National Pension Scheme to add 1.3 million new subscribers in FY24
- IBEF
- July 10, 2023
The National Pension Scheme (NPS) is anticipated to gain 13 lakh new subscribers this fiscal year, according to Pension Fund Regulatory and Development Authority (PFRDA) chairman Mr. Deepak Mohanty. According to him, approximately 10 lakh new NPS users were added last year.
"The corporate onboarding is large, but employee take up is low," Mohanty remarked in an interview with the media. On a year-over-year basis, corporate subscriptions increased by around 31%.
As of July 1, 2023, the number of subscribers to various programmes under the National Pension system stands at 6.5 crore, a growth of roughly 20% year on year. The national pension scheme had 1.3 crore subscribers.
As of July 1, 2023, the total pension assets under management stood at US$ 117.41 billion (Rs. 9.7 trillion), representing a 30% year-on-year increase. "The corpus has grown significantly so far; we are just shy of US$ 121.04 billion (Rs. 10 lakh crore)," Mohanty added. "The corpus is around 9.8 trillion, which includes both APY [Atal Pension Yojana] and NPS."
According to the chairman, the National Pension Scheme is appealing due to its low cost. He also stated that a systematic pullout plan will be implemented in October. Instead of the existing system of one-time withdrawal, participants in the National Pension Scheme would be able to take 60% of their payments post-retirement up to the age of 75 under the idea.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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