According to the Pension Fund Regulation and Development Authority, there were roughly 1.54 lakh NPS (corporate) enrollments, compared to 1.28 lakh and 5.35 lakh for the central government and state governments, respectively.
For the fiscal year 2022–2023, the combined number of subscribers to the National Pension System (NPS) and Atal Pension Yojana (APY) schemes surpassed 1.35 crore. The Pension Fund Regulatory and Development Authority (PFRDA) stated in a statement dated April 6 that the Atal Pension Yojana had a total of 1.19 crore subscribers during the previous fiscal year. It was 8.47 lakh for the National Pension Program (for all nationals
According to the fund regulator, there were approximately 1.54 lakh NPS (corporate) enrolments, compared to 1.28 lakh and 5.35 lakh for the central government and state governments, respectively.
It added that the NPS private sector, which includes NPS All Citizen and NPS Corporate, accounted for nearly 60% of the total enrollment of over 10 lakh subscribers.
|Sector||Enrolments during FY 2022-23|
|Central Govt. (Incl. CAB)||1,28,337|
|State Govt. (Incl. SAB)||5,34,817|
Government-backed A social security programme called Atal Pension Yojana targets all citizens who work in the unorganised sector. The National Pension Plan guidelines serve as the foundation for the programme, which is governed by the Pension Fund Regulatory and Development Authority.
From the age of 60, subscribers receive a minimum guaranteed pension ranging from Rs 1,000 to Rs 5,000 per month, depending on their commitment to the plan during their working lives.
The National Pension System, on the other hand, is a government-backed investment plan that allows users to select their preferred allocation to various asset classes during their working lives.
As the former pension plan was dissolved in December 2003, NPS was established. On April 1st, 2004, it was put forth. A government worker is entitled to a monthly pension after retirement under the previous pension plan. The average monthly pension equals half of the recipient’s most recent pay.
It comes in two varieties, Tier 1 and Tier 2, and both invest in corporate debt, equity markets, and government bonds. The Tier 2 NPS account is an investing account connected to the Pension Regulatory Authority of India, whereas the Tier 1 NPS account is simply a pension account (PRAN).
Beginning on April 1st, new regulations
Prior to taking their pension corpus, all NPS subscribers must, as of April 1, upload specific papers to the Central Record-Keeping Agency (CRA) user interface.
According to a circular from PFRDA, NPS subscribers who want to withdraw their pension corpus must upload the following papers.
- NPS exit/withdrawal form
- Identification and address documentation in accordance with the withdrawal form
- Proof of a bank account
- A duplicate of the permanent account number (PRAN)