Key Points

The subscriber base of both the flagship pension investment schemes has also crossed the 9 crore mark.

"Marking an important milestone in India's pension journey, the subscriber base has also widened to surpass 9 crores," the ministry said.

Pension Fund Regulatory and Development Authority (PFRDA) has introduced key initiatives to strengthen the NPS and widen pension inclusion.

This includes the Multiple Scheme Framework (MSF), effective from October 1, 2025, which offers greater investment choice.

"Adding to it is the NPS platform workers model covering gig workers and a consultation paper on NPS overhaul proposing graded payouts and flexible annuity options to enhance retirement adequacy," the ministry said.

Further, the targeted outreach drive aims at expanding coverage among farmers, MSME workers, SHG members and other informal sector participants.

This reflects PFRDA's continued focus on inclusion, flexibility, and long-term financial security. With this achievement, PFRDA remains committed to its vision of ensuring old-age income security for all Indians, the government said.

Earlier last month, the Union government informed the Parliament that a total of 1.3 lakh minors were enrolled under the NPS Vatsalya Scheme.

Minister of State for Finance Pankaj Chaudhary stated in a written response to the Lok Sabha that 130,000 minor subscribers were enrolled in the NPS Vatsalya Scheme between September of last year and August 3.

The National Pension System Vatsalya, or NPS Vatsalya Yojana, is a retirement savings plan intended for young children.

"NPS-Vatsalya promotes inter-generational equity and financial security by encouraging early savings for children as well as promoting a culture and habit of retirement planning across generations," Chaudhary said.

Under the old tax regime, an income tax deduction under Section 80CCD (1B) up to Rs 50,000 has been extended towards NPS-Vatsalya contribution made by the parent or guardian with effect from April 1.

- IANS