The Pension Fund Regulatory and Development Authority (PFRDA) has crossed Rs 6 lakh crore of Assets Under Management (AUM) under the National Pension System (NPS) and the Atal Pension Yojana (APY) after thirteen years.
The AUM growth of the last Rs 1 lakh crore was achieved in just 7 months, the government said on Wednesday.
The PFRDA’s subscriber base has increased to 4.28 crore as of May 21. The NPS subscribers included over 74.10 lakh government employees in the scheme. Even non-government sector employees have contributed with 28.37 lakh individuals joining the pension scheme.]
In a press release, the chairman of PFRDA, Supratim Bandyopadhyay, said, "We feel immensely gratified at reaching this milestone of Rs 6 lakh crore and in less than seven months as we were at Rs 5 lakh crore in October 2020."
"The achievement shows the faith subscribers have in NPS and PFRDA. A growing realization during this pandemic is the priority accorded by individuals to retirement planning, for preserving their financial well-being," he added.
The Pension Fund Regulatory and Development Authority (PFRDA) was established as a statutory authority by an Act of Parliament. The authority regulates, promotes, and ensures orderly growth of the National Pension System (NPS) and various pension schemes in India.