The bill was introduced in the lower house in March 2011 to provide for a statutory regulatory body. Currently the PFRDA has a non-statutory status.
The NPS has been made mandatory for all the central government employees (except armed forces) entering service with effect from 1.1.2004, a finance ministry statement said. In all, 26 states have already notified NPS for their employees.
"NPS has been launched for all citizens of the country including un-organised sector workers, on voluntary basis, with effect from 1st May, 2009," the statement added.
The ministry said the PFRDA Bill would also provide subscribers a wide choice to invest their funds for assured returns by opting for government bonds as well as in other funds depending on their capacity for risk.
--IANS (Posted on 04-09-2013)