NEW DELHI: Mixed belongings underneath administration (AUM) of the Nationwide Pension System (NPS) and Atal Pension Yojana will increase to 29.88% year-on-year to touch ₹6.27 trillion as of 31 June 2021. On an identical day in 2020, the mixed AUM of each scheme stood at ₹4.83 trillion.
The full NPS subscriber base was at 4.42 crore in July 2021 from 3.57 crore throughout final 12 months, displaying 23.79% year-on-year progress.
Variety of subscribers in varied schemes underneath NPS and APY
Additionally, Pension Fund Regulatory and Growth Authority (PFRDA) press launch issued on 14 August mentioned, “As on thirty-first July 2021, whole pension belongings underneath administration stood at ₹6,27,374 crore displaying a y-o-y progress of 29.88%.”
Complete Belongings underneath Administration underneath NPS and APY
NPS was first launched for central authorities workers on 1 January 2004 and was consequently accepted by all State governments for his or her workers. Afterward, NPS was prolonged to all residents of India (resident/non-resident/abroad) voluntarily and to non-public employers for its workers. NPS is critical for presidency workers who joined service after 2004 and it was opened to the non-public sector in 2009.
The Pension Fund Regulatory and Growth Authority (PFRDA) has additionally allowed annuity service suppliers, that are life insurers akin to LIC, ICICI Prudential Life, and so on., to deal with give up requests from annuitants (who had been erstwhile NPS subscribers) and intermediaries together with Nodal officers of the Authorities Sector without referring to PFRDA, Central Report Conserving Company or Nationwide Pension System Belief.
You should know that NPS is likely one of the low-cost funding merchandise. It permits publicity to fairness for as much as 75% of the corpus and is rationally tax environment friendly.
Moreover, the Atal Pension Yojana is a periodic contribution-based pension product and gives a particular pension of ₹1,000-5,000 to subscribers.