The Pension Fund Regulatory and Development Authority (PFRDA) on Tuesday said it has crossed the 30 lakh non-government or voluntary subscribers mark for the National Pension System (NPS).
It took 12 years to reach the milestone of 30 lakh voluntary subscribers. "The growth in NPS subscribers has been remarkable, with 75.32 lakh employees joining the scheme from the government sector (central and state governments) and 30.03 lakh individuals from the non-government sector (all citizen and corporate model)," PFRDA said in a release.
Over 9,100 entities or employers have adopted NPS for its employees till now, PFRDA said, adding that it targets to add 10 lakh new non-government subscribers in FY22.
Also Read: Rs 715 to Rs 2,395: This stock zoomed over 200% in 1 year; do you own it?
"The achievement of 3 million subscribers in the non-government sector is remarkable as they are voluntary enrolments as compared to government sector. With the current momentum of 50 per cent growth in enrolments over the last year, we look forward to add a million new subscribers during the current fiscal in the non-government sector," PFRDA Chairman Supratim Bandyopadhyay said.
PFRDA is the statutory authority established by an enactment of Parliament to regulate, promote and ensure orderly growth of NPS, and other pension schemes to which this Act applies.
PFRDA said it has been introducing various new initiatives to make entry and exit from NPS seamless. The initiatives include newer methods of subscriber authentication such as OTP/ eSign, offline Aadhaar-based verification, third party KYC verification and online facilities like e-nomination, e-exit same day NAV with d-remit, bank account verification through penny drop, among others.
NPS was initially notified for the central government employees joining services with effect from January 1, 2004, and was subsequently adopted by almost all state governments for its employees. The scheme was later extended to all Indian citizens on a voluntary basis and to corporates for its employees.
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today