Pension schemes’ subscribers rose 24% in May

Subscribers under the two flagship pension schemes administered by Pension Fund Regulatory and Development Authority (PFRDA) rose by over 24 per cent from a year ago to 5.32 crore as of May 31, 2022, official data showed on Monday.

“The number of subscribers in various schemes under the National Pension System (NPS) rose to 531.73 lakh by the end-May 2022 from 428.56 lakh in May 2021 showing a year-on-year increase of 24.07 per cent,” the Pension Fund Regulatory and Development Authority (PFRDA) said in a release.

Atal Pension Yojana (APY) – the highest contributor to the subscriber base — registered a growth of 31.6 per cent to 3.72 crore by end of May this fiscal year.

The number of subscribers under NPS for central government employees rose by 5.28 per cent to 22.97 lakh, while that for state governments grew by 7.70 per cent to 56.40 lakh.