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Pension Schemes’ Subscribers Rose 24% In May

Pension schemes’ subscribers rose in May 2022

New Delhi:

Subscribers underneath the 2 flagship pension schemes administered by Pension Fund Regulatory and Development Authority (PFRDA) rose by over 24 per cent from a yr in the past to five.32 crore as of May 31, 2022, official information confirmed on Monday.

“The number of subscribers in various schemes under the National Pension System (NPS) rose to 531.73 lakh by the end-May 2022 from 428.56 lakh in May 2021 showing a year-on-year increase of 24.07 per cent,” the Pension Fund Regulatory and Development Authority (PFRDA) mentioned in a launch.

Atal Pension Yojana (APY) – the very best contributor to the subscriber base — registered a development of 31.6 per cent to three.72 crore by finish of May this fiscal yr.

The variety of subscribers underneath NPS for central authorities staff rose by 5.28 per cent to 22.97 lakh, whereas that for state governments grew by 7.70 per cent to 56.40 lakh.

For the company sector, the variety of NPS subscribers elevated by 26.83 per cent to 14.69 lakh, whereas that for the all residents class jumped by 39.11 per cent to 23.61 lakh by the top of May, the info confirmed.

Under the NPS Lite class, whereby no recent registration is permitted from April 2015, the subscribers fell by 2.7 per cent to 41.85 lakh.

The whole property underneath administration (AUM) underneath the 2 schemes grew by 21.5 per cent to cross Rs 7.38 lakh crore as of May 31, 2022.

The AUM underneath APY stood at Rs 21,142 crore, whereas the NPS accounted for the remaining Rs 7,17,172 crore.

APY is principally focused in direction of offering social safety profit after retirement to those that work within the unorganised sector and type a big chunk of employment within the nation. 

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