Atal Pension Yojna Most Popular Social Security Scheme Under NPS System
The National Government Scheme is in second place with a share of 11 percent, while the Central Autonomous Bodies (CAB) with a 1 percent share continued to represent the least number of subscribers to the NPS, followed by the Autonomous State Bodies (SAB) with a share of 1%. 2 percent.
“APY is the plan with the most subscriptions among non-metro subscribers. This also reflects the demographic pattern in the country, where more disorganized segments of the population live in the non-metros, giving them access to the plan initiated by the NPS itself” , the report said.
Total assets under management (AUM) for the National pension system schemes saw a year-over-year growth of more than 38 percent, standing at Rs 5.78 lakh crore at the end of the year, the report said, adding as of fiscal 2021, NPS 4.2 crore registered users or in popularly known as subscribers.
The National Pension Scheme is a defined contribution pension savings scheme managed and regulated by the Pension Fund’s Regulatory and Development Authority (PFRDA).
APY also dominated in terms of subscriber base growth, with a 33 percent year-over-year gain in the fiscal year ended March 2021, followed by the all-citizen model (32 percent).
The Atal Pension Yojana was launched by the Government of India in May 2015. This scheme is open to all citizens in the age group of 18-40 years.
Under the scheme, a subscriber would receive a guaranteed pension of Rs 1,000 to Rs 5,000 per month after reaching the age of 60 years depending on his contributions.
After the death of the subscribers, the same pension amount would be paid out to his or her spouse. Upon the death of both the subscriber and spouse, the subscriber’s accrued pension assets would be returned to the nominee.
Non-metros had 3.77 crore subscribers or about 89 percent of the total 4.24 crore NPS subscribers.
“Non-subway subscribers grew 72.34 lakh in fiscal 2021 (24 percent year-on-year growth) compared to subway subscribers who grew 4.87 lakh in fiscal 2021 to 35.78 lakh (16 percent growth over a year). ),” it said.
The report said that age analysis of NPS subscribers shows that about 85 percent were in the 18-40 age bracket, a jump of 200 basis points (bps) from their share in fiscal year 2019-20. Within this young subscriber base, the 18-25 year olds represented the largest share with 30 percent.
There were 2.47 crore male subscribers at the end of fiscal 2021 fiscal year, up from 2.02 crore and 1.61 crore in fiscal 2020 and 2019 2019, respectively.
While the male subscriber continues to dominate the overall subscriber base, the number of female subscribers grew faster: 24 percent in 2020-21 and 28 percent in 2019-20 compared to 22 percent and 25 percent for men in the respective periods.
National Pension System Trust was established by PFRDA under the provisions of the Indian Trusts Act of 1882 to look after the assets and funds under the NPS in the interest of the subscribers.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content was automatically generated from a syndicated feed.)