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Beneficiaries of the PFRDA pension scheme increased by 24%

According to official figures, the number of subscribers to PFRDA‘s two flagship pension schemes increased by more than 24% year on year to 5.32 crore as of May 31, 2022. According to the Pension Fund Regulatory and Development Authority (PFRDA), the number of subscribers in various NPS plans climbed to 531.73 lakh by the end of May 2022, up from 428.56 lakh in May 2021, a year-on-year rise of 24.07 percent.

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KEY POINTS:

  • By the end of May this fiscal year, the Atal Pension Yojana (APY), the largest contributor to the subscriber base, had grown by 31.6 percent to 3.72 crore.
  • The number of NPS members among federal government employees increased by 5.28 percent to 22.97 lakh, while the number of subscribers among state government employees increased by 7.70 percent to 56.40 lakh.
  • According to the data, the number of NPS subscribers in the corporate sector climbed by 26.83 percent to 14.69 lakh, while those in the all citizens category increased by 39.11 percent to 23.61 lakh by the end of May.
  • The number of subscribers in the NPS Lite category declined by 2.7 percent to 41.85 lakh in April 2015, when no new registrations were allowed.
  • As of May 31, 2022, the two plans’ total assets under management (AUM) had increased by 21.5 percent to Rs 7.38 lakh crore.

Atal Pension Yojana (APY):

The Atal Pension Yojana, formerly known as the Swavalamban Yojana, is an Indian government-sponsored pension system aimed primarily at the informal sector. Finance Minister Arun Jaitley noted it in his Budget speech for 2015. Prime Minister Narendra Modi unveiled it in Kolkata on May 9, 2015. APY is primarily intended to provide social security benefits to those who work in the unorganised sector, which accounts for the majority of employment in the country.

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