No. PR- 066
July 29, 2021
Working Youth should start investing in Pension Schemes early for a secured Future, said Chairman, PFRDA at a webinar organized by PHD Chamber
We need to adopt NPS for a better lifestyle after retirement that will help to cut inflation and will give an umbrella of benefits for the long term based on one’s flexibility of contribution. It has been adopted by almost all the states of the nation and a large portion of employees and citizens are a part of NPS. One of the benefits of NPS is that anyone can contribute according to their budget at the same time avail other schemes mentioned Shri Supratim Bandyopadhyay, Chairman, PFRDA in a webinar organized by PHD Chamber of Commerce and Industry (PHDCCI) on Securing Retirement with NPS and Insights for the employer.
Shri Supratim Bandyopadhyay mentioned that the government’s social security system is targeted to a particular segment of society. The stable working population of the country should start investing in pension at an early stage so that they are not a burden to the country. He suggested that working youth should start investing in pension schemes early for a secured future.
Shri Mono Phukon, General Manager, PFRDA talking about the National Pension System – Product Features and Benefits for Corporates discussed its features which included Portable Unique PRAN, better regulated, transparent, and online access, tax-efficient, alternative returns, flexible choices, and cost-effective.
Shri Suranjan Banerjee, Associate Director – Retirement, Willis Towers Watson in his presentation on Retirement Benefits Planning discussed the need for retirement planning and the Key Regulatory Changes and Implications involved based on the recent regulation inclined towards Broadening the Definition of Wages; PF contributions to go up and increase in gratuity liability.
Ms. Bahroze Kamdin, Partner, Deloitte Haskins & Sells LLP discussed the Tax incentives for investment in NPS and Changes by the Finance Act 2020 and the rules framed there. He discussed the Income-tax Incentives for retirement planning that are at the different stages of contribution, accretion, and withdrawal from the fund based on the contribution made by the employer and employee on a monthly and yearly basis.
Mr. Sanjay Aggarwal, President, PHDCCI in his presidential address deliberated about securing the retirement in a strategic and planned manner. He mentioned that the Government of India rolled out the National Pension Scheme in 2004 as part of a social security initiative for all Indian citizens. The NPS scheme allows individuals employed in public and private sectors to invest in a low-risk equity funds, security funds, or alternative investments with good returns. The government gives special tax exemption for a contribution towards the NPS by employers on behalf of employees under the corporate model.
Shri Bijay Murmuria, Co-Chairman, BFSI Committee, PHDCCI discussed the need for strong financial investment for retirement that needs to stage in the early stages of a career. He shared the employees in the unorganized sector are vulnerable after retirement and, India needs to develop a financial system that is accessible to needs every kind of employee. He emphasized the need to choose a good, reliable, and long-term pension plan which gives good sustainable retirement benefits and educating citizens about the retirement investment plans.
The webinar was moderated by Dr. SP Sharma, Chief Economist/DSG, PHD Chamber, and was attended by many industry stalwarts across the nation. PHDCCI’s webinar was supported by DLF India; Multani Pharmaceuticals; UFLEX; JK Tyre & Industries; Marble City; Paramount Cables; SMC Investments and Advisors; Blossom Kochhar Aroma Magic; Comtech Interio; DCM Shriram Industries; Radico Khaitan; R.E. Rogers India; Ajit Industries; Synergy Environics; Timberworkz; Jindal Stainless; P S Bedi & Co; IFFCO and Hindware.
PHD Chamber of Commerce and Industry