PFRDA to reach 45 crore people in unorganised sector

The Pension Fund Regulatory and Development Authority (PFDA) is looking to cover around 45 crore people in the unorganised sector.

New Delhi:The Pension Fund Regulatory and Development Authority looks to cover around 45 crore people in the unorganised sector under its schemes, a member of the pension fund regulator said on Friday.

The authority, which runs Atal Pension Yojana (APY) and National Pension System (NPS) schemes, has around 3 crore subscribers currently.

"Our idea is to reach 45 crore people who are in the unorganised sector and having no access to any financial products," Supratim Bandyopadhyay, Whole Time Member, Pension Fund Regulatory and Development Authority (PFRDA), said here at the APY Felicitation Programme.

Around 55 per cent of the total PFRDA subscribers are under the APY scheme that caters to workers in the unorganised sector.

The total asset under management (AUM) stood at Rs 3,72,901.79 crore as on October 5 this year.

Of this, the AUM of APY subscribers was Rs 8,770.79 crore (2.22 per cent).

State and central government employees, who are NPS subscribers, contributed an AUM of Rs 1,68,820.19 crore (44.61 per cent) and Rs 1,08,259.65 crore (29.50 per cent) respectively.