The Pension Fund Regulatory and Development Authority (PFRDA) on Friday urged microfinance borrowers to adopt the National Pension System (NPS) as a means of securing long-term retirement and financial stability.
PFRDA conducted an awareness workshop in collaboration with the West Bengal chapter of the Association of Microfinance Institutions (AMFI), aimed at sensitising microfinance borrowers about the importance of retirement planning, a statement said.
The programme was attended by AMFI-WB chairman and Arohan Financial Services MD Manoj Nambiar, and PFRDA deputy general manager Ismail Salam.
During the workshop, PFRDA officials made presentations highlighting the structure, features and benefits of the NPS, emphasising its suitability for individuals in the informal sector.
AMFI-WB said the initiative was designed to empower microfinance borrowers with knowledge and tools to plan for their post-retirement needs. Pension agents will be deployed to assist borrowers and explain the nuances of enrolling in and contributing to the scheme, the statement said.
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