The scope of pension is increasing in the country. The Pension Fund Regulatory and Development Authority (PFRDA) has said that the subscriber base in its flagship pension schemes has grown by 24 percent to over 4.53 crore in August this year. PFRDA operates two pension schemes National Pension System (NPS) and Atal Pension Yojana (APY). PFRDA released new figures on 17 September.
NPS up by 24%
According to the statement issued by PFRDA, the number of subscribers in different schemes under the National Pension System (NPS) increased to 453.41 lakh by the end of August 2021. In August 2020, it was up to 365.47 lakhs. In this way, the subscriber base of NPS, i.e. the number of people buying pension plans has increased by 24.06 percent annually.
According to the latest PFRDA data, the subscriber base of APY grew by 33.20 percent to 304.51 lakh by August 2021. Based on assets, till August, the total pension asset under management of both the schemes stood at Rs 6,47,621 crore. There has been a jump of 32.91 percent in it yearly. Out of this, the asset under APY became Rs 18,059 crore. This is an increase of about 33 percent compared to a year ago.
Two big schemes of NPS, APY pension
NPS and APY are being promoted by the government to increase the coverage of pension societies in the country and to bring more and more people under the ambit of pension. PFRDA managed both these schemes. NPS is a pension scheme run keeping in mind the people working in the organized sector. This includes employees of central and state governments, autonomous organizations, private companies, and employees of other institutions. All of them can take NPS.
On the other hand, the Atal Pension Yojana (APY) was started keeping in mind the workers of the unorganized sector. In this, depending on the contribution, there is a guarantee of 1000 to 5000 rupees monthly pension. The unorganized sector generates maximum employment in the country.
