NEW DELHI: Pension regulator PFRDA proposes to hire a media consultant to promote and increase penetration of its flagship National Pension System (NPS), which earned subscribers double-digit returns last fiscal.
The Pension Fund Regulatory and Development Authority (PFRDA) will hire the consultant/agency "to develop, implement and monitor a comprehensive media plan for the various products under the NPS umbrella."
The regulator runs promotion campaigns in print, electronic and outdoor media for the NPS and Swavalamban, which is targeted at weaker and economically disadvantaged sections of society. Its media budget for the current fiscal is Rs 5-7 crore.
The scope of work for the agency would be to prepare, execute and concurrently monitor a comprehensive marketing strategy, including media plan, for NPS.
Besides other activities, the selected agency will have to identify major events that have the potential for promoting NPS and formulating an effective marketing plan to capitalise on such events.
The contract will be for a period of one year, which may be extended for another year, the request for proposals said, adding the contract is likely to be awarded in the first week of September.
The NPS, which was introduced by the central government in January 2004 for new entrants and subsequently extended to the private sector in May 2009, has accumulated a corpus of Rs 33,000 crore from 50 lakh subscribers.
As per the PFRDA, NPS is not only the cheapest retirement product, it also generates the highest returns.
NPS subscribers earned returns of as much as 14.19 per cent during 2012-13.
The government intends to further relax norms to enable employees of central public sector companies to join the NPS.
Source : http://economictimes.indiatimes.com
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