Combined property underneath administration (AUM) of National Pension System (NPS) and Atal Pension Yojana surged 32.67% year-on-year to the touch ₹6.17 trillion as of 30 June 2021. On the identical day in 2020, the mixed AUM of each the schemes stood at ₹4.64 trillion.
Total subscriber base as of the top of June was at 4.35 crore from 3.50 crore in June 2020, up 24.04%.
Number of subscribers in numerous schemes underneath NPS and APY
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Besides, Pension Fund Regulatory and Development Authority (PFRDA) press launch issued on 16 July stated, “As on 30th June 2021, total pension assets under management stood at Rs. 6,16,517 crore showing a Y-o-Y growth of 32.67%.”
Total Assets underneath Management underneath NPS and APY
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NPS was initially notified for central authorities staff as of 1 January 2004 and subsequently adopted by nearly all state governments for its staff. NPS was later prolonged to all residents of India (resident/non-resident/abroad) voluntarily and to corporates for its staff. NPS is obligatory for presidency staff who joined service after 2004 and it was opened to the non-public sector in 2009.
To improve NPS penetration, particularly in tier-1 and tier-2 cities and to achieve out to all segments of people, PFRDA has allowed particular person and even NPS subscribers to turn into a distributor of the pension merchandise. Earlier, the regulator had allowed solely banks and Point of Presence-Service Providers to work as distributors.
NPS is among the low-cost funding avenues. It permits publicity to fairness for as much as 75% of the corpus and is fairly tax environment friendly.
On the opposite hand, the Atal Pension Yojana is a periodic contribution-based pension plan and gives a assured pension of ₹1,000-5,000 to subscribers.
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