Atal Pension Yojana (APY) has emerged as the most popular social security scheme under NPS. The total number of subscribers of APY is 2.8 crore.
Atal Pension Yojana (APY) has emerged as the most popular social security scheme under the National Pension System (NPS). The total number of subscribers of APY is 2.8 crore. A major part of this is from non-metropolitan centres. Under NPS, out of 4.2 crore subscribers, by the end of 2020-21, more than 66 percent i.e. 2.8 crore had opted for APY. This information has been given in the annual report of the NPS Trust.
Most popular among non-metropolitan cities, APY, a
state government scheme, came second with a share of 11 percent. At the same time, the share of Central Autonomous Bodies (CAB) among NPS subscribers was the lowest at one percent. The share of State Autonomous Bodies (SABs) was two percent in this. The report said that APY is the most popular scheme among non-metropolitan subscribers.
Number of NPS subscribers stood at 4.2 crore
According to the report, the total assets under management (AUM) under the NPS grew by 38 per cent year-on-year to Rs 5.78 lakh crore at the end of the year. As of the end of the financial year 2020-21, the number of NPS subscribers was 4.2 crore. NPS is a defined contribution retirement savings plan. It is administered and regulated by the Pension Fund Regulatory and Development Authority (PFRDA). Atal Pension Yojana was also in the forefront in terms of increase in the number of subscribers. In the financial year ended March 2021, the number of APY subscribers grew by 33 percent on a year-on-year basis. It was followed by the all-citizen model (32 percent).
Pension is available up to 5 thousand
people from 18 to 40 years can become a part of Atal Pension Yojana. Under this, after the age of 60, a monthly pension of 1 to 5 thousand rupees is available. On the death of the subscriber, the pension amount is given to his/her spouse. Of the NPS subscribers, 3.77 crore or 89 per cent are from non-metropolitan cities. In the financial year 2020-21, the number of non-metropolitan subscribers increased by 72.34 lakh on a yearly basis. At the same time, the number of metropolitan subscribers increased by 16 percent or 4.87 lakh to 35.78 lakh.
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