Context: The Pension Fund Regulatory and Development Authority (PFRDA) announced crossing Rs 5 lakh crore Assets Under Management (AUM) mark.

• The subscriber’s contributions under the National Pension System (NPS) and Atal Pension Yojana (APY) have jointly contributed to this landmark figure, over a period of 12 years.
• The growth in NPS subscribers has also been remarkable over the years with 70.40 lakhs employees joining the scheme from the government sector and 24.24 lakhs from the non-government sector.

About PFRDA

• Pension Fund Regulatory and Development Authority (PFRDA) is the statutory authority established by an enactment of the Parliament, to regulate, promote and ensure orderly growth of the National Pension System (NPS) and pension schemes to which this Act applies.

National Pension System (NPS)

• NPS was initially notified for central government employees recruits wef 1st Jan 2004 and subsequently adopted by almost all State Governments for its employees.
• NPS was extended to all Indian citizens (resident/non-resident/overseas) on a voluntary basis and to corporates for its employees.

Atal Pension Yojana (APY)

• Atal Pension Yojana formerly known as Swavalamban Yojana is a government-backed pension scheme in India, primarily targeted at the unorganised sector.
• It was mentioned in the 2015 Budget.
• All subscribing workers below the age of 40 are eligible for pension of up to ₹5,000 per month on attainment of 60 years of age.

https://www.pib.gov.in/PressReleasePage.aspx?PRID=1664991

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