By IANS
New Delhi : A new pension system (NPS) for government employees is likely to be operative from May 31, said the Economic Survey for 2007-08.
The Pension Fund Regulatory Act Development Authority (PFRDA) has appointed three sponsors for managing the new system, said the annual survey presented by Finance Minister P. Chidamabaram in the Lok Sabha Thursday.
“The growing importance of insurance and pension funds would provide impetus and broaden the horizon of the government securities market,” the survey stated.