Total assets under management in government's flagship social security schemes -- National Pension System (NPS) and Atal Pension Yojana (APY) -- stood at Rs 5,48,913 crore at end-December 2020, posting an year-on-year growth of 36.83 per cent, as per the PFRDA data.
The assets under management stood at Rs 4,01,152 crore at end-December 2019.
The Pension Fund and Regulatory Development Authority (PFRDA) further said that as on December 31, 2020, the number of subscribers under the NPS and APY rose to over 3.97 crore, an year-on-year increase of 21.67 per cent. The number was 3.26 crore at end of December 2019.
NPS was initially notified for central government employees and subsequently adopted by almost all state governments for its employees. It was extended to all Indian citizens voluntarily and to corporates for its employees.
APY is a guaranteed pension scheme of government which offers triple benefits to the subscribers, on attaining 60 years of age; minimum guaranteed pension to the subscribers, same guaranteed pension to the spouse after the demise of subscribers and return of the accumulated pension wealth as accumulated till age 60 of the subscribers, to their nominee.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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