"The authority has written to the government to give exemption with reference to the account maintenance cost," a Pension Fund Regulatory and Development Authority (PFRDA) official told PTI.
The government should bear the account maintenance cost as it is doing it for central government employees, the official said.
Although the Authority extended the New Pension System (NPS) to all citizens from May 1, 2009, the new measure evoked lukewarm response with only 400 persons opening pension accounts.
Under the present structure, a subscriber has to pay at least Rs 470 as initial charges in the first year and Rs 350 annually to the National Securities Depository Ltd (NSDL).
Initially, the government launched the NPS for central government employees joining service from January 1, 2004, and later extended to all citizens.
In terms of the NPS, a government employee has to contribute to his pension funds with matching contribution from the government. Besides, 21 states have adopted the NPS for their employees.
