Atal Pension Yojna hottest social safety scheme underneath NPS system

Atal Pension Yojana has emerged as the most well-liked social safety scheme underneath the Nationwide Pension System with over 2.8 crore subscribers, primarily from the non-metro centres.

Out of 4.2 crore Nationwide Pension System (NPS) subscribers, over 66 per cent or 2.8 crore opted for the APY on the finish of 2020-21, says the annual report of the Nationwide Pension Methods Belief (NPS Belief).

The State Authorities Scheme ranks second with 11 per cent share, whereas the central autonomous our bodies (CAB) continued to account for the least variety of subscribers of NPS with a share of 1 per cent, adopted by state autonomous our bodies (SAB) with a share of two per cent.

“APY is probably the most subscribed plan amongst non-metro subscribers. This additionally displays the demographic sample within the nation, the place extra unorganized inhabitants segments reside within the non metros, thus accessing the NPS self-initiated plan,” the report stated.

Complete belongings underneath administration (AUM) for the Nationwide Pension System schemes noticed a year-on-year development of over 38 per cent, and stood at Rs 5.78 lakh crore on the finish of the yr, the report stated, including as of fiscal 2021, NPS had 4.2 crore registered customers or popularly generally known as subscribers.

The Nationwide Pension System is an outlined contribution retirement financial savings scheme administered and controlled by Pension Fund Regulatory and Growth Authority (PFRDA).

APY additionally dominated by way of development charge of the subscriber base, with a acquire of 33 per cent on-year in fiscal yr ending March 2021, adopted by the all-citizen mannequin (32 per cent).

The Atal Pension Yojana was launched by the Authorities of India in Might 2015. This scheme is open to all residents who’re within the age group of 18-40 years.

Underneath the scheme, a subscriber would obtain a assured pension of Rs 1,000 to Rs 5,000 per thirty days after attaining the age of 60 years, relying upon his contributions.

After the dying of the subscribers, identical pension quantity can be paid to his or her partner. On the demise of each subscriber and partner, the collected pension wealth of the subscriber can be returned to the nominee.

Non-metros hade 3.77 crore subscribers or about 89 per cent of the full 4.24 crore NPS subscribers.

“Non-metros subscribers have grown by 72.34 lakh in fiscal 2021 (development of 24 per cent over one-year) in contrast with metros subscribers which have grown by 4.87 lakh to 35.78 lakh in fiscal 2021 (development of 16 per cent over one-year),” it stated.

The report stated that age-wise evaluation of NPS subscribers present that about 85 per cent had been within the 18-40-year age bracket, a soar of 200 foundation factors (bps) from their share in fiscal 2019-20. Inside this younger subscriber base, the 18-25-age group represented the biggest share at 30 per cent.

There have been 2.47 crore male subscribers as of end-fiscal 2021, up from 2.02 crore and 1.61 crore, respectively, in fiscals 2020 and 2019. Feminine subscribers totaled 1.77 crore in fiscal 2021 up from 1.43 crore and 1.12 crore, respectively in fiscals 2020 and 2019.

Although the male subscriber continues to dominate the general subscriber base, feminine subscriber grew at quicker tempo at 24 per cent in 2020-21 and 28 per cent in 2019-20 in comparison with 22 per cent and 25 per cent for males within the respective durations.

Nationwide Pension System Belief was established by PFRDA as per the provisions of the Indian Trusts Act of 1882 for taking good care of the belongings and funds underneath the NPS in the most effective curiosity of the subscribers.

(Solely the headline and film of this report could have been reworked by the Enterprise Normal workers; the remainder of the content material is auto-generated from a syndicated feed.)

Expensive Reader,

Enterprise Normal has at all times strived arduous to offer up-to-date info and commentary on developments which can be of curiosity to you and have wider political and financial implications for the nation and the world. Your encouragement and fixed suggestions on find out how to enhance our providing have solely made our resolve and dedication to those beliefs stronger. Even throughout these tough occasions arising out of Covid-19, we proceed to stay dedicated to retaining you knowledgeable and up to date with credible information, authoritative views and incisive commentary on topical problems with relevance.

We, nonetheless, have a request.

As we battle the financial affect of the pandemic, we’d like your assist much more, in order that we are able to proceed to give you extra high quality content material. Our subscription mannequin has seen an encouraging response from a lot of you, who’ve subscribed to our on-line content material. Extra subscription to our on-line content material can solely assist us obtain the objectives of providing you even higher and extra related content material. We consider in free, honest and credible journalism. Your assist by extra subscriptions will help us practise the journalism to which we’re dedicated.

Assist high quality journalism and subscribe to Enterprise Normal.

Digital Editor