With new enrollments crossing 9.58 million under the National Pension System (NPS) in FY22, the NPS assets under management rose 27% on year to Rs 7.36 trillion as of March 31, 2022.
New private individual enrollments (corporate and citizens other than Atal Pension Yojana subscribers) stood at 0.92 million in FY22 while APY additions were 8.2 million during the year. Total private individual enrollments rose 33% on year to 3.7 million in FY22. The APY subscribers rose 29% on year to 36.3 million in FY22.
The Central government employee subscribers grew 4.9% on year to 2.28 million in FY22 while state governments subscribers grew 8.5% to 5.58 million during the year. The total number of subscribers as of March 31, 2022, was 52 million, up 23% from a year ago. Total NPS assets under management stood at Rs 7.36 trillion as of March 31, 2022, up from Rs 5.78 trillion as on March 31, 2021.
APY is the government-backed, voluntary scheme meant to provide old-age income security in the form of minimum assured pension (ranging from Rs 1,000-5,000/month), in proportion to individual contributions, even as it is market-linked. It forms the bulk of the subscriber base under the fold of the NPS.