Subscribers under the two major pension schemes administered by the Pension Fund Regulatory and Development Authority (PFRDA) grew over 24 per cent from a year ago to 5.32 crore as of May 31, 2022, official data showed on Monday.
“The number of subscribers in various schemes under the National Pension System (NPS) increased to 531.73 lakh by the end of May 2021 from 428.56 lakh in May 2021,” the Pension Fund Regulatory said. and Development Authority (PFRDA) said in a release.
Atal Pension Yojana (APY) – the largest contributor to the subscriber base – registered a growth of 31.6 per cent to 3.72 crore by the end of May this financial year.
The number of subscribers under NPS increased by 5.28 per cent to 22.97 lakh for central government employees, while it increased by 7.70 per cent to 56.40 lakh for state governments.
For the corporate sector, the number of NPS subscribers increased by 26.83 per cent to 14.69 lakh, while for the all citizen category it increased by 39.11 per cent to 23.61 lakh by the end of May, the data showed.
Under the NPS Lite category, where no new registrations are allowed since April 2015, subscribers fell by 2.7 per cent to 41.85 lakh.
The total assets under management (AUM) under both the schemes grew by 21.5 per cent to Rs 7.38 lakh crore as of May 31, 2022.
The AUM under APY was Rs 21,142 crore, while the balance in NPS was Rs 7,17,172 crore.
APY is primarily targeted to provide post-retirement social security benefits to those who work in the unorganized sector and form a major part of employment in the country.