The Pension Fund Regulatory and Development Authority (PFRDA) on Monday announced that the upper age limit for joining the National Pension Scheme (NPS) had been increased to 65 years.

At present, the age limit to join NPS is 60 years.

PFRDA Chairman, Hemant Contractor confirmed that the pension regulator’s board had approved the change.

“NPS is currently open for people between 18 and 60, and our Board has approved raising the age limit for joining to 65,” he said. However, NPShas provisions under which members can contribute up to the age of 70.

“The aim is to open up pensions to sectors that are without pensions,” he said, ading that due to the majority of workforce in unorganised and informal sector, only 15-16% of employees in India are covered by pension scheme.

Listing out the advantages of NPA, he said that the scheme is currently the “lowest-cost pension product in the world”.