The Pension Fund Recommendation and Development Authority (PFRDA) stated that they have reached the milestone for Rs 6 lakh crore (Rs 6 trillion) of Assets Under Management (AUM). In barely 7 months, the recent AUM rise was Rs 1 trillion.
Over the years, PFRDA has seen a significant increase in the number of NPS subscribers, involving 74,10 lakh government workers and 28,37 lakh members from the NGO sector. The overall PFRDA subscriber base has grown to 4.28 pounds.
What is NPS?
The National Pension System (NPS) is an Indian government-led pension cum investment system to ensure old age security for Indians. They offer an appealing long-term savings route for a safe and regulated market return to properly plan your retirement. It is governed by the Regulatory and Development Authority of the Pension Fund (PFRDA). The NPST, the registered owner of all NPS assets, is a National Pension System Trust formed by PFRDA.
What is APS?
Atal Pension Yojana is an Indian government-led social security scheme designed to provide all inhabitants of India with a consistent stream of income after the age of 60. It is a pension system mostly centered on workers in the unorganized sector, such as maids, delivery boys, gardeners, etc. This includes pensions.
"We are really pleased that we have reached this milestone of Rs 6 billion AUM and in less than seven months, as we were at Rs 5 trillion in Oct 2020," stated Shri Supratim Bandyopadhyay, Chairman of the Pension Fund Regulatory and Development Authority (PFRDA). The results demonstrate the faithful in NPS and PFRDA subscribers. The priority according to individuals to pension planning for the protection of their financial well-being throughout this pandemic is an increasing realization."
As of 21 May 2021, NPS and Atal Pension Yojana had a total number of subscribers of 4.28 crore, and AUM had increased to Rs 603,667.02 crore.