3 weeks ago
PFRDA targets 35-40 crore non-government NPS subscribers in five years
PFRDA is a government organisation in India that watches over retirement savings plans.
The National Pension System, or NPS, is a retirement savings plan it runs.
Right now, about 90 lakh people who do not work for the government have joined NPS.
PFRDA wants that number to grow to 35 to 40 crore over the next five years.
That is a very large goal, much bigger than today's numbers.
PFRDA believes new digital technology will make it easier for people to sign up.
The plan aims to bring in private-sector workers, self-employed people and other non-government workers.
PFRDA hopes to copy the success of the Atal Pension Yojana, which has more than 10 crore members thanks to banks.
The regulator also approved four new pension funds, bringing the total to 14.
PFRDA aims to grow non-government NPS subscribers from about 90 lakh to 35-40 crore in five years.
Chairman Sivasubramanian Ramann announced the target at an outreach event in Kolkata on Friday.
Digital technology is expected to help add around 2-3 crore subscribers to the system every year.
PFRDA wants to replicate Atal Pension Yojana's scale, which has crossed 10 crore subscribers with help from banks and regional rural banks.
The regulator approved four new pension funds, taking the total number of pension funds under NPS to 14.
- Who
- PFRDA Chairman Sivasubramanian Ramann and the Pension Fund Regulatory and Development Authority (PFRDA)
- What
- PFRDA announced a target to raise non-government National Pension System subscribers from about 90 lakh to 35-40 crore within five years
- Where
- Kolkata, India, where the announcement was made at an outreach event
- When
- Announced at an outreach event on Friday; target is for the next five years
- Why
- To widen pension coverage to private-sector workers, self-employed individuals and other non-government subscribers using digital technology and wider distribution networks
Key facts
- Regulator
- Pension Fund Regulatory and Development Authority (PFRDA)
- Current non-government NPS subscribers
- Around 90 lakh
- Five-year subscriber target
- 35-40 crore
- Expected annual additions
- 2-3 crore subscribers
- Digital onboarding platform
- StAR NPS, developed by BSE Technologies
- Total NPS pension funds
- 14 (four newly approved)
- Atal Pension Yojana subscribers
- Over 10 crore
- Announcement venue
- Kolkata
Quotes
Sivasubramanian Ramann
Chairman of the Pension Fund Regulatory and Development Authority (PFRDA)
“Ramann said the regulator expects the growing use of digital technology to add around 2‑3 crore subscribers every year. This would bring the total number of non‑government NPS subscribers to 35‑40 crore over the next five years. I expect NPS to be a massive channel for retirement savings for private‑sector workers and the self‑employed. We will strengthen digital infrastructure to make it easier for people to join. This is our major focus in the next few years.”
thehansindia.com
Sources
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