NPS subscribers up 24 per cent YoY to 53.17 million in May: PFRDA

[ad_1]

The number of subscribers in various schemes of the (NPS) rose to 53.17 million in May 2022, registering a 24.07 per cent YoY growth, the pension Fund Regulatory and Development Authority (PFRDA) data showed. Till May 2021, the NPS subscribers numbers stood at 42.85 million.

The is a defined contribution retirement savings scheme administered and regulated by the . The NPS provides various retirement schemes, with being the most popular one.

In the central government sector of the NPS scheme, the number of subscribers stood at 2.29 million by May end, registering a 5.28 per cent YoY growth.

In the state government sector, the NPS subscribers at 7.7 per cent YoY growth stood at 5.64 million by May end.

NPS subscribers in the corporate sector stood at 1.46 million, registering 26.83 per cent YoY growth.

In the “All Citizens” sector, the subscribers rose to 2.36 million at 39.11 per cent growth.

Meanwhile, NPS Lite saw a decline in subscribers this year by 2.66 per cent compared to May 2021. NPS Lite subscribers reduced to 4.18 million in May 2022 from 4.29 last year.

The scheme saw an increase in subscribers by 31.60 per cent to 37.2 million in May 2022.

By May 2022, NPS’s total pension assets under management stood at Rs 7.38 trillion, witnessing 21.54 per cent YoY growth. Out of this, assets worth Rs 2.18 trillion are under the Central government sector, while Rs 3.70 trillion are under the state government sector.

mail Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor



[ad_2]

Source link

Leave a Reply

Your email address will not be published.