16-October-2017 16:57 IST
Over 69 lacs subscribers join Atal
Pension Yojana with contribution of Rs. 2690 crores
Secretary DFS: Still Scope for increasing pension coverage
Secretary DFS: Still Scope for increasing pension coverage
Atal
Pension Yojana currently has over 69 lacs subscribers with contribution of Rs.
2690.00 crores. Chairman, PFRDA Shri Hemant G Contractor however emphasised the
need of increasing the pension coverage in India at a recently concluded
conference on Atal Pension Yojana. The conference organised by Pension Fund
Regulatory and Development Authority (PFRDA) in the national capital saw
participation from all major banks, representatives from NPCI, SCHIL, SIDBI,
Access Assist and some major MFIs.
A
large section of the society still does not have access to pensions and this is
a cause of concern for PFRDA and Government, Shri Contactor said.
Congratulating the winners of the contest organised by PFRDA the Chairman said
that APY has made progress in covering the intended subscribers but much remains
to be done. He mentioned that on an average, a little less than 2% of the
eligible population is covered under APY and hence a lot has to be done to
provide people a regular access to old age income. He also touched upon the
issues of persistence in the APY accounts and asserted that the objective of
the scheme is to provide pension and this will only happen if the contribution
in the account has been regularly paid. He urged the APY Service Providers to
educate the subscribers on the importance of the same. He also urged upon the
APY Service Providers i.e Banks and Post Offices under Department of Post to
achieve the targets allocated by government by putting in their best efforts.
A
video message of Shri Rajiv Kumar, Secretary DFS was played during the
occasion. Shri Rajiv Kumar mentioned that Atal Pension Yojana is flagship
program of the Government of India under financial inclusion and financial
security. The pension coverage in this country is at around 12% and banks and
other stakeholder need to work towards greater coverage under the scheme. He
also said that DFS is monitoring the progress under the scheme and targets
allocated under the scheme to banks should be accomplished. He touched upon the
subject of providing a digital platform for APY by PFRDA i.e e-APY. Secretary
Shri Rajiv Kumar congratulated the banks on their performance under the
campaigns and urged them to continue the work.
While
the government has a pension scheme for the BPL persons but the amount is
meagre and is not sufficient for old age needs. 9% of the population of India,
i.e 110 million people are over 60 years and by 2030 this figure is expected to
cross 180 million. The 60 plus age groups is the fastest growing demographic in
the country. With increase in longevity of the people, disintegration of the
joint family system in India and inflation, there is greater need for old age
than ever before. Currently pension benefits are available India basically to
the organised sector. Atal Pension Yojana introduced in 2015 by Government of
India provides a self- contributory savings pension scheme with guaranteed
pension of Rs. 1,000/- to Rs. 5,000/- with a very low contribution by the
subscriber. All banks and Department of Post have pushed the product to the
interiors of the country. APY has option for increasing the pension amount from
Rs. 1000/- to any other amount up to Rs. 5000/- as per the savings capacity of
the subscriber, and further allows the spouse to continue the account in the
event of the death of the subscriber before the age of sixty years. PFRDA has
also been engaging with various State Governments for providing co-contribution
under the scheme. With the introduction of e-APY through Aadhaar, the banks
will be able to effectively utilise the digital platform for greater
coverage.
