The Pension Fund Regulatory and Development Authority (PFRDA) will be focussing more on corporates and Non-Resident Indians (NRIs) to expand the subscriber base of its New Pension System (NPS), according to its Executive Director, Ananta Gopal Das.
Speaking to newspersons on the sidelines of an awareness meet on the advantages of NPS for NRIs, Das said there were 14 lakh subscribers of NPS from corporate/private individuals while the NRI subscriber base was at 4,000.
“We found that about 80 per cent of NRIs are not even aware that they can subscribe to NPS. Many individuals go to the Gulf and other regions to work. NPS will provide them something to fall back on after their return,” he said.
The total assets under management of NPS grew 35 per cent in the year ended March 2018 at ₹2.40 lakh crore from ₹1.74 lakh crore in the previous year. There are 2.12 crore subscribers, of which, about 1 crore are from Atal Pension Yojana.
About 20 lakh Central government employees and 39 lakh State government employees, from 27 States (Tripura and West Bengal are yet to join), are among the subscribers of NPS, he added.