievances and Pensions.
- Therefore, **this statement is incorrect**.
Statement 2: Eligibility Criteria
- The NPS is open to all Indian citizens aged between 18 and 65 years.
- This inclusivity allows a wide range of individuals to participate and secure their retirement savings.
- Hence, **this statement is correct**.
Conclusion
- Since only the second statement is correct, the answer to the question is option **B: 2 only**.
This analysis highlights the importance of understanding the regulatory framework and eligibility of the NPS, ensuring that citizens can make informed decisions regarding their retirement plans.
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Consider the following statements regarding the National Pension System (NPS):1. The scheme is implemented and regulated under the Ministry of Personnel, Public grievances and Pensions.2. Any individual citizen of India in the age group of 18-65 years can join NPS.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'B'. Can you explain this answer?
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