New Delhi, Mar 17 (IANS): The Pension Fund Regulatory and Development Authority (PFRDA) on Wednesday said its total pension assets under management have crossed the Rs 5.59 lakh crore mark.

Subscribers' contributions under the National Pension System (NPS) and Atal Pension Yojana (APY) have jointly contributed to this landmark figure.

"As on 28th February 2021, total pension assets under management stood at Rs 559,594 crore showing a year-on-year (Y-o-Y) growth of 33.09 per cent," the PFRDA said in a statement.

Besides, the number of subscribers under the various schemes of the NPS rose to 414.70 lakh by February-end 2021 from 340.34 lakh during the corresponding period of last year showing YoY increase of 21.85 per cent.

The PFRDA is the statutory authority established by an enactment of Parliament, to regulate, promote and ensure orderly growth of the NPS and pension schemes to which this Act applies.

The NPS was initially notified for the Central government employees recruited from January 1, 2004 and subsequently adopted by almost all the state governments for its employees.

It was later extended to all Indian citizens on a voluntary basis and to corporates for its employees.