Over 1.1 lakh new subscribers join National Pension Scheme in April

Over 1.1 lakh new subscribers join National Pension Scheme in April New Delhi, June 26 (IANS) The National Pension System enrolled as many as 110,655 new subscribers in April, reflecting the increasing attractiveness of the scheme, according to the latest figures compiled by the National Statistical Office. The data show that state government employees constitute nearly two-thirds of these new subscribers. Employees of state governments constitute 79,876 of these subscribers while central government staffers number 20,000. There were also 10,250 subscribers from the corporate sector during the month. An age-wise analysis showed that 43.8 per cent (48,530) of new subscribers belonged to the 18-28 age group, who have got jobs for the first time. This also indicates the increase in employment that is taking place in the economy. The National Statistical Office released the compiled payroll data on Tuesday after a gap of three months due to the model code of conduct remaining in place. Overall, 937,000 subscribers joined the National Pension System during 2023-24 which is 13.6 per cent higher than the 824,700 new subscribers in 2022-23. The corporate component of the scheme is voluntary in nature and includes people working in public sector organisations, private limited companies, or public sector banks. The National Pension System, managed by the Pension Fund Regulatory and Development Authority, is being implemented on a contribution basis. Both the subscriber and the employer contribute an equal amount to the pension account. It was made mandatory for all new central government employees from January 1, 2004, except the armed forces. --IANS sps/dan