The National Pension System (NPS) has seen outstanding growth in the 2024-25 financial year with private sector subscriber membership crossing 12 lakh, which has led the overall subscribers to cross 165 lakh by the end of March 2025, the government said.
Moreover, the newly introduced NPS Vatsalya plan for kids has been well received, and more than one lakh subscribers have enrolled for it since its launch in September 2024, according to a statement by the Ministry of Finance.
NPS and Atal Pension Yojana (APY) each recorded a whopping 23% increase in assets under management (AUM) in 2024-25 to Rs 14.43 lakh crore as of March 2025.
The NPS has firmly entrenched itself as a cornerstone of India's pensioning system, with a total corpus of Rs 14.4 lakh crore and 8.4 crore subscribers under NPS and APY, stated PFRDA Chairman Deepak Mohanty during the initial part of this month.
Mohanty emphasized raising the coverage, achieving financial sustainability, and building a pension-inclusive society for the future generations. He again reiterated that "Pension for All" has to be a national priority and advocated policy initiatives which would provide a dignified and secure life for India's aged population.
Starting April 1, the Union Pension Scheme (UPS) will be rolled out, and 23 lakh central government employees will be benefited from it.
Under this new scheme, central government workers with a minimum of 25 years of service will be eligible for a fixed pension of 50% of the average of the last 12 months of basic pay before retirement. This step is intended to provide greater financial security in retirement, particularly for those workers who prefer a guaranteed and certain amount of money instead of a market-linked pension.
Employees who worked for 10-25 years will be provided with a basic pension of Rs 10,000 per month. In event of death of the pension holder, the family will be granted 60% of the recent pension drawn by them as family pension.
They who are in service in central government departments already in the purview of the NPS would be offered an option to transfer to the UPS, which would be a hybrid scheme having features of both OPS and NPS.
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