New Delhi [India], October 2 (ANI): Pension Fund Regulatory and Development Authority (PFRDA) aims to bring every individual in the workforce under the National Pension System (NPS) by 2047, targeting a total demographic of more than 60 crore workers. PFRDA Chairperson S Ramann, on Thursday, stated that the immediate plan focuses on expanding coverage across the non-government segment through digitised distribution channels and specialised offerings.
Speaking to ANI following the launch of the UPI-based NPS Tatkal platform, Ramann outlined the long-term vision and medium-term milestones for the pension sector.
“We have a huge target, as you know, there are more than 60 crore people who are part of the workforce and therefore our aim is to make sure that by 2047 everybody in the workforce should have a National Pension System (NPS) account. Immediate targets would be in the region of about two to three, maybe four crore people coming into the NPS system in the next two to three years,” Ramann told ANI.
The regulatory authority directs its growth initiatives towards non-government personnel, noting that the government segment already operates under an established framework.
“So the current growth rates are in the region of about 22 to 25 per cent in the non-government sector, and our focus is the non-government sector because the government sector has actually been there for about 18 years now and it's pretty well looked after. So our focus is entirely on growing the subscribers in the non-government sector,” Ramann said.
The authority utilises digital avenues like NPS Tatkal and StAR NPS to ease entry and enlist intermediaries, including Primary Agricultural Credit Societies digitised with NABARD assistance, to reach rural populations.
“We have got very good digital-based systems which lead to ease of entry into the NPS system. NPS Tatkal is one, StAR NPS is the other, and we are encouraging more and more persons to come as pension agents because once you create a digital platform, the risks of operation are next to zero,” Ramann said.
“Finally, it's about how well you serve the local community and get people to put their money because, finally, investment is all about trust. So we have to create that trust,” he added.
Addressing healthcare costs for ageing subscribers, PFRDA launched NPS Swasthya, a bundled solution linking a dedicated medical pension account with top-up health coverage. The dedicated account finances co-pay or deductible requirements, after which the top-up policy handles hospital expenses. The product carries lower group premiums, restricts pre-existing disease waiting periods to one year, and demonstrated clear user adoption during its proof-of-concept phase.
Alongside product rollouts, the regulator emphasises educating subscribers on investment risk.
“It's about telling people that they must understand their risk appetite before making an investment. So it's about education, awareness, and financial literacy. This is what we'll do,” Ramann said. (ANI)
PFRDA aims for universal pension coverage for workforce by 2047, focusing on non-government sector
