StaffCorner

02 Dec, 2022 11:19p.m.

5 ways in which e-NPS helps & aids of higher returns for Government Employee

5-ways-in-which-e-nps-helps-aids-of-higher-returns-for-government-employee

Through a directive dated August 23, 2021, the Pension Fund Regulatory and Development Authority (PFRDA) enabled e-NPS for the benefit of subscribers in the government sector. According to a recent circular from the pension regulator dated November 30, 2022, government employees have opened almost 9000 e-NPS accounts so far.

Currently, the Civil and Defense Ministries use e-NPS the most for the Central Government Employees, followed by Central Autonomous Bodies (CAB). Government personnel can profit from e-NPS in a number of ways, including the potential for increased returns. Here are five examples of such advantages:

 

 

  1. Ease of onboarding: The nodal offices can now operate with greater operational refinement thanks to e-NPS Government, which enables quicker account opening and higher efficiency. It makes it simpler for new hires to complete their onboarding processes and for Nodal Offices to verify and approve employee NPS data online.
  2. Faster processing: When compared to other account opening options offered to the government sector, e-NPS speeds up the process of opening an account.
  3. Low cost of account opening: By utilising end-to-end digitalization, e-NPS helps to optimise the cost of account opening.
  4. Increases the likelihood of greater returns: According to the regulator, as e NPS - Government considerably cuts the turnaround time (TAT) for account opening, the monthly contributions of NPS for employees can be invested on time, which results in higher investment returns for subscribers.
  5. Low data entry errors: According to PFRDA, data entry/digitization errors may decrease if employees fill out the information themselves in the eNPS portal during onboarding, which would lead to a decrease in the rejection of forms.

Mandatory e-NPS

The regulator had earlier proposed to make e-NPS mandatory with effect from April 1, 2022. However, various departments/nodal offices under the Government sector are yet to adopt e-NPS Government holistically for the onboarding of new employees.

In the 30th November circular, the PFRDA once again informed all Government Nodal Officers of the State/Central/Autonomous Bodies to adopt the e-NPS Government for onboarding their new employees.




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