Not a single migration has taken place yet from EPF pension plan to NPS even after a year of government allowing the one-time switch as modalities are yet to be worked out, PFRDA chairman said on Wednesday. The Finance Ministry has made a statement last year allowing one time change from EPF to NPS. But the modalities are still to be worked out, Pension Fund Regulatory and Development Authority of India (PFRDA) Chairman Hemant G Contractor told PTI.
“We expect some clarity by Government. last year it had said that they will permit switch from Employees Provident Fund (EPF) to National Pension System (NPS). But how that is going to happen is something which has not been clearly spelt out. So that's the clarity that we are awaiting from the Government,” Contractor said.
On whether any such switch has happened so far, Contractor said: “Nothing has happened so far, no migration has happened.” In the proposed amendment made by Government last year, employees have been given one time option to join NPS in lieu of EPF, which is run by retirement fund body EPFO. NPS is run by PFRDA.