Number of Pension Subscribers Surged 22% year on year to 5.2 crore in March

By the end of March 2022, the number of members to the National Pension System (NPS) had climbed to 5.2 crore, a year-on-year increase of 22.58 percent. In the same month a year ago, there were 4.24 crore pension subscribers.

Table-1: Number of Subscribers in various schemes under National Pension System and Atal Pension Yojana:

“The number of subscribers in various NPS schemes climbed to 520.21 lakh by end-March 2022 from 424.40 lakh in March 2021, representing a year-on-year (Y-o-Y) rise of 22.58 percent,” the Ministry of Finance said in a press release .

According to the report, total pension assets under management stood at 7.36 lakh crore as of March 31, 2022, representing a Y-o-Y increase of 27.43 percent.

Table- 2: Total Assets under Management under Nation Pension System and Atal Pension Yojana

According to government data, the number of subscribers to the National Pension System (NPS) in the categories of central and state government employees increased by 4.96 percent and 8.48 percent, respectively, to 22.84 lakh and 55.77 lakh.

The corporate sector had a 24.8 percent increase in subscribers, rising to 14.04 lakh from 11.25 lakh in the previous quarter.

The number of NPS Lite subscribers fell to 41.87 lakh from 43.02 lakh in the same period last year. With effect from April 1, 2015, no new registrations in this category were allowed, according to the announcement.

By the end of March 2022, the number of Atal Pension Yojana (APY) subscribers had increased by 29.33% to 3.62 crore, up from 2.81 crore the previous year.

NPS and APY are two flagship programmes of the Pension Fund Regulatory and Development Authority, which regulates pension funds (PFRDA). The regulatory agency, which is under the finance ministry’s jurisdiction, is in charge of overseeing and regulating pensions in India.

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