Central govt sector: NPS subscriber addition remains low in April

As on April 30, 2021, the asset below administration below the NPS and Atal Pension Yojana has grown to Rs 5,89,854 crore from Rs 4,33,556 crore a yr earlier, the PFRDA mentioned in an announcement.

Recent central authorities sector subscriptions below the Nationwide Pension System (NPS) have fallen to simply 4,605 in April, probably reflecting the damaging influence of the second wave of the Covid-19 pandemic.

That is a lot decrease than the month-to-month common 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, nonetheless, say the low addition in April may simply be a short lived phenomenon and the scenario might enhance as soon as lockdown in sure elements and different Covid-related curbs are eased.

Subscriptions from the state authorities sector, nonetheless, defied the pattern. Virtually 70,000 new subscribers joined the NPS in April. That is method above the month-to-month common of 32,219 in FY21, confirmed the PFRDA information. In FY20, a median of 36,045 contemporary subscribers joined the NPS a month, down from 37,815 in FY19 and 44,585 in FY18.

The info confirmed that the full variety of subscribers in varied schemes below the NPS stood at 426.75 lakh as of April 30, recording a 23.33% rise from a yr earlier than.

As on April 30, 2021, the asset below administration below the NPS and Atal Pension Yojana has grown to Rs 5,89,854 crore from Rs 4,33,556 crore a yr earlier, the PFRDA mentioned in an announcement.

The NPS was launched from January 1, 2004 for brand new entrants to central authorities service (aside from armed forces), changing the previous pension system. It was additionally made relevant to new staff of all autonomous our bodies of the central authorities from the identical date. Following the Centre, varied state governments additionally adopted this structure and applied the NPS.

Late final yr, in a efficiency audit report on the NPS for the yr ended March 2018, the comptroller and auditor basic of India (CAG) discovered that even after 15 years of implementation, there was no assurance that each one nodal workplaces and 100% eligible staff have been coated below the NPS. It really helpful putting in a full-proof system to make sure that all nodal workplaces and eligible staff are registered below NPS.