Amid Covid, NPS's corporate subscriber base up 30% in Q1

Source :IANS
Author :IANS
Last Updated: Mon, Jul 20th, 2020, 12:19:43hrs
NPS

New Delhi: Despite the Covid-19 induced economic turbulence, the government-backed National Pension System's corporate subscriber base has registered a growth of 30 per cent during Q1FY21.

The figures shows an addition of 1.03 lakh individual subscribers from the private sector and 206 corporates were enrolled during the 1st quarter, resulting in a total of 10.13 lakh corporate subscribers in the age group of 18 to 65 years.

The data furnished by the Pension Fund Regulatory and Development Authority (PFRDA), which administers the NPS, showed that amongst the 102,975 subscribers registered, 43,000 have routed their subscription through their employer or corporate while the rest have voluntarily enrolled in the scheme.

According to the PFRDA, after the onset of Covid-19, employers have adopted or are willing to adopt deeper measures to ensure adequate support to employees in terms of their financial well-being.

"The NPS has been a success amongst the corporate employees. While financial planning often took a backseat in an individual's life, this pandemic has brought it to the forefront, creating awareness for financial security at such testing times. During this pandemic, a growing realisation for both corporates and individuals has emerged that retirement planning is not a mere saving or tax benefit choice," PFRDA Chairman Supratim Bandyopadhyay said in a statement.

"We have also adopted various proactive measures for ensuring uninterrupted services to the subscribers in this period of unexpected crisis."

As on April 30, the total number of subscribers under NPS and Atal Pension Yojana has crossed 3.46 crore and the Asset under Management (AUM) has grown to Rs 433,555 crore.

More than 68 lakh government employees have been enrolled under NPS and 22.60 lakh subscribers have subscribed to NPS in the private sector with 7,616 entities registered as corporates.