Summary of this article
NPS and APY assets cross Rs 16 lakh crore; over nine crore subscribers
New Multiple Scheme Framework widens NPS investment choices for savers
Platform Workers Model aims to include gig and informal sector employees
PFRDA focuses on rural outreach and pension inclusion for broader coverage
The combined assets under management (AUM) of the National Pension System (NPS) and the Atal Pension Yojana (APY) have crossed Rs 16 lakh crore, according to the Pension Fund Regulatory and Development Authority (PFRDA). The total subscriber base across both schemes has also gone past nine crore.
This marks a steady increase in pension participation across different income groups and employment types. While NPS continues to attract government and private sector employees, APY has been instrumental in bringing informal sector workers into the pension net.
New Frameworks To Broaden Pension Choice
The PFRDA has introduced a set of measures aimed at improving participation and flexibility in the pension system. Among them is the Multiple Scheme Framework (MSF), which took effect on October 1, 2025. The MSF gives NPS subscribers the option to choose from a wider range of investment schemes, enabling them to allocate their contributions according to their financial goals and risk preferences.
1 October 2025
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Another initiative, the NPS Platform Workers Model, seeks to extend pension coverage to gig and platform-based workers, who make up a growing section of India’s workforce. The regulator has also released a Consultation Paper on NPS Overhaul, which suggests graded withdrawal structures and more flexible annuity options. These proposals are aimed at providing retirees with a mix of stability and access to their accumulated funds.
Inclusion As A Policy Priority
In addition to these policy changes, the PFRDA has been focusing on outreach programmes to increase pension awareness in rural and semi-urban areas. The regulator has been working to bring farmers, MSME workers, and members of self-help groups under formal pension coverage.
Both NPS and APY are central to India’s efforts to build a sustainable pension system. The NPS, launched in 2004 for government employees and later opened to all citizens, has grown into a key long-term savings platform. The APY, launched in 2015, is targeted at low- and middle-income earners and offers a defined pension after retirement.
As the total AUM crosses Rs 16 lakh crore, the expansion of these schemes shows that more individuals are using formal channels to plan for retirement. With continuing policy support and awareness initiatives, India’s pension framework is evolving towards broader coverage and stronger long-term financial security for its workforce.
