The number of subscribers to the National Pension System (NPS) and Atal Pension Yojana (APY) together have crossed the landmark 1-crore mark. According to data released by the finance ministry on Thursday, NPS and APY together have 1.01 crore subscribers now with total asset under management of R1,00,275 crore.
NPS has been implemented for all government employees (except the armed forces) joining the central government on or after January 1, 2004. Most of the state/Union territory governments have also notified the NPS for their new employees. NPS has been made available to every Indian citizen from May 1, 2009 on a voluntary basis. Further, from June 2015, the APY, a low cost pension scheme, has been launched. Pension regulator PFRDA has taken various steps at the policy as well as operational levels to make NPS more subscriber friendly. Also, additional tax benefits made available exclusively to NPS have given a fillip to the scheme. This is further expected to result into a substantial rise in the subscriber base by end March 2016.
The measures taken recently for the convenience of subscribers include a revision of the NPS investment guidelines to expand investment avenues for optimisation of the returns.