New Delhi: Atal Pension Yojana (APY) has a staggering 66 per cent subscriber base under the National Pension System (NPS). With this, APY is the dominant player in the social security space. As of fiscal 2021, NPS had 4.2 crore registered users or subscribers. The annual report of National Pension System Trust said that APY has more than 66 per cent of subscribers, or 2.8 crore permanent retirement account numbers (PRAN), according to an IANS report.
Atal Pension Yojana, National Pension System or NPS Update
- State Government Scheme (SG) ranks second with 11 per cent share. The central autonomous bodies (CAB) continued to account for the least number of subscribers of NPS with a share of 1 per cent, followed by state autonomous bodies (SAB) with a share of 2 per cent, IANS reported quoting the annual report of National Pension System.
- “APY also dominates in terms of growth rate of the subscriber base, with a gain of 33 per cent on-year in fiscal 2021, followed by the all-citizen model (32 per cent),” the National Pension System annual report says, IANS reported.
- The annual report noted that Atal Pension Yojana (APY) is the most subscribed plan among non-metro subscribers. This also reflects the demographic pattern in the country, where more unorganised population segments reside in the non-metros, thus accessing the NPS self-initiated plan, IANS reported.
- Age-wise analysis of NPS subscribers show 85 per cent in the 18-40-year age bracket in fiscal 2021, a jump of 200 bps from their share in fiscal 2020. Within this young subscriber base, the 18-25-age group represented the largest share at 30 per cent, up 300 bps from a year ago, IANS reported.
Atal Pension Yojana Age, Scheme, Benefits
- Under the APY, there is guaranteed minimum monthly pension for the subscribers ranging between Rs 1000 and Rs 5000 per month.
- APY is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through NPS architecture.
- All citizens of India aged between 18 to 40 years can apply for Atal Pension Yojana.
- Applicants need to provide Aadhaar card details and mobile numbers.
- Government of India will also co-contribute 50 per cent of the subscriber’s contribution or Rs 1,000 per annum, whichever is lower.
- Government co-contribution is available for those who are not covered by any Statutory Social Security Schemes and is not income tax payer.
Get real time update about this post directly on your device, subscribe now.