The Pension Fund Regulatory and Development Authority (PFRDA) is expecting the funds under management to reach Rs 1 lakh-crore by the end of this financial year on the back of increase in new subscribers of the Swavalamban Yojana, a low-cost version of new pension scheme and now a part of the Jan Dhan Yojana.
"There are several variants in our schemes now. Last year we saw the Swavalamban Yojana subscription doubling and this year also we expect the same. This is a part of the Prime Minister's Jan Dhan scheme now," Chairman Hemant G Contractor told PTI.
At present, the PFRDA has Rs 69,000 crore of funds under management.
Under the Swavalamban Yojana, the regulator is planning to add 5 million new subscribers by the end of the financial year, Contractor said, adding the scheme costs Rs 50 a year per person and it is mainly for the unorganised sector. The government makes Rs 1,000 contribution per person.
"We are trying to reach out to as many people as possible under this scheme. Hence we have roped in banks, MFIs, NGOs and NBFCs as they have wider network," he added.
He also said that PFRDA is going to review the cost structure of its schemes which is very low.
Total number of subscribers under the pension scheme is currently 75 lakh, he said, adding out of this, 50 lakh are registered under the Swavalamban Yojana.
He further said other schemes are a little bit slow to take off, like corporate pension scheme and national pension system (NPS).
"Even though there has been good growth in other schemes, still keeping in view the huge potential involved in them a lot more needs to be done," Contractor added.
"We have got 1,506 companies registered with us, which involve 3 lakh employees," he said.
