National Pension Scheme Sees 62,880 New Contributing Subscribers In July

The Centre reported that the total number of new contributing subscribers under the National Pension Scheme (NPS) reached 62,880 in July. This marks a decrease from 64,799 new subscribers in June.

Growth in Employees’ State Insurance Scheme Registrations

The Ministry of Statistics and Programme Implementation also noted that newly registered employees contributing to the Employees’ State Insurance (ESI) scheme stood at 16,61,836 in July, an increase from 16,33,848 in June.

Last month, the Cabinet approved the Unified Pension Scheme (UPS) for government employees, promising assured minimum pensions and family pensions. Approximately 23 lakh Central government employees will benefit from this new scheme, allowing them to choose between the NPS and the UPS.

Launch of NPS Vatsalya Pension Scheme

The UPS incorporates several benefits from the previous Old Pension Scheme (OPS), including indexation benefits. Unlike the NPS, which caters to both government and private employees, the UPS is exclusive to government employees.

Additionally, the government launched the NPS Vatsalya pension scheme to secure the financial future of children. This scheme allows parents to invest a minimum of Rs 1,000 per month, transitioning to the child’s name when they turn 18.

In a notable development, the Employees’ Provident Fund Organisation (EPFO) added 19.94 lakh net members in July, the highest increase since tracking began in April 2018. The EPFO registered 10.52 lakh new members in July, a 2.66 per cent rise compared to June.

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