5 years since launch, Atal Pension scheme garners over 2.2 crore subscribers

NEW DELHI: Authorities’s flagship pension scheme Atal Pension Yojana (APY) has garnered over 2.2 crore subscribers since its launch 5 years in the past, the PFRDA on Monday mentioned.

The scheme, which was launched by Prime Minister Narendra Modi on Could 9, 2015, primarily targets these working within the unorganised sector.

“The journey of APY over these 5 years has been phenomenal and as on ninth Could 2020, the entire enrolment beneath the scheme stood at 2,23,54,028,” mentioned the Pension Fund Regulatory and Growth Authority of India (PFRDA).

Through the first two years, virtually 50 lakh subscribers have been enrolled which doubled to 100 lakh within the third yr and the milestone of 1.50 crore was achieved within the 4th yr, it mentioned.

Within the final monetary yr, virtually 70 lakh subscribers have been enrolled beneath the scheme, based on the PFRDA.

The PFRDA is the nodal company that administers the pension scheme alongside the Nationwide Pension System (NPS) that primarily caters to these employed with the federal government and the organised sector.

With an goal of delivering old-age earnings safety notably to the employees within the unorganised sector and the federal government offering assure of minimal pension after 60 years of age, the APY is an unequivocal related scheme for addressing the challenges of quickly growing getting old inhabitants of India, the PFRDA mentioned.

It mentioned the scheme has been carried out comprehensively throughout the nation overlaying all states and union territories with male to feminine subscription ratio of 57:43, it mentioned.

“This feat of bringing in essentially the most weak sections of the society beneath the protection of pension was potential solely with the untiring efforts of private and non-private banks, regional rural banks, funds banks, small finance banks, the Division of Posts and the assist prolonged by the state degree Bbnkers’ committees,” mentioned Supratim Bandyopadhyay, chairman, PFRDA.

The APY might be subscribed by any Indian citizen within the age group of 18-40 years having a checking account.

The scheme provides three distinctive advantages. It offers a minimal assured pension starting from Rs 1,000 to Rs 5,000 on attaining 60 years of age.

Secondly, the PFRDA mentioned the quantity of pension is assured for lifetime to partner on demise of the subscriber and lastly, within the occasion of demise of each the subscriber and the partner, total pension corpus is paid to the nominee.

“Going ahead, we now have a humongous activity of accelerating the pension protection as solely 5 per cent of the eligible inhabitants has been coated beneath APY until date and recognising the social significance of this scheme, we constantly undertake proactive initiatives for attaining exponential development and addressing sudden eventualities…,” Bandyopadhyay mentioned.

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