NPS, Atal Pension Yojana subscriber base rose to 507.23 lakh by Feb end; increase of 22% y-o-y

The number of subscribers in various government-run pension schemes under National Pension System (NPS) rose nearly 22.31 per cent to 5.07 crore at February-end 2022, according to a press release issued by the Pension Fund Regulatory and Development Authority (PFRDA).

As of February 28, 2022, total pension assets under administration amounted at Rs. 7,17,467 crore, an increase of 28.21% year over year.

Number of subscribers in various schemes under NPS and Atal Pension Yojana (APY)

Total AUM under NPS and APY

According to the Economic Survey 2021-2022, young people appear to have become more serious about saving for retirement. Subscriptions to the Atal Pension Yojana (APY) in the 18-25 age range have grown.

"As of September 2021, over 43% of subscribers were between the ages of 18 and 25, up from 29% in March 2016," according to the survey.

The subscribers in the category of central and state government employees of the National Pension System (NPS) rose by 4.94 per cent and 9.22 percent, respectively, to 22.75 lakh and 55.44 lakh, as per the PFRDA data.

Atal Pension Yojana
The PFRDA administers the APY, a Government of India guaranteed pension system that provides the security of a pension to persons in the unorganised sector.
Under the scheme, at the age of 60, subscribers would receive a monthly pension of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000, or Rs 5,000, depending on their contribution, which is dependent on their age when they joined the APY.
The Atal Pension Yojana (APY) customer base rose by 29.09 percent during the month to 3.52 crore (352 lakh).

NPS
The National Pension System (NPS) is a government-sponsored pension plan. Subscribers can contribute to a pension account on a regular basis throughout their working lives. Subscribers can withdraw a portion of their funds in a lump payment and use the remainder to purchase an annuity to ensure a steady income after they retire.