PFRDA pension subscribers’ base rises to 4.35 crore in June

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Last Updated18/07/2021

PFRDA has registered a 24 per cent jump in its subscribers' base under two flagship pension schemes to more than 4.35 crore at the end of June.
The two flagship schemes under PFRDA are APY and NPS.
Out of the total, the number of subscribers under Atal Pension Yojana (APY) stood at 2.89 crore as of June 30, an increase of 33.95 per cent from the year-ago period.

Increase in NPS and APY subscribers indicates that the unemployment rate is declining in the country.
According to CMIE’s monthly data, India’s unemployment rate declined to 8.75 per cent in June 2021 from 10.63 per cent in May 2021.
CMIE, or Centre for Monitoring Indian Economy, is a leading business information company established in 1976, primarily as an independent think tank.

NPS is a government-sponsored pension scheme.
It was launched in January 2004 for only government employees but was allowed for all sections later.
NPS scheme allows subscribers to contribute regularly to a pension account during their working life.
National Pension System (NPS) scheme is a retirement planning scheme which offers market-linked returns.
The return of the scheme depends on the financial market.
On maturity, you can withdraw 60% of the accumulated corpus in a lump sum and the remaining 40% of the corpus would then pay you annuities throughout your life.

Atal Pension Yojana is a social security scheme launched by the Government of India and aims at providing a steady stream of income to all the citizens of India after the age of 60 years.
The scheme aimed to provide guaranteed pensions to low-income group individuals in the unorganized sector like maids, delivery boys, gardeners etc.
The primary goal of this scheme is to ensure that no Indian citizen has to worry about sudden illness, accident or chronic diseases in his old age, thereby creating a sense of security.
It is not however limited to the unorganized sector only
Private sector employees or those working with an organization that does not provide them pension benefits can also apply for the scheme.
There are five options of pension amounts which are guaranteed under the scheme. These amounts range from INR 1000 to INR 5000.