By IANS,
Kolkata : India’s pension regulator has called for attractive incentives for collection agents in a bid to popularise the new social security scheme as they are the main point of contact between the subscriber and the pension fund.
“Incentives are needed as there is no provision for commission under the recently launched NPS (New Pension Scheme),” said Praveen Kumar, executive director of Pension Fund Regulatory and Development Authority executive director here Friday.
“While there is no provision of commission under the NPS, we feel there should be some incentives for the PoP (point of presence) service providers which may be paid by the government,” Tiwari told reporters on the sidelines of a seminar on the insurance sector.
Only 1,500 subscribers have joined the NPS since its launch, he said.
As of now, the 21 financial institutions that serve as PoPs earn Rs.40 when an NPS account is opened. They get Rs.20 for subsequent transactions.
The regulator has now sought business plans from the PoPs to attract more subscribers to the NPS, Tiwari said.