Over the years, 74.10 lakh government employees subscribed for the National Pension Scheme
The pension assets under management (AUM) achieved a new milestone and crossed the Rs 6 lakh crore mark (Rs 6 trillion) under the National Pension System (NPS) and the Atal Pension Yojana (APY), after a gap of 13 years. According to a recent statement released by the Ministry of Finance on Wednesday, May 26, the Pension Fund Regulatory and Development Authority (PFRDA) announced that the assets under management growth of the last Rs 1 lakh crore were achieved in a period of seven months. (Also Read: Mutual Fund Assets Up 41% At ₹ 2.09 Lakh Crore In Financial Year 2021 )
The Pension Fund Regulatory and Development Authority registered a growth in the number of subscribers for the National Pension Scheme. According to the statement, 74.10 lakh government employees subscribed for the NPS over the years, and 28.37 lakh individuals joined from the non-government sector. The total subscriber base of the Pension Fund Regulatory and Development Authority increased to 4.28 crore.
According to government data, the total number of subscribers under the National Pension Scheme and Atal Pension Yojana crossed 4.28 crore, and the Asset under Management subscriber grew to Rs 603,667.02 crore. (Also Read: All You Need To Know About Atal Pension Scheme )
The Pension Fund Regulatory and Development Authority is the statutory body that was established to promote, regulate, and ensure a systematic growth of the National Pension Scheme. The regulatory body was established by an enactment of the Parliament and also regulated the pension schemes to which the Act applies.
Initially, the National Pension Scheme was notified for central government employees recruits and was subsequently adopted by almost all state governments for its employees. The pension scheme was later extended to all Indian citizens on a voluntary basis and to the corporate for its employees.