Pension Fund Regulatory and Development Authority (PFRDA)
PFRDA crosses the mark of 30 lakh non-govt. subscribers under NPS
Mumbai: The Pension Fund Regulatory and Development Authority (PFRDA) announced on Tuesday that it has reached the milestone of 30 lakh voluntary subscribers under the National Pension System (NPS) over a period of 12 years. The growth in NPS subscribers has been remarkable, with 75.32 lakhs employees joining the scheme from the government sector (Central and State Governments) and 30.03 lakhs individuals from the non-government sector (all citizen and corporate model). More than 9100 entities or employers have already adopted NPS for its employees.
PFRDA has been introducing various initiatives to make the system seamless, from entry to exit in National Pension System. These policy initiatives include subscriber onboarding, exit process, newer methods of subscriber authentication such as OTP/ eSign, Offline Aadhaar-based verification, third party KYC verification and online facilities like e-nomination, e-exit same day NAV with d-remit, bank account verification through penny drop etc.
Shri Supratim Bandyopadhyay, Chairman, Pension Fund Regulatory and Development Authority (PFRDA), said: “The achievement of 3 million subscribers in the non-government sector is remarkable as they are voluntary enrollments as compared to government sector. With the current momentum of 50% growth in enrollments over last year, we look forward to add a million new subscribers during the current fiscal, in the non-government sector”.
As on 14th August 2021, the total number of subscribers is 4.48 crores and the total assets under management (AUM) are Rs 6,37,089.79 crores (6.37 lakh crores).