India’s National Pension System (NPS) has reached a subscribers base of 4.53 crore by end-August 2021.
According to the Pension Fund Regulatory and Development Authority (PFRDA), total subscribers in various schemes under NPS rose to 453.41 lakh by end-August 2021 from 365.47 lakh during the corresponding period of 2020, showing a year-on-year increase of 24.06 per cent.
As of August 31, 2021, total pension assets under management stood at Rs 6,47,621 crore showing a Y-o-Y growth of 32.91 per cent.
On an individual scheme basis, there are 75.32 lakh employees under the NPS from the government sector (Central and state governments) while the rest belong to non-government sector (all citizens and corporate model).
The NPS was initially notified for Central government employees recruits from January 1, 2004 and subsequently adopted by almost all state governments for their employees.
It was later extended to all Indian citizens and to corporates for their employees.