Interim pension regulator PFRDA on Thursday (22-07-2010) introduced a new scheme, NSP Lite, for the economically deprived sections of the society. The scheme aims at building up a corpus sufficient enough to buy an annuity for their old age.
Finance Minister Pranab Mukherjee in his Budget speech had said the government would contribute Rs 1,000 annually to each NPS account opened in 2010-11.
Initially, the government launched the New Pension System for central government employees joining service from January 1, 2004, but it was extended to all citizens from May 1, 2009
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