Education

Govt lists out steps taken to increase Atal Pension Yojana enrolment

Union minister of state for finance and company affairs Anurag Singh Thakur on Monday listed out the measures being taken by the federal government to extend the enrolment of individuals underneath the Atal Pension Yojana (APY). APY, a pension scheme during which the federal government is a co-contributor, turned operational in June 2015 and is open to all residents within the age group of 18-40 years who’ve a financial savings checking account in a financial institution or publish workplace. Thakur mentioned, in a written reply to a query within the Lok Sabha, that the co-contribution quantity disbursed by the federal government within the scheme amounted to 57,078,22 lakh until February 2021.

Below the scheme, there are 5 pension slabs of 1000, 2000, 3000, 4000 and 5000 that are assured by the federal government on the attainment of 60 years by the subscriber. In case of demise of the subscriber, the identical pension quantity is assured to the partner of the subscriber.

Right here’s a listing of steps being taken to extend APY enrolment:

1. Preserving in thoughts seasonal earnings earners, the federal government has modified the mode of cost of contribution by the subscriber to month-to-month, quarterly, and half-yearly. The one mode accessible earlier was that of month-to-month.

2. Subscribers can now improve or downgrade the pension quantity any time in the course of the monetary yr. However this may be achieved solely yearly.

3. The federal government has additionally made a cell app to entry APY accounts, in addition to different amenities like e-PRAN (electronic- Everlasting Retirement Account Quantity) and E-SOT (On-line Assertion Of Transaction).

4. To ease the method of on-boarding for subscribers, an alternate paper-less mode has been accepted which won’t use net-banking. Aside from this, 17 banks have been recognized which is able to provide the onboarding facility utilizing net-banking.

5. A grievance module has additionally been made accessible for the prevailing APY subscribers.

6. The federal government can also be targeted on the capability constructing of the financial institution department officers by conducting varied coaching programmes.

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