What ails National Pension System?

Over 90 per cent of subscribers in NPS are government employees. The rest invest to get tax benefits

It would seem strange that we are discussing the National Pension System (NPS), which has a 10-million plus subscribers and managing just under Rs 2 lakh crore, as an ailing institution. 
 
But, if one scratches the surface of the scheme, he would realise why is it ailing. More than 90 per cent of the subscribers are either government employees (without any choice) or from lower income groups. In the case of the latter, non-governmental organisations have done a spectacular job to bring them in, aided by a small one-time subsidy by the government.
 
Only six per cent of