NPS Adoption Drive in India

  • The Department of Public Enterprises (DPE) in the Finance Ministry has sent letters to Central Public Sector Enterprises (CPSEs) to inform them about the benefits of adopting the National Pension System (NPS). 
  • As of March 2024, 76 CPSEs have adopted NPS to extend pension benefits to their employees. 
  • The DPE has identified the list of CPSEs who are still not on board the NPS and has sent letters to their respective controlling ministry. 
  • NPS assets under management (AUM) grew 27% YoY to ₹ 11.89 lakh crore as of May 4 this year. 
  • The number of new NPS and APY subscriber registrations till May 6 this year stood at 82,061, PFRDA data showed. 
  • The non-government sector saw a 37.89% year-on-year growth in its NPS assets as of May 4 this year to ₹ 2.32 lakh crore. 
  • The government sector’s NPS assets were up 24.45% to ₹9.16 lakh crore. 
  • The total number of NPS and APY subscribers as of May 4 this year stood at 7.40 crore, up 16.31% over 6.36 crore a year ago.
Posted in Current Affairs.