Atal Pension Yojana: Most popular scheme, 1000 to 5000 pension every month, benefits of 2.8 crore people
By Lokmat English Desk | Published: September 6, 2021 03:54 PM2021-09-06T15:54:03+5:302021-09-06T15:54:03+5:30
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Under the National Pension System (NPS), the Atal Pension Scheme (APY) has emerged as the most popular social security scheme. The total number of shareholders of APY is 28 million.
The State Government Scheme comes in second with an 11% share. Central autonomous bodies (CAB) account for the least number of NPS subscribers with a 1% share.
The share of Central Autonomous Body (CAB) in NPS shareholders was the lowest at one per cent. State Autonomous Bodies (SABs) accounted for two per cent. APY is the most popular scheme among non-metropolitan shareholders, the report said. This is the demographic in the country.
According to the report, total management assets (AUM) under the National Pension System increased by 38 per cent year-on-year to Rs 5.78 lakh crore by the end of the year. By the end of the financial year 2020-21, the number of shareholders of NPS was 42 million.
This is followed by state autonomous bodies (SAB) with a 2% share. The most popular plan among non-metro subscribers is APY. According to the report, this also represents the country's demographic trend, with more unorganised population segments residing in non-metro areas and so having access to the NPS self-initiated plan.
According to the report, the total assets under management (AUM) for the National Pension System schemes increased by over 38% year on year to Rs 5.78 lakh crore at the end of the year. The report also stated that as of fiscal 2021, NPS had 4.2 crore registered users.
The Pension Fund Regulatory and Development Authority manages and regulates the National Pension System, a defined contribution retirement savings plan (PFRDA). In terms of subscriber growth rate, APY led with a gain of 33% year over year in the fiscal year ending March 2021, followed by the all-citizen model with a gain of 32%. Non-metros accounted for 3.77 crores NPS users or nearly 89 % of 4.24 crore.
