NPS and APY are two biggest government run schemes which recently encountered a hike in subscriptions. The Prime Minister Narendra Modi launched this APY scheme in May 2015.
Both the schemes had up to 22 percent increment in the subscription spots. The number of subscriptions rose to 4.05 crore at the end of January this year as per the data enclosed by PFRDA.
During the same period, last year, there were beyond 3.33 crore subscriptions under both the schemes.
It is a year-on-year increase of almost 21.63 per cent as per the statement of PFRDA. The Pension Fund Regulatory and Development Authority stated this value on its website on February 19.
However, there is 31.17 percent hike in the subscription under the Atal Pension Yojana or APY. The subscriber base increased to 2.65 crore towards January end this year.
Last year, there were total 2.02 crore subscribers under the APY or Atal Pension Yojana as per the PFRDA data.
Moreover, the subscriber base climbed by 31.72 percent for “all citizen sector” to 14.95 lakh. Meanwhile, the corporate sector saw a 17.71 percent increment reaching up to 10.90 lakh.
The total pension assets settled at Rs 5,56,410 under the management as on last day of January 2021.
Further, both these schemes NPS and APY are aimed at both the employees of unorganized and organized sectors respectively.
Apart from this, the Central government also came with a provision of co-contributing 50% or Rs 1,000 annually. This provision is for those who have joined the APY scheme before December 31, 2015.
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