The pace of fresh government sector subscriptions beneath the National Pension System (NPS) has fallen sharply so far in 2020-21, possibly a fallout of the harm brought on by the Covid-19 pandemic.
According to the PFRDA information, only 41,036 subscribers from the central government sector joined the NPS among April and November. This performs out to a month-to-month typical of 5,130, against that of 9,784 in 2019-20. However, in FY19, the month-to-month typical addition of the central government sector subscribers was 5,241.
Similarly, from the state government sector, only 2,06,588 new subscribers joined the NPS in the April-November period. This performs out to a month-to-month typical of 25,823, compared with that of 36,045 in the whole FY20.
However, the total quantity of subscribers in many schemes beneath the NPS, as of November 2020, stood at 388.62 lakh, recording a 21.35% rise from a year ahead of. At the finish of March 2020, NPS had 345.55 lakh subscribers. Subscribers beneath Atal Pension Yojana (APY) has the biggest share, with 249.69 lakh subscribers.
The NPS was introduced from January 1, 2004, for new entrants to central government service (except for armed forces) replacing the old pension technique. NPS was also created applicable to new staff of all autonomous bodies of the central government from the similar date. After the central government, many state governments also adopted this architecture and implemented NPS with impact from unique dates.
In a current functionality audit report on NPS for the year ended March 2018, the comptroller and auditor basic of India (CAG) discovered that even immediately after 15 years of implementation, there was no assurance that all nodal offices and one hundred% eligible staff had been covered beneath NPS. It encouraged placing in spot a complete-proof technique to guarantee that all nodal offices and eligible staff are registered beneath NPS.