Pawan Kumar
Atal Pension Yojana (APY)
The number of people who joined the Atal Pension Yojana (APY), which is for workers in the unorganised sector, went up by 36z% in 2022. The number went over 10 million for the first time in a calendar year, according to information from the ministry of finance.
In 2022, 12.5 million people signed up for school, up from 9.2 million in 2021.
In 2022, there were 81% more people who signed up for the pension plan than in 2019, which was the last year before the pandemic. A representative from the Pension Fund Regulatory and Development Authority (PFRDA) said that the high number of sign-ups was due to the automation that made it easy for Atal Pension Yojana (APY) subscribers to join.
“Enrollment with Aadhaar, paperless onboarding, and working closely with other stakeholders helped PFRDA reach this number.
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“PFRDA meets with public sector banks (PSBs), the department of financial services, the state-level bankers committee, and lead district managers on a regular basis to review and improve the way Atal Pension Yojana ( APY) is used across the country,” he said.
Overall, 82% of subscribers have chosen a pension of Rs 1,000 per month, while 11% have chosen the highest pension amount of Rs 5,000 per month. The official said that in 30 years, the amount wouldn’t be enough for them to pay for their basic needs.
“The people who benefit from this scheme need to meet their day-to-day needs, which makes it hard for them to contribute more to the scheme,” he said.
The Atal Pension Yojana is a government-sponsored savings instrument for individuals over the age of 60. It secures your post-retirement age with fixed income and tax-free benefits.#PSB #AtalPensionYojana #APY #GovtPensionScheme #PunjabAndSindBank pic.twitter.com/lQKxNh7O15
— Punjab & Sind Bank (@PSBIndOfficial) January 21, 2023
The age group of 21–25 years (28%) had the most sign-ups, with 13.7 million subscribers. The age group of 25–30 years (25%) was next, with 12.1 million subscribers. The fewest people who signed up were over 35 years old (11.14 per cent).
In 2015, the Centre started the Atal Pension Yojana (APY) to make sure that workers in the unorganised sector had at least some social security. The scheme is open to people who are at least 18 years old and at most 40 years old.
A person who joins the Atal Pension Yojana (APY) must pay a monthly, quarterly, or every six months contribution, the amount of which is based on the pension plan they choose and their age when they join.
The government will make sure that the subscriber gets at least Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000, or Rs 5,000 each month. Depending on the contribution chosen, it will be paid after age 60 until death.
The Atal Pension Yojana targeted towards unorganised sector workers — saw the highest-ever takers in 2022 with enrolments rising 36%. The figure crossed 10 million for the first time in a calendar year.@NikeshSingh010 reports#AtalPensionYojana #Pensionhttps://t.co/bXb9OPagcn
— Business Standard (@bsindia) January 23, 2023
Up until November 30, 2022, Uttar Pradesh, Bihar, West Bengal, Maharashtra, and Tamil Nadu were the five states with the most enrollments. When it comes to enrolling women, Uttar Pradesh and Bihar are also the best states. West Bengal, Tamil Nadu, and Maharashtra are the next best.
Also, the most enrollments have been reported by the transgender community in 2022.
The Finance Ministry told PSBs last week that they need to reach their financial inclusion goals for 2022-23. At a meeting of PSB heads and financial institutions, led by department of financial services (DFS) secretary Vivek Joshi, the progress of various social security (Jan Suraksha) schemes, such as Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY), APY
