Pension Bulletin (September-October 2025)

पशन बुलेटन Pension Bulletin 2025 सतम्बर अक्टूबर September October 2025 वॉल्यूम XIV इश ू IX Volume XIV Issue IXAcknowledgment The Pension Bulletin is issued monthly by the Department of Policy Research, Market Watch and Systemic Risk under the direction of the Pension Bulletin Editorial Committee. The Committee and PFRDA are not responsible for the interpretation and opinions expressed. In the case of articles, the responsibility is that of the author and not of the PFRDA. Comments and observations may please be forwarded to the department at market.watch@pfrda.org.in. @Copyright: Pension Fund Regulatory and Development Authority (PFRDA). प्रमाणन पेंशन बलु ेटिन प्रत्येक महीने नीटि अनसु ंधान, माकेि वॉच और टसस्िटमक ररस्क टवभाग द्वारा, पेंशन बलु ेटिन संपादकीय सटमटि के टनदशे न म ेंजारी टकया जािा ह।ै सटमटि और पीएफआरडीए व्याख्याओ ंऔर प्रकि टकए गए मिों के टलए उत्तरदायी नहीं ह।ैं लेखों के मामले में, टजम्मदे ारी लेखक की होिी ह,ै न टक पीएफआरडीए की। टिप्पटियां और अवलोकन कृपया टवभाग को market.watch@pfrda.org.in पर अग्रेटिि टकए जा सकिे ह।ैं @कॉपीराइि: पेंशन फंड टनयामक और टवकास प्राटधकरि (पीएफआरडीए).Glossary AA A ccount Aggregators Government Bonds and Related G AIF Alternate Investment Fund Instruments Digital Personal Data Protection G-sec Government securities DPDP Act Act, 2023 GBP Pound Sterling APY Atal Pension Yojana GDP Gross Domestic Product ASP Annuity Service Provider GST Goods and Service Tax AUM Assets Under Management GSTN Goods and Services Tax Network CAGR Compound Annual Growth Rate IGB Indian Government Bonds CDC Collective Defined Contribution INR Indian Rupee CDD Client Due Diligence IIP Index of Industrial Production Combating the Financing of CFT Insurance Regulatory and Terrorism IRDAI Development Authority of India CIP Customer Identification Procedures IT Act Information Technology Act, 2000 CKYCR Central KYC Records Registry JSPP Jointly Sponsored Pension Plans CPFB Central Provident Fund Board KYC Know Your Customer CRA Central Recordkeeping Agency LTCG Long Term Capital Gain CPI Consumer Price Index MEPP Multi-Employer Pension Plans DC Defined Contribution NBFC Non-Banking Financial Company Debt-VRR Debt Voluntary Retention Route NDC Notional Defined Condtribution DIIs Domestic Institutional Investor(s) NPA Normal Pension Age E Equity and Related Instruments NPS National Pension System EPF Employees Provident Fund Organization for Economic Employees Provident Fund OECD EPFO Cooperation and Development Organization PIPE Private Investment in Public Equity ETF Exchange-Traded Fund PoP Points of Presence EU European Union RBI Reserve Bank of India FAR Fully Accessible Route REER Real Effective Exchange Rate Financial Benchmarks India Pvt. FBIL REIT Real Estate Investment Trust Ltd. STCG Short Term Capital Gain Foreign Institutional TFR Total Fertility Rate FII/FPI Investors/Foreign Portfolio USD United States Dollar Investors UNFPA United Nations Population Fund FIP Financial Information Providers VCF Venture Capital Fund FIU Financial Information Users WPI Wholesale Price Index Financial Stability and FSDC Development Council iiS. No. Section Details I Economy Indian Economy Data Table ‘Inclusive Pensions, Innovative Solutions: Strengthening Retirement Security in India’ Welcome address by Shri S. Ramann, Chairperson, PFRDA at the Inauguration of the NPS Diwas Conference on 01st October 2025 at New Delhi. ‘NPS requires more options and innovation, not control’ II Management Speaks Interview of Shri S. Ramann, Chairperson, Pension Fund Regulatory and Development Authority (PFRDA) with Ms Deepti Bhaskaran, LiveMint published on 29th October 2025 ‘NPS to grow over 30% in FY26’ Interview of Shri S. Ramann, Chairperson, Pension Fund Regulatory and Development Authority (PFRDA) with Harsh Kumar, Business Standard published on 8th October 2025. Trends in Global Pension Sector 2025 III Articles By Bhawna Malhotra, Deputy General Manager, PFRDA Retirement Saving: Every age is Right Age to Start Saving By Pravesh Kumar, Chief General Manager, PFRDA. IV International Section Singapore’s CPFB and Medisave plan Annual Survey of Industries (ASI) Results for V Did You Know? 2023-24 • Guidelines on Classification of VI Circulars/Regulations/Guidelines Cybersecurity Incidents ii• Corporate Model NPS: Revision in the provisions for exercising PF and investment choices & Bulk Authorization of employees’ NPS application by corporates • One-time option for Central Government employees who joined service on or after 01.04.2025 and up to 31.08.2025 to opt for Unified Pension Scheme (UPS)- Reg. • Guidelines on Price Discovery Process for the charges of Central Recordkeeping Agencies (CRAs) for the services rendered by them to the subscribers • Physical submission of UPS requests to nodal office till 30.09.2025- Reg. • Introduction of Multiple Scheme Framework (MSF) for Non-Government Sector Subscribers under NPS – Section 20(2) of PFRDA Act 2013 • Physical submission of Form A1 by New joinees intending to opt for UPS by 30/09/2025- Reg. • Permitting the Points of Presence for engagement of 'other persons' as Pension Agents for distribution of Pension Schemes under Regulation 2(1)(j)(iv) • Central Government employees on Deputation/ Foreign Service to submit Physical “Form A2” to opt for UPS • Consultation paper- “Enhancing the National Pension System: Proposals for Flexible, Assured and Predictable Pension Schemes” VII NPS/APY Statistics Sector wise NPS Growth iiNo. of NPS & APY Subscribers Contribution from NPS & APY Subscribers AUM under NPS & APY PFM-wise Total Assets under NPS schemes Scheme wise AUM under NPS PFM-wise Return on NPS Schemes iiखडं 1 Section 1/ अर्थव्यवस्र्ा Economy/ iiThe price-to-earnings (P/E) ratio of Nifty 50 Indian Economy ticked up in September 2025. The P/E ratio of Nifty 50 increased to 21.8 times in the recent *The data used in this section has been taken from CMIE’s month from 21.5 times in the previous month. Economic Outlook and MOSPI. Institutional Investment Equity Market Foreign portfolio investments (FPI) recorded In September 2025, NSE Nifty 50 index rose outflows of USD 2.7 billion from the equity slightly to around 24,611 level mark from 24,426 market in September 2025, making it the third level in August. The index recorded a modest consecutive month of outflows. In the September 2025 quarter, foreign investors pulled out a total gain of 0.8 per cent in the recent month after of USD 8.7 billion from the domestic equity falling in the previous two consecutive months. market. Nifty 50 had fallen by 2.9 per cent and 1.4 per cent in July and August 2025, respectively. S&P Meanwhile, net inflows in debt market were at BSE Sensex returns rose by 0.6 per cent in USD 1.4 billion in the month of September, making it the third consecutive month of net September 2025. The positive returns on the inflows in the debt market. In the September 2025 index was largely due to optimistic domestic quarter, foreign investors invested a total of USD cues in the Indian economy. During the week 4.2 billion in the Indian debt segment. In total, in ended September 5, the GST Council had September 2025, foreign investors were net announced a major reform, simplifying the tax sellers in the Indian capital market at USD 1.4 structure, which provided a boost to the equity billion. markets, as well. Domestic Institutional Investors (DIIs) continued Midcaps and small caps performed better than to remain net investors in the equity market in large caps in September 2025. Nifty Midcap 100 September 2025. DII invested USD 7.4 billion in rose by 1.4 per cent, while Nifty Small cap 100 the domestic equity market in September 2025, returns rose by two per cent. Both the indices had higher than the USD 10.8 billion invested in the fallen in the previous two months. previous month. 8 15,000 6 10,000 4 5,000 2 0 0 -2 -5,000 -4 -10,000 -6 -8 -15,000 Equity FPI Equity Mutual Funds Returns (%) Nifty 50 Returns (%) S&P BSE Sensex 6Commodity Price 90 3,800 3,600 85 3,400 80 3,200 3,000 75 2,800 70 2,600 2,400 65 2,200 60 2,000 Crude oil (USD/ barrel) Gold (USD/troy ounce) Commodity Market to remain below USD 70 per barrel for the second consecutive month. In September 2025, price of gold in London Bullion rose by a whopping nine per cent, on a Currency Market month-on-month basis, to reach an all-time high Amidst the lingering trade tensions between at USD 3,665.2 per troy ounce. In the previous India and the US, the Indian Rupee (INR) month, gold price averaged at USD 3,363 per troy continued to depreciate against the US Dollar ounce. The rate cut by the US Federal Reserve in (USD). In September 2025, INR depreciated to an the beginning of September has made the safe average of Rs.88.32 per USD from Rs.87.52 per haven asset more attractive. USD in the previous month, a depreciation of The international price of crude oil remained 0.91 per cent. This was the fourth consecutive relatively stable in September 2025. On a month that the INR had depreciated against monthly basis, the price of Indian basket of crude USD. Net FPI outflows from the Indian capital oil rose to USD 69.6 per barrel from USD 69.2 per markets amidst tariff related uncertainties barrel in the previous month. This was an between India and US led to weakening of INR. increase of 0.6 per cent. Crude oil price continued Average INR against Major Currencies 125 0.61 120 0.6 115 0.59 110 0.58 105 0.57 100 0.56 95 0.55 90 0.54 85 0.53 80 0.52 Rs./US Dollar Rs./Pound Sterling Rs./Euro Rs./Japanese Yen 7Interest Rate (%) 8 7.5 7 6.5 6 5.5 5 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25May-25 Jun-25 Jul-25 Aug-25 Sep-25 Repo rate WACR G Sec 1-year G Sec 5-year G Sec 10-year AAA rated corporate bond - 10-year INR weakened against other major currencies, as Interest Rate well. Among other currencies, INR weakened the most against Euro. INR fell by 1.78 per cent The yield on Government securities (G-secs) of against Euro to average at Rs.103.64 per Euro in short-term maturity and long-term maturity September 2025 from Rs.101.80 per Euro in the period hardened. The yield on 1-year residual previous month. In September, INR depreciated maturity G-sec rose by three basis points (bps) to by 1.4 per cent to Rs.119.28 per Pound Sterling 5.63 per cent in September 2025 from 5.6 per cent (GBP). INR depreciated by 0.7 per cent against in the previous month. The rise in 1-year G-sec Japanese Yen (JPY) to average at Rs.0.59 per JPY yield could be due to upward pressure from the in August 2025. US Treasury yields. The yield on the benchmark 10-year G-sec yield rose to a six-month high to CPI Inflation % 12 10 8 6 4 2 0 -2 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 -4 -6 -8 CPI Food & beverages Pan & tobacco Clothing & footwear Housing Fuel & light Miscel. 86.5 per cent in September 2025. This was an 5.4 per cent from 5.1 per cent in the preceding increase of three bps from the previous month. month. Inflation in gold and silver rose to 47 per Meanwhile, the yield on medium term maturity cent and 42 per cent, respectively, in September. G-sec softened. The 3-year G-sec declined by 19 This contributed to the increase in core inflation. bps to 5.91 per cent in September, while the 5- Wholesale Price Index year G-sec yield fell by three bps to 6.21 per cent. Wholesale Price Index (WPI) inflation eased to Consumer Price Index 0.1per cent in September 2025, down from a Consumer price index (CPI) fell to an 8-year low 1.9per cent rise in September 2024 and 0.5 per of 1.5 per cent in September 2025. Deflation in cent in August 2025. The year-on-year food prices was the main driver behind the fall in moderation was largely due to a decline in food inflation. Inflation in clothing & footwear and inflation. However, the rate of decline in fuel and fuel & light eased. But inflation in pan, tobacco & power inflation slowed, while inflation in intoxicants, housing and miscellaneous rose in manufactured goods picked up. Core inflation September compared to the inflation in the also edged up to 1.8 per cent in September 2025, preceding month. With this fall, inflation has compared to 0 per cent a year earlier. fallen again below the lower band of two per cent Within the food category, falling prices of of the inflation target set by the RBI. vegetables, fruits, and spices contributed to the Food inflation deepened to 2.3 per cent in overall decline, though inflation in protein-rich September 2025. This was the steepest deflation items like eggs, meat, fish, and milk increased. in five months, since the food group started Food grain inflation stayed muted, mainly due to recording deflation. Deflation in both vegetables subdued pulse prices. Among cereals, paddy and pulses & products escalated to its steepest in prices saw a further drop in September 2025. eight months. Inflation in cereals & products also In the manufactured goods segment, inflation eased to 2.1 per cent in September. Vegetable was driven higher by categories such as basic prices also declined sequentially in September. metals, other manufacturing, and transport Though headline inflation cooled in September, equipment. Specifically, aluminium and copper core inflation creeped up to 4.4 per cent in prices rose, bucking the trend seen in global September from 4.1 per cent in the preceding markets. month. Inflation in core group was driven by The slower decline in fuel inflation was primarily inflation in miscellaneous group which rose to due to movements in the mineral oils index, IIP Growth (%) 10.0 8.0 6.0 4.0 2.0 0.0 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 -2.0 -4.0 -6.0 -8.0 -10.0 Mining & quarrying Manufacturing Electricity 9which followed international oil price trends. moderated to 3.5 per cent, down from 5.4 per However, with oil prices showing signs of cent in the same month last year. cooling recently, there may be a positive effect on headline WPI going forward. Index of Industrial Production India’s Index of Industrial Production (IIP) grew by 4 per cent in August 2025. On a month-on- month basis, the growth was only slightly lower than the revised 4.3 per cent seen in July 2025. The year-on-year improvement in August was supported by broad-based gains across key sectors. Electricity production rose by 4.1 per cent in August 2025, rebounding from a 3.7 per cent decline in the same month last year. Mining activity also expanded by 6 per cent, in contrast to a 4.3 per cent contraction in August 2024. Manufacturing output grew by 3.8 per cent in August 2025, up from 1.2 per cent a year earlier. Under the use-based classification, infrastructure and construction goods maintained strong growth momentum in August 2025, supported by the government's ongoing capital expenditure efforts. Output in this segment surged by 10.6 per cent, significantly higher than the 2.7 per cent growth recorded in August 2024. Primary goods production increased by 5.2 per cent in August 2025, reversing a decline of 2.6 per cent seen a year earlier. Capital goods output also registered stronger growth compared to last year. Output of consumer non-durables saw a sharp decline of 6.3 per cent in August 2025, worsening from a 4.4 per cent drop in August 2024. Similarly, growth in consumer durables 10Data Table Economic Indicators YoY change Indicators Sep-24 Aug-25 Sep-25 (% / bps) FPI Equity Investments (USD -76.27 5.87 3.299 1.393 billion) Rupees per dollar 83.79 87.52 88.32 -4.53 Rupees per Pound Sterling* 110.74 117.57 119.29 -8.55 Rupees per Euro* 93.07 101.8 103.64 -10.57 Rupees per Japanese Yen* 0.5858 0.5929 0.5973 -0.0115 Crude Oil (USD/Barrel)* 73.7 69.2 69.6 -5.56 Gold (USD/troy ounce)* 2567.1 3363 3665.2 42.78 Weighted Average Call rate -109 6.56 5.43 5.47 (%) Market repo rate (%) 6.5 5.5 5.5 -100 G sec 1-year (%) 6.65 5.6 5.63 -102 G sec 10-year (%) 6.78 6.24 6.5 -28 AAA rated corporate bond 10- -24 7.62 6.47 7.38 year (%) CPI Inflation (%) 5.5 2.1 1.5 -400 WPI Inflation (%) 1.91 0.51 0.13 -178 IIP# (%) 0.00 3.5 4.0 400 # Figure as end of August 24, July 25 and Aug 25, respectively. 11Section 2/खंड 2 प्रबंधन का वक्तव्य Management Speaks/ 1215.5 crores as on August 31, 2025 with a very ‘Inclusive Pensions, presentable (CAGR) return from the market, more than 9% over the last fourteen years. Innovative Atal Pension Yojana (APY) was launched in the year 2015, by the Prime Minister and the scheme Solutions: is implemented, with a focus on the unorganized sector and has shown remarkable growth in Strengthening coverage with more than 8.25 crore enrolments and AUM of Rs. 47971 crores. Retirement Security The NPS Vatsalya Scheme is a key step toward inclusive pension coverage, enabling guardians in India’ to create a regulated, long-term corpus for minors and dependents. It ensures financial Welcome address by Shri S. Ramann, Chairperson, dignity through specialized pension pay-outs Pension Fund Regulatory and Development Authority and serves as an effective, legally protected and (PFRDA) at the Inauguration of the NPS Diwas tax-efficient succession planning tool for Conference on ‘Inclusive Pensions, Innovative intergenerational security. Solutions: Strengthening Retirement Security in India’ on 01 October 2025 at New Delhi. Considering the vast uncovered population of the country, a lot more needs to be done. The The Hon’ble Minister for Finance & Corporate major challenge in extending the NPS to all Affairs, Secretary-Financial Services, the Chief citizens is increasing awareness and financial Ec onomic Adviser, dignitaries of the dais, ladies literacy among potential subscribers. We must and gentlemen. focus on providing ease of onboarding to the It is my privileged to be here today in the august subscribers across all strata of society. presence of the Hon’ble Finance Minister to In the current regime, improving the pay-outs celebrate NPS Diwas, a significant day dedicated under NPS is crucial to make the scheme a truly to National Pension System (NPS)—one of viable retirement solution. With rising life India’s most robust and inclusive retirement expectancy and inflation, the existing annuity saving schemes. returns often fall short of covering post- The introduction of the NPS in India marked a retirement needs. Enhancing pay-outs—either paradigm shift via a transition from a defined through better pay-out products, greater benefit to a defined contribution system. NPS flexibility in withdrawals, or improved returns— provides a robust platform to provide pension ensures financial dignity, security and product for all the strata of society and is independence for retirees. It also boosts public designed to deliver a sustainable solution for confidence in NPS, making it a more attractive having adequate retirement income in old-age. and sustainable long-term social security tool. The Preamble to the PFRDA Act, 2013, inter alia Recognizing the need to strengthen India’s sets out the objective of providing old-age pension landscape and to bring within its ambit income security in India which is of a vital a wider spectrum of contributors, the PFRDA is importance as the demography of the country is pleased to introduce the Multiple Scheme expected to change. Framework (MSF). This reform is a significant step forward in expanding the outreach of NPS NPS was launched by the Government of India in the non-government sector, allowing greater with the vision of providing every Indian citizen flexibility, more personalized retirement an opportunity to build a solid financial solutions and aligned with global best practices foundation for their future. At present, NPS has in pension system design. more than 9 Crores subscribers and AUM of Rs. 13To realize long-term goals such as Viksit Bharat possibilities offered by the National Pension 2047, achieving a fully pensioned society is System. The future is uncertain, but with the essential. Channelizing NPS savings into right planning, we can ensure it is secure. infrastructure, startups and growth sectors can Thank you and I wish you all a financially bright and significantly enhance returns for subscribers secure future. through market-linked growth and compounding. By aligning long-term pension funds with nation-building investments, subscribers benefit from higher wealth creation, while the economy gains vital capital. This approach not only boosts retirement outcomes but also deepens financial inclusion, empowering individuals—especially from underserved segments—to participate in and profit from India’s growth story. Evolving pensions toward self-funded models fosters a pensioned society that is financially secure, resilient and less dependent on government support. By encouraging individuals to take ownership of their retirement through schemes like NPS, we promote a culture of financial responsibility, long-term savings and dignity in old age. This shift not only reduces fiscal pressure on the state but also ensures inclusive and sustainable social security for all. On this NPS Diwas, the aim is to spread awareness and encourage people to take charge of their future by investing in this simple and reliable pension system. The earlier we begin, the better the benefits we can reap. As we all know, planning for the future is not just about accumulating wealth — it's about ensuring that we can live our post-retirement life with dignity and financial independence. As we celebrate NPS Diwas today, let us encourage everyone around us — friends, family, colleagues — to take retirement planning seriously. Financial discipline, even in small steps, can go a long way in securing a brighter future. It's a step toward financial freedom and by spreading awareness about NPS, we contribute to the larger goal of building a financially secure nation. Let us remember that the best time to start planning for tomorrow is today. On this NPS Diwas, I urge everyone to take a moment to reflect on their financial goals and explore the 14We’ve now drawn a clear distinction between the government and non-government sectors, and ‘NPS requires more our priority is to strengthen outreach and distribution for the latter. Since NPS is a options and voluntary product, expanding awareness and access is critical—and that’s the task we’ve set for innovation, not ourselves in collaboration with all stakeholders. control’ The multiple scheme framework also comes alongside a tenfold hike in fund management Interview of Shri S. Ramann, Chairperson, Pension Fund fees—from 0.03% (for large fund size) to 0.3%. Is Regulatory and Development Authority (PFRDA) with Ms this aimed at addressing NPS’s distribution Deepti Bhaskaran, LiveMint published on 29th October 2025 challenge? Built on a defined contribution model, the National Most certainly. While NPS is known for being the Pension System (NPS) was created to meet India’s lowest-cost financial product, that advantage growing retirement income needs. Since its rollout for was also limiting its growth. You can’t be so low- non-government subscribers in 2009, the system has cost that the distribution network ignores you. evolved steadily. The change is meant to provide higher distribution commissions and give pension The latest reform—the Multiple Scheme Framework funds greater ability to reach sub-segments (MSF)—permits up to 100% equity allocation, up from across India. MSF empowers funds to design the earlier 75% cap. Under MSF, Pension Fund schemes suited to diverse investor types. It’s not Managers (PFMs) can design and manage multiple for PFRDA to create one-size-fits-all products schemes across asset classes, giving investors more and expect distributors to sell them. customised and flexible options to build their retirement corpus. It took the mutual fund industry nearly two decades to build its reach, backed by distribution At the same time, the Pension Fund Regulatory and margins five times higher than NPS’s. We want Development Authority (PFRDA) is working to expand pension funds to innovate within the approved pension payout choices, which are currently limited by a framework, and use the additional commission narrow range of annuity products. In this interview, to expand access and inclusion. PFRDA chairman S. Ramann discusses the shift from centrally designed products to enabling PFMs to Q- Why not simply raise the equity limit in the innovate, distribute, and deliver stronger retirement existing framework, instead of adding multiple outcomes for India’s evolving workforce. Edited excerpts: schemes that could confuse investors? Q- NPS has about 70 lakh subscribers in the all- In the existing “common schemes”, there’s citizen model, including corporate NPS. How already an option for up to 75% allocation in would you assess its progress so far? equity, though very few people are even aware of it. For most investors, making an asset The NPS was originally designed to transition allocation decision on their own is fairly government employees from a defined-benefit to daunting. It’s much easier for someone to choose a defined-contribution system, so the early focus a pension fund scheme that offers a tailored was largely on government subscribers. In that equity allocation suited to their needs and risk context, the participation from the non- profile. government segment may appear modest. 15Customer choice is extremely important, and people are not necessarily looking at 60 as a that’s really what we are trying to push for number. There is much more variety in the through this framework. Platform workers are a professional lives of people. I think it is very case in point. We would like all pension funds to important to recognize that and provide them an design schemes specifically for workers in the NPS account that helps them in their respective digital economy— whether in e-commerce, professions. We’re essentially saying that 15 delivery, urban services, or even security years should be the minimum vesting period— systems. The numbers are huge, and such not a cap. The idea isn’t to exit after 15 years, but contractual employees should ideally have to offer flexibility through multiple schemes that access to NPS. For instance, when you place an align with individual needs. Each of us has order on an e-commerce platform, you can tip the different financial goals, and with varied NPS delivery person. We are now exploring whether schemes maturing at different times, one can that tip of ₹20 or ₹50 can be routed into the plan life stages more efficiently while continuing person’s NPS account. With MSF, the idea is to to benefit from returns over time. expand the range of choices that pension funds can create and offer. Q- You are also considering reforms in the pension or payout phase— including increasing We are also relooking at our investment the withdrawal limit and exploring products guidelines to make them more diverse. But even beyond annuities. What’s the rationale behind within the top 200 stocks allowed for now, we this? find that pension funds have rarely gone beyond and are selective. We need to think of liquidity requirements because once you have saved money for 15–20 My point really is that pension funds have the years, you may want to use the money for ability to create different risk buckets but have building a house, for social functions like not done it till now because schemes were marriage, for education, or even starting up. So, imposed by PFRDA. We are therefore looking at we have to allow for flexibility in withdrawals widening the instruments that exist. This is a from an NPS account. But vesting is important separate task we have undertaken and should because once you have invested for 15 years and come to a conclusion fairly soon. We would like seen the corpus grow, you may well continue more and more products to come in which are with the investment. This is what we are trying long term in nature. At the end of it, we are to explore. When the NPS began in 2004, looking at delivering much higher returns to our annuities were the only available option for subscribers and allowing more diversification pension payouts, so that’s what we adopted. across investment products. Gold and silver is However, we’re now exploring whether other another demand that has come from the pension payout products can be developed. Annuities funds—and they are great hedge instruments. provide guaranteed income and serve an So, we have to look at a wider variety of important purpose, but it’s fair to say that their products. returns haven’t been very attractive. My view is that the ecosystem should collaborate to create Q- By reducing the vesting period to 15 years more choices. While a portion can still be during the accumulation phase, aren’t the older allocated to annuities for stability, there should schemes at a disadvantage given their vesting also be alternative products that offer better period is still 60 years of age? returns—even if they don’t last a lifetime. We are reviewing our investment guidelines for Now, 60 years is something that was thought diversity, better returns and more choices. of—or well accepted—in 2004 when the PFRDA started. But today the world has changed, and 16Discussions with the Life Insurance Corporation ‘‘NNPPSS ttoo ggrrooww oovveerr of India indicate that bima sakhis and bank sakhis can also receive incentives and 3300%% iinn FFYY2266’’ commissions for their role. On the cost side, a committee has been set up to review distribution Interview of Shri S. Ramann, Chairperson, Pension Fund InRteegruvliaewto royf aSnhdri DSe. vRealompamnenn, tC Ahuaitrhpoerristyon (,P PFeRnDsiAon) wFuitnhd charges and their further implementation. While RegulatoryH anards hD Kevuemloaprm, Benuts iAnuestsh oSrtiatyn d(aPrFdR DA) with most stakeholders acknowledge that NPS is a Harsh Kumar, Business Standard published on 8th October low-cost product, this minimal cost actually 2025. enables faster distribution. Pension Fund Regulatory and Development Authority Q- Can we expect any changes in the Atal (PFRDA) Chairman Shri Sivasubramanian Ramann, Pension Yojana? in an exclusive interview with Harsh Kumar in New Delhi, said the regulator is exploring ways to effectively We’ve started outreach efforts for gig workers reach the rural segment. He said the proposal to through partnership models. Pension funds are implement pension sakhis, suggested by the finance reaching out to large platforms — for example, minister last week, is both practical and well-tested. those employing security guards. There are Implementation, he added, would involve engaging self- many platform-based and digital gig workers; help group (SHG) networks and identifying leaders they form a large part of the informal sector, within these groups. Ramann also spoke about the along with the self-employed. challenges ahead and shared insights into the National Pension System (NPS) and the Old Pension Scheme Each group is different — doctors and lawyers (OPS). Edited excerpts: are easier to reach; drivers, domestic workers, and plumbers in urban centres are harder. Q- How is PFRDA moving forward on Finance Pension funds have been allowed higher Minister Nirmala Sitharaman’s suggestion to distribution costs to reach these groups and can explore the possibility of training women as use media campaigns continuously. pension sakhis to boost NPS enrolments? Right now, there are no major discussions to The Pension Sakhi model, inspired by bima revise the scheme. However, a review is carried sakhis, is a very important initiative. We’ve been out every five years. exploring ways to effectively reach the rural segment, and this proposal is both practical and Q- What is the status of OPS amid the entry of tested. Implementation would involve engaging the Unified Pension Scheme (UPS) and the SHG networks and identifying leaders within existence of NPS? these groups — each group typically has a champion or key member. Moreover, the Some states, after initially opting for OPS, have Lakhpati Didi concept can be leveraged. switched back to NPS, while others are in the process of doing so and moving towards UPS. Through these channels, targeted training can be OPS is fiscally unsustainable and creates large provided to help them understand NPS and its liabilities for the government. Globally, many benefits. We plan to work with bank sakhis, or countries have shifted from defined benefit to alternatively provide them with pension-specific defined contribution schemes, especially after features. This approach may be faster and more the global financial crisis. efficient than recruiting an entirely new set of personnel, which can be challenging. Governments need funds for development, and continuously financing rising pensions is not feasible. We believe states will eventually adopt 17UPS, and we are preparing projections to demonstrate its advantages. The key difference between UPS and OPS lies in the handling of Pay Commission hikes. Overall, OPS remains a costly and unsustainable model. What assets under management do you expect for NPS in 2025–26? Growth has been around 28 per cent year-on- year for the past few years. We want to be ambitious and push partners in the ecosystem to increase uptake, especially in the informal sector. The informal sector can grow at a 100 per cent rate — we have to plan big. I’m confident we will exceed 30 per cent growth this financial year. 18खडं 3 Section 3/ लेख Articles/ 19Trends in Global Pension Assets, Growth rate, Trends in Global Pension Assets to GDP Ratio As per the OECD report- Pension Markets in Pension Sector 2025 Focus, the global pension assets were at a level of USD 61.5 trillion at the end on 2024 for the 38 By Bhawna Malhotra, Deputy General Manager, OECD countries and at USD 63.1 trillion PFRDA. The views expressed in the article are including 36 select participating non-OECD personal and do not necessarily represent that of countries. The assets in pension plans grew at a the Authority. growth rate of 8.5% since end of 2023 in OECD countries and at 3.1% in the non-OECD Article originally published in Hindi in “सचं यिता countries. Volume 2- October 2025” The largest amount of global pension fund assets are held by USA at USD 42.90 trillion followed Introduction by Canada at USD 3.54 trillion, UK at USD 2.93 The global pension sector over the years has trillion. India’s pension fund assets are estimated evolved tremendously witnessing the prominent at USD 0.557 trillion. feature of shift from the traditional Defined The ‘Global Pension Assets Study 2025’ by ‘The Benefit (DB) pension schemes whereby, the Thinking Ahead Institute’ highlights that 22 benefit was defined at the time of pension markets in the world (P22) namely, superannuation and the burden of providing Australia, Brazil, Canada, Chile, China, Finland, pensions was primarily on the employer and the France, Germany, Hong Kong, India, Ireland, governments to the recent Defined Contribution Italy, Japan, Malaysia, Mexico, Netherlands, (DC) schemes whereby, the contributions from South Africa, South Korea, Spain, Switzerland, the employees and employers are defined and UK, US together have pension assets of USD 58.5 the benefits are based on the accumulated corpus trillion as at end of 2024 with 68% ratio of at the time of superannuation of the subscribers. pension assets to GDP of these economies. The 7 Apart from this prime aspect, the other largest markets amongst these namely, important aspects around which the operation of Australia, Canada, Japan, Netherlands, these pension schemes are built and run have Switzerland, UK, US hold 91% of the total evolved over the years include the regulatory, pension assets of the P22 markets reflecting high technological, investment, operational concentration in a few markets. architecture of the systems. Let us have a look at A Report on ‘Pension Funds Market Size & Share such few of the recent important trends in 2025: Analysis - Growth Trends & Forecasts (2025 - Ageing Populations & Projections 2030)’ by ‘Mordor Intelligence’ forecasts growth of global pension assets under management of As per WHO, globally, life expectancy at birth USD 67 trillion in 2025 to USD 88 trillion by 2030 reached 73.3 years in 2024, an increase of 8.4 at a growth rate of approx. 5.6% driven by the years since 1995. The number of people aged 60 Defined Benefit to Defined Contribution shift, and older worldwide is projected to increase regulatory push for auto‑enrolment, ageing from 1.1 billion in 2023 to 1.4 billion by 2030. populations, alternative asset allocations and As per the UNFPA, the current elderly digital transformations. population (aged 60 and above) in India is at 153 At the end of 2024, the highest ratio of pension million and is expected to double at a staggering assets to GDP was at Switzerland (152%) 347 million by 2050. followed by Canada (148%), Australia (146%), Netherlands (143%), the US (130%) and Finland (98%). In India, as per the Economic Survey 2025- 2026, the ratio of pension assets to GDP is around workforce and for sustainability of pension 17%. systems. The report has highlighted the following focus • As per an article in The Morning Star, ‘in May areas: 2025, Denmark's parliament passed a law to raise the state pension age from 67 to 70 by • Macro uncertainty and systemic risk- need 2040, phasing in age 68 in 2030 and age 69 in for aligning pension strategies keeping in 2035. view the geo political risks and climate risks involving impact on the returns on • In China the retirement age for men, investments in market, interest rates, regardless of job type, will shift from 60 to 63, inflation, demand supply imbalances etc. while the retirement age will go from 55 to 58 for white-collar women and from 50 to 55 for • Increasing influence of politics on pension blue-collar women. All the changes to be funds like government policies on investing phased in over 15 years starting in January more domestically, net zero policies 2025. • Rise in alternative assets such as investments Trends in Technological Advancements in in private equity, property, hedge funds, Pension Sector private debt and infrastructure for diversification and better returns The Pension funds are increasingly investing in robust governance frameworks, enhanced data • Pension funds' increasing focus on analytics and AI-driven risk controls. ‘organisational alpha’ which is a unique combination of people, processes, skills and The European Insurance and Occupational governance within a pension fund Pensions Authority (EIOPA)’s 2024 Consumer organisation to collectively contribute and Trends Report illustrates a surge in digital create sustainable value onboarding, robo-advice, performance dashboards and AI-aided claims processing in Trends in Investment of Pension Funds among the pension sector. different asset classes A 2025 survey by the Pensions and Lifetime • The ‘Global Pension Assets Study 2025’ Savings Association (PLSA), UK found its further highlights that the equity allocations members expect pension funds to have widely of pension funds have reduced from 57% in adopted AI by 2035 to 2004 to an estimated 45% in 2024. • Enhance member engagement and • The allocation to bonds increased from 29% communication strategies (79%), detect and in 2004 to an estimated 33% in 2024. prevent fraud (75%) • The allocation to other assets (real estate and • Improve data security (72%) other alternatives) increased from 13% in 2004 to an estimated 20% at the end of 2024. • Personalise retirement planning (including advice and guidance) (63%) • The allocation to cash instruments remained stable at 2%. • Allow customisation of investment strategies (59%) Trends in Global Retirement Ages A data (annexure) published by the World Country AI Use in Pension Sector (2025) Population Review on the retirement ages by Country highlights an increasing trend in global 87% of pension firms use AI (mainly administrative/analytical). retirement ages which could be attributed to UK Member use low. Plans for broader factors like increase in life expectancy, decline in adoption by 2035. fertility rates, fewer people entering the 21adoption in Australia, AI for fraud detection, biometric US, Canada. verification (Aadhaar), investment India analytics, chatbots, robo-advisor Alternatives (infra, features. private credit, equity, Asset Diversification Chatbot “Tynne” handles >50% real assets) are Finland inquiries; AI used for automating mainstream. customer support and admin tasks. Digital tools, AI, Planned reforms using AI for governance reforms dynamic targeting and predictive Tech & Governance Mauritius and “organizational assistance; pilot rollout expected alpha” focus. after 2025. Auto-enrolment, Limited use by some offices; contribution hikes, USA chatbots for customer queries, Regulatory Shifts increasing retirement (partial) emerging adoption—not yet industry-wide. ages across countries. New Pension Schemes launched ESG and green pension products In India, the Unified Pension Scheme has been ESG & Sustainability proliferating, introduced w.e.f 1.4.2025 for the employees of especially in EU and the Central Government as an option under the North America. existing National Pension System (NPS) architecture providing assured payouts based on Market volatility, the pay, qualifying service, benchmark corpus demographic shifts, and individual corpus of the subscriber. valuation Risks & Constraints The NPS Vatsalaya Scheme was also launched transparency and under the NPS on 18 September 2024 which is a governance contributory pension scheme for Indian citizens enforcement. under the age of 18 aimed at encouraging early retirement planning for children by enabling References: parents/guardians to invest on their behalf. The • https://www.who.int/news- scheme allows for flexible contributions and room/questions-and- investment options, with a minimum annual answers/item/population-ageing contribution of ₹1,000. • https://www.oecd.org/content/dam/oecd Summary of Trends in Pension Sector in 2025 /en/topics/policy-sub-issues/asset- The pension sector reforms are primarily backed-pensions/PMF%202025%20- focussed on raising retirement ages, boosting %20Preliminary%202024.pdf contribution rates, improving sustainability and • https://www.thinkingaheadinstitute.org/r governance and modernizing investment esearch-papers/global-pension-assets- frameworks: study-2025/ Trend Area 2025 Highlights • https://www.mordorintelligence.com/ind ustry-reports/global-pension-fund- DC Expansion DC now majority industry globally, with fast 22• https://www.morningstar.com/news/mar United ketwatch/20250627224/retirement-ages- 66 66 2024 Kingdom are-going-up-around-the-world-sending-a- signal-to-the-us-workforce Taiwan 66 66 2015 • https://worldpopulationreview.com/coun Ireland 66 66 2024 try-rankings/retirement-age-by-country • https://www.pensionsuk.org.uk/News/A Montenegro 66 64 2022 rticle/Artificial-Intelligence-presents- Cyprus 65.5 65.5 2024 opportunities-for-pension-schemes-but- risks-must-be-carefully-managed Brazil 65 62 2024 • https://www.eiopa.europa.eu/document/ download/4f3b2964-455d-497e-b69f- Mexico 65 65 2024 b5c5939d7aee_en?filename=Eurobarometer Philippines 65 65 2024 %20CTR%202024%20-%20Report.pdf • https://www.ssa.gov/policy/docs/progde Argentina 65 60 2024 sc/intl_update/2025-01 Canada 65 65 2024 Retirement Ages by Country Poland 65 60 2024 Nepal 65 65 2021 Retireme Retireme Retireme nt Age Country nt Age nt Age Revision Chile 65 60 2024 Men Women Year Romania 65 62 2024 Libya 70 70 2022 Tunisia 65 65 2019 Italy 67 67 2024 Belgium 65 65 2024 Australia 67 67 2024 Cuba 65 60 2015 Netherlands 67 67 2024 Azerbaijan 65 64 2024 Greece 67 67 2024 Hungary 65 65 2024 Israel 67 63 2024 Austria 65 60.5 2024 Denmark 67 67 2024 Switzerland 65 64 2024 Iceland 67 67 2024 Hong Kong 65 65 2024 United States 66.67 66.67 2024 Serbia 65 63.67 2024 Spain 66.5 66.5 2024 New Zealand 65 65 2024 Portugal 66.33 66.33 2024 Croatia 65 63.5 2024 Germany 66 66 2024 Georgia 65 60 2024 23Bosnia and Moldova 63 61 2024 65 65 2011 Herzegovina Armenia 63 63 2024 Albania 65 61.5 2024 France 62.5 62.5 2024 Trinidad and 65 65 2024 Tobago Colombia 62 57 2014 Luxembourg 65 65 2024 Turkmenistan 62 57 2024 Liechtenstein 65 65 2024 Norway 62 62 2024 British Virgin Costa Rica 61.9 59.9 2020 65 65 2017 Islands Vietnam 61 56.33 2024 Latvia 64.75 64.75 2024 India 60 60 2024 Estonia 64.75 64.75 2024 China 60 55 2024 Lithuania 64.67 64.33 2024 Pakistan 60 60 2012 Bulgaria 64.58 62.17 2024 Egypt 60 60 2015 Finland 64.5 64.5 2024 Iran 60 55 2018 Czech Republic 64.33 64.33 2024 Turkey 60 58 2023 Japan 64 64 2024 Thailand 60 60 2015 North 64 62 2011 Macedonia South Korea 60 60 2024 Malta 64 64 2024 Russia 63 58 2024 Morocco 63 63 2014 Kazakhstan 63 61 2024 Tajikistan 63 58 2024 Sweden 63 66 2024 Belarus 63 58 2024 Kyrgyzstan 63 58 2011 Singapore 63 63 2024 Slovakia 63 63 2024 24mobile & car and also aspire for purchase of a Retirement Saving: house with long tern liability. If you think in the prospective of cost of acquisitions (if taken on Every age is Right loan) of these assets, you are draining out most of your income with no real gain (if your physical Age to Start Saving asset i.e. house is also not appreciating more than cost of borrowing). It is not that one should not aspire for these By Pravesh Kumar, Chief General Manager, things but everyone should. By highlighting PFRDA. The views expressed in the article are above, it is flagged that in addition to these personal and do not necessarily represent that of things, one should also save for retirement and the Authority. keep investing in long term financial products Article originally published in Hindi in “सचं यिता like NPS. These long-term savings shall not only offset the losses (depreciation & borrowing cost) Volume 2- October 2025” of acquiring such assets but also build a sound corpus which shall be used for good retirement When people are asked about retirement life. planning or saving, it always remains at last Further, fear of inflation and cost of living are destination or goal for everyone. People do not two terminologies which are used very think about retirement saving other than rampantly to create fear sycosis among the compulsory deductions, if any. Young people to save for old age. But question arises generation say that they are too young to think should one save due to fear of depletion of old about retirement and middle-aged generation age income or should one make retirement say that they are too old to start for savings as savings as one of the Asset classes in the basket they have many liabilities. of one’s savings. The way employability or self- Both generations might be right because as per employment is changing and affecting the flow development in the economy, horizon towards of income, one should make retirement savings savings have been changed but I would like to as mandatory savings in the basket of one’s emphasize that as economy is growing, we need investment. to change our thinking and start thinking about This is the right time people especially young long term financial products like retirement generation should start thinking of long term savings. financial product for old age income security. Similarly, five - ten years back whenever asked “Retirement Saving” is the best mode for about saving, people including young generation ensuring the same. People should start accepting were looking at Real estate or Gold. There was no “Retirement Savings” as one of the Asset classes thinking towards the “long term financial for saving purpose. Saving for retirement should products”. Even though people, after seeing the not be based on the fear sycosis of inflation or slump in the real estate & gold (for some long depletion of value of money but it should be seen period in the past), have started channelizing the or perceived as basic necessity. As we regularly savings towards financial products but major spend on food, clothes and education and chunk is going towards mutual funds and direct allocate predefined portion of income every equities with a short-term horizon and with a month, similarly some specific portion of income motive of making quick gains. should also be saved towards “Retirement Saving “. As living standard is going up or aspiration of good living standard is growing, young On the other hand, middle aged generation think generation aspire for comfortable living and start that they have many liabilities and have to take investing in depreciating assets like white goods, care of family needs hence they are not in a 25position to save for retirement. But here also I long term. Further, there are many arguments would like to highlight that by this age, many that why one should lock in funds for such a long liabilities related to acquiring depreciating assets period but it is also true & tested that lock in also might be paid off and income has also grown up. have its own advantages. Hence, retirement planning should be ideally Long term savings instruments prompt fund planned to protect the income flow post managers to invest for longer maturity retirement. instruments which not only help in augmenting Therefore, argument that I am too young to think the returns but also provide effect of about retirement or I am too old to start for compounding. Therefore, one should also avoid retirement savings is not correct and we have to checking the daily gain or loss on that saving. change our mind set. Just willingness & faith are Following chart depicts the benefit of long-term required for assuming that long-term financial investments and compounding: savings can also deliver the desired goals at the time of retirement and it shall help in maintaining the same living standards after the retirement. Following analysis (based on some assumptions) shows that every age is correct age to start for long term financial savings i.e retirement savings: Entry Age 25 30 35 40 45 =====>> Above projection clearly shows that actual effect Total of compounding can be visible after 12-13 years Amount of investments and subsequently accumulation invested (Accumulati grows much faster pace than the initial period of on period => X X X X X investments. People like liquidity of investments 60 - entry age ) but it has its own cost like non-benefit of (equal compounding. People have to start thinking for monthly long term financial product in the same manner instalments) as they do for owning a property. For owning a Accumulatio ns @ 8% at 5.40 X 4.08 X 3.13 X 2.42 X 1.90 X property, people are ready to take loan for 20-30 age 60 years then why not save for long tern financial Accumulatio product in the same devotion and commitment. ns @ 9% at 6.90 X 5.01 X 3.69 X 2.75 X 2.08 X age 60 For long term retirement saving, NPS (National Pension System) is the ideal product or saving Above analysis clearly indicates that every age is vehicle. It provides not only longest investment correct age to start savings for retirement but horizon but also flexibility to withdraw some difference is rate of accumulation i.e younger the portion during the service period or before entry age, higher the accumulation. Therefore, as attaining the age of 60 years. Hence, it meets the we regularly spend on food, clothes and demand of liquidity also. It is portable, flexible, education and allocate predefined portion of tax efficient and allows to manage asset income every month for EMIs, similarly some allocation as well as fund manager. At the time specific portion of income should also be saved of retirement or age of 60 years, it provides both towards “Retirement Savings”. lump sum and regular monthly income as per There is another though that there are many choice available in the system. Further, option of financial products which do not have long term increasing the investment horizon till age of 75 commitment then why one should invest for years is also available. 26खडं 4 Section 4/ अतं र्ाथष्ट्रीय खडं International Section/ 27Table 1- CPF Contribution Rates Singapore’s By By Total Total Employee's employer employee (% of (% of CPFB and age (years (% of (% of wage) wage)* wage) wage) 55 and 37 37 17 20 Medisave plan below Above 55 34 16 18 32.5 to 60 (+1.5) (+0.5) (+1) Above 60 25 12.5 12.5 23.5 Singapore’s Central Provident Fund Board to 65 (+1.5) (+0.5) (+1) Above 65 (CPFB) and the MediSave plan together form a 16.5 16.5 9 7.5 to 70 cornerstone of the country’s social security and *For employees earning monthly wages > $750, w.e.f 1 Jan healthcare financing framework. They are 2026 designed to provide Singaporeans with a Note: Figures in brackets () denote increase in rates reliable, sustainable and comprehensive way to Source- https://www.cpf.gov.sg/employer/infohub/news/cpf- save for retirement, medical expenses and related-announcements/new-contribution-rates healthcare needs. This detailed article elaborates The CPFB guarantees the financial security of on the structure, functions, recent updates and CPF savings, invests the funds prudently and significance of these schemes in Singapore’s provides interest on these accounts (typically context. 2.5% to 5% depending on the account and Singapore’s Central Provident Fund (CPF) conditions). System When individuals reach 55, balances from the The CPF system, a fully funded DC pension OA and SA are combined into a Retirement scheme, overseen by the CPFB, is a mandatory Account to provide monthly payouts during social security savings scheme that requires retirement, ensuring a steady income stream for employees and their employers to contribute a elderly Singaporeans. fixed percentage of the employee’s monthly wages into individual CPF accounts. Chart 1- CPF System- Medisave and Retirement Established in 1955, the CPF aims to ensure that Singapore citizens and permanent residents have sufficient savings for retirement needs, healthcare expenses, housing and investment in approved financial products. Every CPF member’s contributions are distributed into three main accounts: • Ordinary Account (OA): Primarily used for housing purchases, education, insurance and approved investments. • Special Account (SA): Reserved for retirement savings and investment in retirement-related financial instruments. • MediSave Account (MA): Dedicated to healthcare expenses such as hospitalization, surgeries, outpatient treatments and insurance premiums. 28What is MediSave? Source- https://www.swingvy.com/blog-sg/complete-guide-to- cpf-in-singapore MediSave is a pivotal health savings scheme Recent Enhancements and Support Measures launched in 1984 as part of Singapore’s broader CPF ecosystem, with the objective of enabling Several key changes were announced in the 2024 individuals to set aside part of their income for Budget and have taken effect: future medical expenses. Managed by the CPFB, MediSave is compulsory, meaning it Closure of SA for members aged 55 and above automatically accumulates from a portion of monthly CPF contributions made by both • From early 2025 (second half of January employees and employers. 2025) the SA are closed for CPF members who Unlike typical health insurance, MediSave works are aged 55+ (i.e., their SA will be closed and like a personal medical savings account from funds transferred). which account holders can draw funds to cover • Upon closure: their own or their immediate family members’ o SA savings will be transferred into the hospitalization bills, day surgeries, certain Retirement Account (RA) up to the outpatient treatments and premiums for specific member’s cohort Full Retirement Sum (FRS). health insurance plans. o Any remaining SA savings (i.e., amounts Contribution and Accumulation Framework beyond the FRS) will be transferred into the Ordinary Account (OA), which earns the CPF contributions deposited into MediSave lower interest rate and offers greater accounts vary according to the member’s age, withdrawal flexibility. with the contribution rates escalating as members age, reflecting the increasing Increase in Enhanced Retirement Sum (ERS) healthcare needs in older years. For example: • For younger members (below 35), about • Alongside the SA change, the Enhanced 21% of the total CPF contribution goes into Retirement Sum (ERS) (which is the MediSave. maximum a CPF member aged 55+ may top-up to in their RA to earn higher • For those aged 55 to 70 and above, a larger retirement payouts) is being raised. percentage (up to 84%) is allocated to • From 1 Jan 2025, the ERS is four times the MediSave, emphasizing the priority of Basic Retirement Sum (BRS) (previously healthcare funding as retirement three times). For 2025, the BRS is approaches. S$106,500, the FRS (twice BRS) is Table 2- CPF allocation rates by age S$213,000, and the new ERS is S$426,000. • This means members can commit more to their RA (if they choose) for higher retirement payouts. Impacts on interest rates and withdrawals • After the SA closure for 55+, funds transferred to RA continue to earn the long-term interest rate (floor 4% p.a) because they are locked for retirement. • Funds transferred to OA will earn the OA interest (lower, currently ~2.5% p.a) and 29are more liquid (i.e., can be withdrawn or coverage and higher claim limits for invested). inpatient and outpatient care along with • Members under age 55 still retain their inclusion of new cost-effective high-value SA until they turn 55. The change only treatments. These changes aim to keep the applies to 55+. insurance relevant amid increasing healthcare expenses. Premiums for Utilization of MediSave Funds MediShield Life increased but are capped at a 35% rise phased over three years (2025- MediSave funds can be used judiciously for 2028), with extensive government subsidies various approved medical expenses, including: to support affordability.[27] • Hospitalization and Day Surgery: • MediSave Top-ups for Seniors: In 2025, Payment for inpatient stays in Singapore eligible seniors (Pioneer Generation and hospitals for the account holder and others meeting criteria such as low approved dependents (spouse, parents, MediSave balances and housing grandparents, siblings and children, with ownership) received targeted top-ups some nationality conditions). ranging around SGD 450 to SGD 500 to • Outpatient Care: MediSave supports boost healthcare savings.[28][29][30] outpatient chronic disease management • Matched MediSave Scheme (MMSS): treatments, vaccinations and health Starting 2026, this five-year scheme screenings, primarily through schemes like encourages cash top-ups to MediSave MediSave500 and MediSave700. accounts by matching contributions dollar- • Long-term Care: Funds may also be drawn for-dollar up to SGD 1,000 annually for for home medical care, nursing care, seniors aged 55 to 70 with lower MediSave hospice, rehabilitation and palliative care balances and moderate assets. This through programs such as MediSave initiative helps enhance healthcare Care.[24] adequacy ahead of increasing demand for long-term care. • Insurance Premiums: Members can use MediSave to pay premiums for schemes • Health Insurance Planner Tool: To such as MediShield Life, Integrated Shield support informed decision-making, CPF Plans and long-term care insurance like Board and Ministry of Health launched the CareShield Life, thus integrating medical Health Insurance Planner, an online tool savings with risk protection. allowing individuals to project their MediSave balances, insurance premium Withdrawal limits and approved conditions for payments and long-term healthcare usage are carefully regulated to ensure sufficient financing needs, with personalized savings remain to fund healthcare needs in later comparisons of Integrated Shield Plans and life, minimizing the risk of depletion and riders. financial hardship. • CareShield Life: This long-term care Recent Enhancements and Support Measures in insurance scheme, mandatory for younger 2025 cohorts and optional for older cohorts, Singapore’s healthcare and CPF-related schemes provides monthly cash payouts for severe continuously evolve with demographic changes disability support, addressing the growing and rising healthcare costs. Recent demand for long-term care in an aging enhancements include: society. It is undergoing review and • MediShield Life Enhancements: As of planned expansion starting late 2025. April 2025, MediShield Life saw expanded 30Governance and Impact aia/medisave-all-you-need-to-know- about-your-healthcare-savings The CPF and MediSave system is universally acknowledged for its structural innovation and • https://www.cpf.gov.sg/service/article/ success in fostering self-reliance while offering what-is-medisave robust social insurance coverage. As of late 2024, • https://www.nlb.gov.sg/main/article- CPF assets under management totalled detail?cmsuuid=fb218ea4-66d2-45c5-99db- approximately SGD 635 billion (USD 463 billion), 75c542f49c16 covering over 4.2 million members. The government plays an active role in managing • https://www.cpf.gov.sg/member/health fund reserves, adjusting contribution rates and care-financing/using-your-medisave- providing supplementary support to vulnerable savings groups. • https://www.mof.gov.sg/news- This integrated approach has made Singapore a publications/press-releases/about-300- global model in balancing mandatory savings 000-pioneer-generation-seniors-will- with social welfare. By tailoring contributions to receive-medisave-top-ups-in-july-2025 lifecycle needs and allowing flexible yet • https://www.moneysmart.sg/health- safeguarded expenditure on healthcare, the CPF insurance and MediSave schemes help mitigate healthcare cost shocks and aging risks among the • https://www.investopedia.com/terms/c population. /centralprovidentfund.asp Conclusion • https://www.mom.gov.sg/employment- practices/central-provident-fund/what-is- Singapore’s CPFB and MediSave plan represent cpf a sophisticated, deeply embedded system that ensures both retirement security and healthcare • https://en.wikipedia.org/wiki/Central_P financial protection. With mandatory savings, rovident_Fund regulated usage, periodic government support • https://www.tarmack.com/lexicon/cpf- and continuous enhancements, these schemes central-provident-fund-singapore empower Singaporeans to face medical costs confidently and avoid undue financial stress, • https://www.cpf.gov.sg/member/cpf- setting a worldwide benchmark for integrated overview social security models. • https://www.cpf.gov.sg/service/article/ References: what-is-medisave • https://www.aia.com.sg/en/health- • https://www.cpf.gov.sg/employer/infoh wellness/healthy-living-with- ub/news/cpf-related- announcements/new-contribution-rates 31खंड 5 Section 5/ क्या आप जानते ह?ैं Did You Know/ 32Data on important parameters are provided Annual Survey of in the tables below: Industries (ASI) Results for 2023-24 Ministry of Statistics and Programme Implementation (MoSPI) has released the results of Annual Survey of Industries (ASI) for the reference periods April 2023 to March 2024 (i.e. financial year 2023- 24. The field work for this survey was carried out during October 2024 to June 2025 for ASI 2023-24. Annual Survey of Industries is conducted with the primary objective to provide a meaningful insight into the dynamics of change in the composition, growth and structure of various manufacturing industries in terms of output, value added, employment, capital formation and a host of other parameters. It provides valuable input to the National Accounts Statistics at national and state level. MOSPI has released the detailed publications of ASI 2023-24, viz. Volume I, Volume II, “Summary Results of Factory Sector” along with unit level data. The major highlights of the For a few important characteristics, major top Survey are provided below: five industries (2-digit level of NIC) at all-India level having major percentage shares in the • The top 5 industries in terms of Gross estimated value of overall aggregate. Value Added (GVA) are Basic metal, Motor vehicles, Chemical and Chemical products, Food Products, and Pharmaceutical products. • The top 5 States in respect of employment are Tamil Nadu, Gujarat, Maharashtra, Uttar Pradesh, and Karnataka. • Gross Value Added (GVA) grew by 11.89% over the previous year. • Industrial output increased by more than 5.80% over the previous year. • Average emoluments per person engaged grew by 5.6% compared to 2022- 23. 33Bar graph showing the manufacturing employment by major sub-sectors in 2023-24- Top States Top five states in terms of their percentage shares in the value of overall aggregates for each of the characteristics as under: 34Top 5 States accounting for about 54% of Manufacturing GVA and 55% of Total Employment in the Manufacturing Sector 35खंड 6 Section 6/ Circulars/Regulations/Guidelines परर्पत्र/वववनयम/विशावनिशे 36Circular No: PFRDA/2025/07/PDES/01 Circular No: PFRDA/2025/05/ICS/01 Corporate Model NPS: 4th Revision in the provisions for Guidelines on Classification of 12th September exercising PF and investment Cybersecurity Incidents September 2025 choices & Bulk Authorization 2025 of employees’ NPS application by corporates The Pension Fund Regulatory and Development Authority (PFRDA) issued a circular on 14th The Pension Fund Regulatory and Development September 2025, which provides mandatory Authority (PFRDA) issued a circular on 12th Guidelines on Classification of Cybersecurity September 2025, which outlines revisions to the Incidents for all intermediaries and regulated provisions for the Corporate Model of the entities under its jurisdiction. National Pension System (NPS), specifically regarding the exercise of Pension Fund (PF) and Key pointers: investment choices, and the authorization of 1. The classification is crucial for ensuring employee applications by the corporate employer. proper prioritization and effective Key pointers: management of security incidents. Regulated entities are advised to 1. This circular is in supersession of the determine the response priority by previous Circular No. assessing the potential business impact PFRDA/2018/53/P&D/2 dated and the estimated effort required for November 14, 2018. recovery. Key revisions: 2. The classification guidelines for PFRDA's 1. Exercise of Pension Fund and Asset regulated entities categorize cybersecurity Allocation Choices- The new provisions for incidents into four levels based on impact: the Corporate Model of NPS allow either Critical incidents involve successful, the Employer/Corporate OR the widespread attacks (like ransomware, Employee/Subscriber to select both the sensitive data exfiltration, or successful Pension Fund and Asset Allocation; if the DoS) with a significant impact on Employer makes the choice, the Employee operations, and include any incident that retains the right to revise those choices disrupts normal service delivery. High after one year (365 days). incidents are less widespread attacks (attempted penetration with limited 2. Bulk Authorization of Employee NPS impact), unauthorized server access, or Applications- The circular introduces widespread new malware not handled by options for bulk authorization of anti-virus. Medium incidents involve underlying employees' NPS applications target reconnaissance, attacks attempted by the employer (corporate) through with no operational impact, or instances of physical and online modes. employees clicking on phishing emails. Finally, Low incidents cover system probes, external scans, or intelligence concerning potential threats or known malware easily handled by anti-virus. 37Circular No: PFRDA/2025/08/SUP-CG-SG/02 Circular No: PFRDA/2025/06/REG-CRA/01 One-time option for Central Guidelines on Price Discovery Government employees who 14th Process for the charges of joined service on or after 15th September Central Recordkeeping 01.04.2025 and up to 31.08.2025 September 2025 Agencies (CRAs) for the to opt for Unified Pension 2025 services rendered by them to Scheme (UPS)- Reg. the subscribers The Pension Fund Regulatory and Development Authority (PFRDA) issued a circular on 14th The Pension Fund Regulatory and Development September 2025, which announces a one-time Authority (PFRDA) issued a circular on 15th option for a specific group of Central Government September 2025, which introduces revised employees to opt for the Unified Pension Scheme maximum charge limits for Central (UPS). Recordkeeping Agencies (CRAs) providing services to subscribers across various pension Key pointers: schemes, effective October 1, 2025. 1. Subject and Context: The Unified Pension Key pointers: Scheme (UPS) was notified by the Central Government on January 24, 2025, with The revised fee structure applies to the subsequent PFRDA Regulations and Government Sector (NPS & UPS), APY & NPS- Central Civil Services Rules notified on Lite, and the Private Sector (NPS & NPS- March 19, 2025, and September 2, 2025, Vatsalya). CRAs are free to reduce charges respectively. In light of recent through negotiation but cannot charge more clarifications, the Central Government than the specified upper caps. decided to allow this one-time option for Other Important Points: the specified employees. 1. UPS Charges: The charges for UPS 2. Impending Deadline: The deadline for subscribers in the Government Sector exercising the option under the Unified (Table 1) are applicable only during the Pension Scheme is September 30, 2025. accumulation phase; charges for the 3. Eligibility: Central Government employees payout/decumulation phase will be who joined services on or after April 1, stipulated by PFRDA later. 2025, and up to August 31, 2025, and who 2. Negotiated Charges: CRAs can offer had opted for NPS, are eligible to migrate reduced or negotiated charges, but these to the UPS. charges shall not be below the upper cap stipulated for the immediately preceding slab. 3. New Services: For any new services introduced by CRAs, they may recover actual charges without any markup on utilization, subject to PFRDA approval. 4. Superseded Circular: This circular supersedes the previous guidelines issued on June 15, 2020. 38Circular No: PFRDA/2025/09/REG-PF/01 Circular No: PFRDA/2025/13/SUP-CG-SG/05 Introduction of Multiple 16th Physical submission of UPS 16th Scheme Framework (MSF) for September requests to nodal office till Non-Government Sector September Subscribers under NPS – 2025 30.09.2025- Reg. 2025 Section 20(2) of PFRDA Act 2013 The Pension Fund Regulatory and Development The Pension Fund Regulatory and Development Authority (PFRDA) issued a circular on 16th Authority (PFRDA) issued a circular on 16th September 2025, assures subscribers that they September 2025, which introduces the Multiple can physically submit their Unified Pension Scheme Framework (MSF) for Non- Scheme (UPS) option requests to their nodal Government Sector (NGS) subscribers under the offices if they are unable to submit them online National Pension System (NPS), effective by the deadline. October 1, 2025. Key pointers: Key pointers: 1. Context: The due date for exercising the 1. Core Change: The MSF allows a option for UPS is September 30, 2025. subscriber, uniquely identified by their 2. Alternative Submission: If a subscriber is PAN, to hold and manage multiple unable to submit the UPS request online investment schemes within the NPS through the CRA system due to reasons through their PRAN at each Central such as unavailability of the online Recordkeeping Agency (CRA), system or a technical glitch, they can departing from the previous single- submit the duly filled physical form to scheme structure. their concerned nodal office. 2. Scheme Design: Pension Funds (PFs) are 3. Deadline for Physical Form: The now permitted to design Persona- physical form must be submitted to the Targeted Schemes for specific groups nodal office on or before September 30, like self-employed professionals, digital- 2025, for further processing by the office. economy workers, or corporate 4. Form Availability: The physical UPS employees. forms are available on the NPS-CRA 3. Risk Options: Each new scheme must website. offer at least Moderate and High-risk variants, with the high-risk category allowing equity exposure up to 100%. 4. Charges: The total charges for the Pension Funds are capped at 0.30% of Assets Under Management (AUM) annually. PFs are eligible for an additional 0.10% incentive for three years if a scheme attracts more than 80% new NPS subscribers. 39Circular No: PFRDA/2025/11/SUP-CG-SG/04 Circular No: PFRDA/2025/12/REG-POP/01 Permitting the Points of Physical submission of Form Presence for engagement of 19th A1 by New joinees intending 23rd 'other persons' as Pension September September to opt for UPS by 30/09/2025- Agents for distribution of 2025 2025 Reg. Pension Schemes under Regulation 2(1)(j)(iv) The Pension Fund Regulatory and Development The Pension Fund Regulatory and Development Authority (PFRDA) issued a circular on 19th Authority (PFRDA) issued a circular on 23rd September 2025, provides instructions for new September 2025, permits Points of Presence (POPs) Central Government joinees who wish to opt for to engage an expanded list of "other persons" as the Unified Pension Scheme (UPS). Pension Agents for distributing pension schemes, Key pointers: subject to approval by the respective POP's Board. 1. Subject and Context: The circular Key pointers: addresses the issue that several New 1. Subject to the approval of their respective Joinees who entered Central Government Boards, POPs are now permitted to engage service on or after April 1, 2025, and are the following entities as Pension Agents: posted at various locations, may not have yet submitted their form for Permanent • Non-Individual intermediaries Retirement Account Number (PRAN) registered with any financial sector generation. The UPS was notified by the regulator (e.g., RBI, IRDAI, SEBI, Central Government on January 24, 2025, PFRDA). with subsequent PFRDA Regulations and • Government Departments, specifically Rules notified later in 2025. those related to Labour welfare, 2. Impending Deadline: The deadline for Community-Health, Community- exercising the option under the Unified Education, Panchayat, including State Pension Scheme is September 30, 2025. Rural Livelihood Missions (SRLM) under the National Rural Livelihood 3. Action for New Joinees: All employees Mission (NRLM) network. who joined Central Government service on or after April 1, 2025, and intend to opt for • Companies registered with the the UPS must physically submit the duly Ministry of Corporate Affairs (MCA), filled Form A1. including companies engaged with Gig and Platform workers, and Farmer Producers Organisations (FPOs). 2. The circular emphasizes that the Point of Presence (POP) remains fully liable for any acts of omission or commission by the engaged Pension Agents. 40Consultation Paper Circular No: PFRDA/2025/13/SUP-CG-SG/05 “Enhancing the National Central Government 30th Pension System: Proposals 24th employees on Deputation/ September for Flexible, Assured and September Foreign Service to submit 2025 Predictable Pension 2025 Physical “Form A2” to opt for Schemes” UPS The Pension Fund Regulatory and The Pension Fund Regulatory and Development Development Authority (PFRDA) released a Authority (PFRDA) issued a circular on 24th comprehensive Consultation Paper titled September 2025 which is addressed towards “Enhancing the National Pension System: Central Government employees on deputation or Proposals for Flexible, Assured and foreign service who wish to opt for the Unified Predictable Pension Schemes.” Pension Scheme (UPS). The Consultation Paper proposes three distinct Key pointers: schemes under the NPS framework, each catering to different subscriber needs for 1. Subject and Context: The circular clarifies assured and flexible pension payouts: the procedure for Central Government employees currently on deputation or o Pension Scheme-1 (Non-Assured, foreign service to organizations not covered Flexible Decumulation): This scheme under the UPS, who are having difficulty focuses on maximizing pension wealth exercising their option. through a mix of a Step-up Systematic Withdrawal Plan (SWP) and an 2. Deadline: The deadline for exercising the Annuity. option under the Unified Pension Scheme is September 30, 2025. o Pension Scheme-2 (Assured Benefit): An assured benefit scheme designed to 3. Action for Employees: Employees currently provide a Target Pension with periodic on deputation/foreign service who intend inflation adjustments based on the to opt for the UPS must submit a duly filled Consumer Price Index for Industrial physical copy of Form A2 to the nodal office Workers (CPI-IW). of their parent organization. o Pension Scheme-3 (Assured through Pension Credits): Introduces the innovative concept of "Pension Credits," where each credit assures a fixed monthly pension payout, enhancing predictability and subscriber engagement through a goal-based framework. Stakeholders can submit comments, inputs and feedback using the Feedback Template provided within the consultation paper by 30th November 2025. 41खंड 7 Section 7/ एनपीएस/ एपीवाई आँकड़े NPS/APY Statistics/ 42I. Sector Wise Growth / क्षेत्रवार वद्धृि Table 1: NPS & APY growth in Subscribers base as on 30th September 2025 ३० यसतम्बर २०२५ तक एनपीएस और एपीवाई के अद्धिदाताओ ंकी सख्ं या में वद्धृि able 1: NPS & APY growth in Subscribers base as on 31st July 2025 No. of Subscribers (in lakh) / ३१ जुलाई २०२५ तक एनपीएस और एपीवाई के अद्धिदाताओ ंकYीo सYख्ं (%या) में वद्धृि S.N. / Sector / क्षेत्र अद्धिदाताओ ंकी संख्या (लाख में) / वाद्धषिक वृद्धि Share (%) / क्रम संख्या द्धिस्सेदारी (%) (%) 30-Sep-24 31-Mar-25 30-Sep-25 i CG 26,72,004 27,26,039 28,47,555 6.6 3.2 ii SG 67,52,590 71,32,145 74,06,198 9.7 8.2 Sub Total 94,24,594 98,58,184 1,02,53,753 8.8 11.4 iii Corporate 21,45,010 22,75,356 25,02,790 16.7 2.8 iv All Citizen 38,20,908 42,65,479 45,18,892 18.3 5.0 v Vatsalya - 1,07,523 1,41,805 - 0.2 Sub Total 59,65,918 66,48,358 71,63,487 20.1 8.0 vi NPS Lite 33,42,974 33,50,389 33,47,018 0.1 3.7 vii APY 5,95,64,958 6,41,34,198 6,90,62,960 15.9 76.9 Grand viii 7,82,98,444 8,39,91,129 8,98,27,218 14.7 100.0 Total Source: CRAs Table 2: NPS & APY growth in Contribution as on 30th September 2025 ३० यसतम्बर २०२५ तक एनपीएस और एपीवाई के कॉद्धरिब्यूशन में वद्धृि S.N. / क्रम Sector / Contribution (Rs. in crore) / योगदान (रु. करोड़ में) Y वo ाद्धY षिक ( % वृद्धि) / S /h द्धa िr स्सe ेद( ा% री ) संख्या क्षेत्र (%) (%) 30-Sep-24 31-Mar-25 30-Sep-25 (i) CG 2,39,881.86 2,61,347.65 2,84,312.28 18.5 24.9 (ii) SG 4,59,405.19 5,05,769.09 5,56,870.62 21.2 48.7 Sub 6,99,287.06 7,67,116.75 8,41,182.90 20.3 73.6 Total (iii) Corporate 1,32,074.58 1,52,189.94 1,73,966.81 31.7 15.2 All (iv) 58,149.83 66,184.19 70,869.29 21.9 6.2 Citizen (v) Vatsalya 10.91 94.11 179.94 - 0.0 (vi) Tier-II 9,035.73 10,088.45 11,236.74 24.4 1.0 (vii) TTS 17.61 19.26 19.85 12.8 0.0 Sub 1,99,288.67 2,28,575.96 2,56,272.64 28.6 22.4 Total (viii) NPS Lite 3,452.46 3,550.38 3,646.22 5.6 0.3 (ix) APY* 34,689.47 38,569.70 42,538.04 22.6 3.7 Grand 9,36,717.65 10,37,812.79 11,43,639.80 22.1 100.0 Total * Fig does not include APY Fund Scheme; Source: CRAs 43Table 3: NPS & APY growth in AUM as 30th September 2025 ३० यसतम्बर२०२५ तक एनपीएस और एपीवाई के एयूएम में वद्धृि AUM (Rs. in crore) / एयूएम (रु. करोड़ में) YoY (%) / Share (%) / S.N. / क्रम संख्या Sector / क्षेत्र वाद्धषिक वृद्धि (%) द्धिस्सेदारी (%) 30-Sep-24 31-Mar-25 30-Sep-25 (i) CG 3,60,153.36 3,84,016.79 4,14,048.12 14.96 26.22 (ii) SG 6,61,605.97 7,16,724.78 7,84,352.72 18.55 49.67 Sub Total 10,21,759.33 11,00,741.57 11,98,400.85 17.29 75.88 (iii) Corporate 1,99,256.50 2,18,550.26 2,48,240.33 24.58 15.72 (iv) All Citizen 62,859.23 66,336.46 69,478.61 10.53 4.40 (v) Vatsalya - - 0.01 92.89 183.55 (vi) Tier-II 6,581.30 6,901.03 7,672.57 16.58 0.49 (vii) TTS 19.34 2.31 0.00 19.90 19.79 Sub Total 2,68,716.36 2,91,900.54 3,25,594.84 21.17 20.62 (viii) NPS Lite 5,966.72 6,086.39 6,266.98 5.03 0.40 (ix) APY* 41,076.03 44,780.48 49,007.81 19.31 3.10 Grand Total 13,37,518.44 14,43,508.98 15,79,270.48 18.07 100.00 * Fig does not include APY Fund Scheme; Source: CRAs II. PFM-wise Assets under NPS schemes / पीएफएम के अनुसार एनपीएस योजनाओ ंके अंतगित संपद्धियााँ Table 4: Pension Fund-wise Assets under Management (in crore) as on 30th September 2025 ३० यसतम्बर२०२५ को पेंशन फंड के अनुसार एयूएम (करोड़ में) AUM (Rs. In Crore) Growth (%) PF Over March % share 30-Sep-24 31-Mar-25 30-Sep -25 YOY 25 SBI 4,83,149 5,14,752 5,z5x0x,9c2x9v 14.03 7.03 34.86 LIC 3,58,148 3,82,441 4,10,894 14.73 7.44 26.00 UTI 3,35,930 3,59,180 3,89,080 15.82 8.32 24.62 ICICI 39,293 45,455 53,040 34.99 16.69 3.36 Kotak 5,870 6,378 7,708 31.30 20.84 0.49 HDFC 1,02,326 1,15,627 1,39,946 36.76 21.03 8.85 Aditya 2,543 4,025 5,520 117.04 37.13 0.35 Birla Tata 3,624 4,385 4,581 26.41 4.49 0.29 Max Life* 1,263 1,607 - - - - Axis 5,533 8,854 12,622 128.12 42.55 0.80 DSP 797 2,049 6,230 682.17 204.12 0.39 Total 13,38,477 14,44,753 15,80,549 18.09 9.40 100.00 Source: NPS Trust 44III. Scheme Wise AUM under NPS / एनपीएस के अंतगित योजनावार एयूएम Table 5: Scheme-wise Assets under Management (in Crores) as of 30th September 2025 ३० यसतम्बर २०२५ को योजनावार एयूएम सपं द्धियााँ (करोड़ में) AUM (Rs. In Crore) Growth (%) Over Scheme % share 30-Sep-24 31-Mar-25 30-Sep-25 YOY March 25 CG 3,25,106.53 3,38,663.29 3,47,712.71 6.95 2.67 22.44 SG 6,42,592.53 6,90,249.12 7,49,437.71 16.63 8.57 48.36 Corporate CG 88,287.24 96,143.40 96,116.23 8.87 -0.03 6.20 A 515.47 634.82 859.75 66.79 35.43 0.06 E 1,04,348.24 1,10,012.31 1,37,569.00 31.84 25.05 8.88 TIER I C 44,654.25 54,781.95 66,299.38 48.47 21.02 4.28 G 78,385.02 95,237.86 1,11,530.18 42.29 17.11 7.20 NPS Lite 5,966.72 6,086.40 6,266.99 5.03 2.97 0.40 E 3,261.27 3,255.15 3,713.84 13.88 14.09 0.24 C 1,187.25 1,295.81 1,431.74 20.59 10.49 0.09 TIER II G 2,126.19 2,347.40 2,523.03 18.66 7.48 0.16 TTS 19.34 19.90 19.78 2.29 -0.58 0.00 APY 41,076.76 44,781.26 49,008.57 19.31 9.44 3.16 Tier II 1.62 2.45 4.40 171.63 79.87 0.00 Composite APY Fund 948.37 1,242.22 1,276.37 34.59 2.75 0.08 Scheme UPS CG - - 6,639.19 - - 0.43 UPS Pool CG - - 140.30 - - 0.01 Total Asset 13,38,476.82 14,44,753.33 15,80,549.18 18.09 9.40 100.00 Minor difference in AUM provided in Table 3 is due to difference in the methodology of calculation of PFs and CRA. IV. PFM-wise Return on NPS Schemes / पीएफएम के अनुसार एनपीएस योजनाओ ंपर लाि Table 6: Returns since inception (in %) as on 30th September 2025 ३० यसतम्बर २०२५ तक आरंि से लाि (% में) Aditya Pension Funds→ SBI LIC UTI ICICI KOTAK HDFC TATA Axis DSP Birla CG 9.50% 9.38% 9.34% SG 9.22% 9.33% 9.30% Corporate-CG 9.21% 9.32% A 9.79% 8.14% 8.58% 8.54% 8.07% 9.63% 7.56% 12.55% 8.72% 6.96% E 11.06% 13.08% 12.80% 12.86% 12.43% 14.74% 13.13% 15.76% 13.22% 15.46% TIER I C 9.53% 8.97% 8.72% 9.51% 9.22% 9.27% 8.40% 7.76% 8.16% 8.81% G 8.96% 9.54% 8.21% 8.40% 8.33% 8.81% 7.87% 7.79% 7.88% 8.60% E 11.01% 11.44% 11.70% 11.68% 12.00% 13.37% 13.30% 15.65% 14.02% 14.34% TIER II C 9.11% 8.55% 8.72% 9.35% 8.60% 8.63% 7.87% 7.97% 7.53% 9.92% G 8.96% 9.76% 8.70% 8.47% 8.12% 8.96% 7.33% 7.94% 7.62% 8.31% 45TTS 6.28% 7.97% 7.00% 7.66% 8.19% 7.16% 8.11% 8.68% 6.03% 13.52% NPS Swavalamban 9.58% 9.62% 9.58% 9.51% APY 8.75% 9.05% 9.03% UPS CG 2.14% 1.04% 2.43% Tier II Composite 6.22% 6.05% 6.58% Source: NPS Trust 4647