The number of subscribers in various schemes of the National Pension System (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 National Pension System is a defined contribution retirement savings scheme administered and regulated by the PFRDA. The NPS provides various retirement schemes, with Atal Pension Yojana 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 Atal Pension Yojana 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.