Under the proposed system, NPS subscribers could invest their pension corpus in either of the four investment patternssafe, balanced, growth and 100% government. It is learnt that Prime Minister Manmohan Singh would also address the chief ministers on the issue.
As many as 16 states have already joined the NPS. The move is expected to build consensus over the NPS, an insider said, adding most state governments were likely to support the new system. Left parties have reiterated that they would oppose the pending Pension Fund Regulatory and Development Authority (PFRDA) Bill if the government tabled it in Parliament.
The government may issue an executive order to put the NPS with all its investment options in place for all the central government employees who joined the services from January 1, 2004 onwards.
The Sixth Pay Commission might also be difficult to implement in case the NPS was not put in place.