The number of subscribers to the National Pension System(NPS) and Atal Pension Yojna (APY) together have crossed the land mark 1-crore mark.According to the data released by the finance ministry, NPS and APY together have 1.01 crore subscribers now with total asset under management of 1,00,275 crore rupees.
NPS has been implemented for all government employees(except the armed forces) joining the central government on or after January 1, 2004. Most of the state /union territory governments have also notified the NPS for their new employees. NPS has been made available to every Indian citizen from May1, 2009 on a voluntary basis. Further, from June 2015, the APY, a low cost pension scheme, has been launched. Pension regulator PFRDA has taken various steps at the policy as well as operational levels to make NPS more subscriber friendly.
SOURCE: THE FINANCIAL EXPRESS, NEW DELHI, OCTOBER 9, 2015, PAGE 3
