NPS Diwas: Introducing Reforms to Boost India's Retirement Savings

Industry experts hail the introduction of the Multiple Scheme Framework under India's National Pension System. This innovative development coincides with NPS Diwas and allows pension funds increased flexibility in product offerings, enhancing options for subscribers and paving the way for the system's expansion and inclusivity.

The National Pension System (NPS) is getting a significant boost as industry experts voice their strong support for recent reforms. Introduced by the Pension Fund Regulatory and Development Authority (PFRDA), these measures aim to expand retirement savings across India.

Coinciding with NPS Diwas and the International Day for Older Persons, the Multiple Scheme Framework (MSF) was officially launched. Experts say this new framework allows pension funds the freedom to create their own schemes, giving subscribers more choice.

Axis Pension CEO, Sumit Shukla, called the day a milestone, emphasizing new offerings that include a 100% equity allocation option for subscribers with a 15-year lock-in. Meanwhile, HDFC Pension MD Sriram Iyer noted the potential to reach wider demographics, highlighting the impact of these reforms on the nation's retirement landscape.

(With inputs from agencies.)