Pension Scheme: PFRDA said that there has been an increase of 22 percent in its two major pension schemes in February.
Pension Scheme: The Pension Fund Regulatory and Development Authority (PFRDA) said on Thursday that by the end of February, the number of subscribers in its two major pension schemes increased by 22 percent year-on-year to more than 5.07 crore.
Increase in subscriber base
PFRDA said in a statement on Thursday, “The number of subscribers in various schemes under the National Pension System has increased to 50.7 million by the end of February 2022. The number of subscribers in February 2021 was 4.14 crore. This is an increase of 22.31 percent on a yearly basis.” reflects.”
The total assets under management (AUM) of both the pension schemes – NPS and Atal Pension Yojana (APY) increased by 28.21 per cent to Rs 7,17,467 crore.
Central government and state government share
The PFRDA said that the central government employees under the NPS grew by five per cent with a subscriber base of around 22.75 lakh at the end of February 2022. Under the scheme, the number of state government employees increased by 9.22 percent to 55.44 lakh.
In the corporate sector, the subscription base of NPS grew by 25 per cent to 13.80 lakh and across all citizen models of the scheme grew by 37.70 per cent to 21.33 lakh.
How many subscribers are there in NPS Lite?
The number of employees receiving pension benefits under the NPS Lite model stood at 41.88 lakh at the end of February 2022. In this category, no fresh registration is allowed with effect from 1st April, 2015. NPS Lite was introduced with effect from 1st April, 2010 to provide service to the customers belonging to the economically disadvantaged section.
PFRDA data shows that APY saw a jump of over 29 per cent in subscriptions to 3.52 crore by the end of February.
What are these pension plans
NPS and APY are two pension plans administered by PFRDA. NPS, which primarily caters to the organized sector employees, is divided into Central Government, State Government, Corporate Sector employees, All Citizen Model and NPS Lite. APY mainly caters to the workers of the unorganized sector for their pension needs.
