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NPS, APY Subscribers up 22% to Rs 4.05 crore at January-end 2021: PFRDA

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The Pension Fund Regulatory and Development Authority (PFRDA) released data, the number of subscribers under the government-run NPS and APY pension schemes increased by almost 22% to 4,05 crore at the end of January this year.

The two PFRDA flagship programs are the National Pension System (NPS) and the Atal Pension Yojana (APY).

While the NPS caters to workers in the regulated market, the APY is structured to address the pension needs of employees in the unorganized sector.

NPS, APY Subscribers up 22% to Rs 4.05 crore at January-end 2021
 

National Pension System

A voluntary retirement savings plan is the fixed benefit-based NPS. The NPS investments are deposited into a pension fund which, in turn, is invested in diversified investments such as government bonds, bills, corporate bonds and securities by PFRDA managed fund managers.

Atal Pension Yojana

APY addresses certain groups of jobs that do not have any formal social insurance arrangement and who are not taxpayers of income. Depending on their expenses, subscribers will earn a fixed minimum pension of Rs 1,000 to a maximum of Rs 5,000 per month, at the age of 60 years.

Total pension assets under administration stood at Rs. 5,56,410 crore as of 31 January 2021, reflecting a Y-o-Y rise of 35.94 %.

The authority will soon start conducting e-KYC services for subscribers to the National Pension System (NPS) and Atal Pension Yojana (APY).

The subscriber base under NPS soared 31.72% to 14.95 lakh for the 'all citizen sector' segment, while it rose 17.71% to 10.90 lakh for the private sector.

S.N. Sector Jan-20 Mar-20 Jan-21 Growth % YOY
1 Central Government 136079 138046 177476 30.42
2 State Government 205737 211023 281356 36.76
3 Corporate Sector 40717 41243 58561 43.82
4 All Citizen Sector 12954 12913 19705 52.12
5 NPS Lite 3758 3728 4318 14.90
6 Atal Pension Yojana 10068 10,526 14994 48.93
Grand Total 409313 417479 556410 35.94
Read more about: nps apy pfrda
Story first published: Saturday, February 20, 2021, 11:27 [IST]
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