Business: PFRDA pension schemes’ subscriber base crosses 5.07 cr

New Delhi, March 10 (IANS) A healthy rise in corporate sector subscribers took the overall subscription base of various pension schemes regulated by the PFRDA to reach 507.22 lakh as of end-February 2022.

According to the Pension Fund Regulatory and Development Authority (PFRDA), the number of subscribers in various pension schemes rose to 507.22 lakh, as of February 2022, from 414.70 lakh reported for February 2021, showing a year-on-year (YoY) growth of 22.31 per cent.

Besides, the PFRDA data showed a YoY rise of 25 per cent in corporate sector subscribers to 13.80 lakh as of last month, from 11.04 lakh reported for February 2021.

Furthermore, the ‘All Citizen Sector’ category subscription rose to 37.70 per cent on YoY basis to 21.33 lakh.

“The number of subscribers in various schemes under the National Pension System (NPS) rose to 507.23 lakh by end-February 2022 from 414.70 lakh in February 2021 showing a year-on-year (YoY) increase of 22.31 per cent,” the PFRDA said.

“As on 28th February 2022, total pension assets under management stood at Rs 717,467 crore showing a YoY growth of 28.21 per cent.”

The NPS was initially notified for Central government employees recruits from January 1, 2004 and subsequently adopted by almost all state governments for their employees.It was later extended to all Indian citizens and to corporates for their employees.

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