Parama Sen has been appointed as a part-time member of the PFRDA Board

Description

In a recent move, Parama Sen, Additional Secretary in the Finance Ministry's Department of Expenditure, was appointed as a part-time member of the Pension Fund Regulatory and Development Authority (PFRDA). This appointment completes the PFRDA board's trio of part-time members.

• Parama Sen, a 1994 batch Indian Audit and Accounts Services (IAAS) officer, takes over for Anne George Mathew, who stepped down earlier this year.

• The PFRDA board of directors is made up of a chairman, three full-time members, and three part-time members. The Member (Law) position has been vacant since May of last year.

• Rahul Singh from the Department of Personnel and Training and Pankaj Sharma from the Department of Financial Services were both appointed the previous year.

Robust Growth In Pension Scheme Assets

As of March 31, 2023, the total number of Central government pensioners, including defense pensioners, was around 68 lakh. In the previous five years, the National Pension System (NPS) and the Atal Pension Yojana (APY) have demonstrated a remarkable Compound Annual Growth Rate (CAGR) of more than 20%.

• On August 25, this year, NPS assets crossed the 10-lakh-crore mark, with prospects of exceeding 11 lakh crores in the current fiscal.

• Enrollment in APYs has surpassed 6 crore, with over 70 lakh enrolling in the current financial year. Prime Minister Narendra Modi launched the APY on May 9, 2015, with the goal of providing old-age income security to the poor, underprivileged, and those in unorganized industries.

• Subscribers to APYs are eligible for three benefits, including a lifelong monthly pension ranging from Rupees 1,000 to Rupees 5,000 starting at the age of 60, with the actual amount dependent on contribution and joining age.

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