Central govt sector: NPS subscriber addition remains low in April

By: |
May 20, 2021 12:45 AM

The data showed that the total number of subscribers in various schemes under the NPS stood at 426.75 lakh as of April 30, recording a 23.33% rise from a year before.

PFRDAAs on April 30, 2021, the asset under management under the NPS and Atal Pension Yojana has grown to Rs 5,89,854 crore from Rs 4,33,556 crore a year earlier, the PFRDA said in a statement.

Fresh central government sector subscriptions under the National Pension System (NPS) have fallen to just 4,605 in April, possibly reflecting the damaging impact of the second wave of the Covid-19 pandemic.

This is much lower than the monthly average of 6,156 in FY21, 9,784 in FY20, 5,241 in FY19, 11,081 in FY18 and 10,923 in 2016-17. Some analysts, however, say the low addition in April could just be a temporary phenomenon and the situation may improve once lockdown in certain parts and other Covid-related curbs are eased.

Subscriptions from the state government sector, however, defied the trend. Almost 70,000 new subscribers joined the NPS in April. This is way above the monthly average of 32,219 in FY21, showed the PFRDA data. In FY20, an average of 36,045 fresh subscribers joined the NPS a month, down from 37,815 in FY19 and 44,585 in FY18.

The data showed that the total number of subscribers in various schemes under the NPS stood at 426.75 lakh as of April 30, recording a 23.33% rise from a year before.

As on April 30, 2021, the asset under management under the NPS and Atal Pension Yojana has grown to Rs 5,89,854 crore from Rs 4,33,556 crore a year earlier, the PFRDA said in a statement.

The NPS was introduced from January 1, 2004 for new entrants to central government service (except for armed forces), replacing the old pension system. It was also made applicable to new employees of all autonomous bodies of the central government from the same date. Following the Centre, various state governments also adopted this architecture and implemented the NPS.

Late last year, in a performance audit report on the NPS for the year ended March 2018, the comptroller and auditor general of India (CAG) found that even after 15 years of implementation, there was no assurance that all nodal offices and 100% eligible employees were covered under the NPS. It recommended putting in place a full-proof system to ensure that all nodal offices and eligible employees are registered under NPS.

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