The Pension Fund Regulatory and Development Authority (PFRDA)announced crossing Rs 5 lakh crore Assets Under Management (AUM) mark, on Thursday. The subscriber's contributions under the National Pension System (NPS) and Atal Pension Yojana (APY) have jointly contributed to this landmark figure, over a period of 12 years, it said.
"The growth in NPS subscribers has also been remarkable over the years with 70.40 lakhs employees joining the scheme from the government sector and 24.24 lakhs from the non-government sector," a statement from the Ministry of Finance said.
PFRDA Chairman Supratim Bandyopadhyay said that achieving Rs 5 lakh crore AUM is a major achievement which reflects the subscribers have faith in PFRDA and NPS. "We have enabled a robust and unique architecture with efficient systems and professional fund managers delivering market based returns enabling our subscriber to accumulate their retirement corpus. During this pandemic, a growing realisation of both corporates and individuals has emerged that retirement planning is not a mere saving or tax benefit choice, witnessed by NPS enrolment growing almost 14% during this challenging period," he said.
As on 10 October 2020, the total number of subscribers under NPS and Atal Pension Yojana has crossed 3.76 crores and the AUM has grown to Rs 5,05,424 crores.