More kids, girls flip to pension schemes underneath APY

NEW DELHI :

More kids and ladies are signing up for the federal government’s flagship social safety scheme Atal Pension Yojana (APY), the financial survey 2021-22 confirmed, in a serious pattern shift in India’s pension sector.

The survey tabled in parliament on Monday confirmed that the age profile of the subscribers within the APY scheme suggests rising enrolments at a youthful age.

“As on September 2021, greater than 43% subscribers have been between 18 and 25 years, as in comparison with 29% as on March 2016,” it mentioned.

Further, the gender hole in enrolments underneath APY has narrowed with elevated participation of feminine subscribers, which has elevated from 37% as of March 2016, to 44% as of September 2021.

The survey additionally confirmed that extra individuals at the moment are choosing a pension quantity of ₹1,000 per thirty days. As on September 2021, round 78% subscribers opted for the determine, in contrast with 38% subscribers as on March 2016. Further, as on September 2021, the share of subscribers choosing ₹2,000, ₹3,000, ₹4,000 per thirty days pension is 8%, whereas 14% go for ₹5,000 per thirty days pension.

As on 12 October 2021, contribution of ₹16,109 crore was collected in APY from greater than 34.5 million enrolments. The APY scheme is being distributed by greater than 250 energetic APY service suppliers together with all banks and put up workplaces, it mentioned.

The complete variety of subscribers underneath New Pension Scheme (NPS) and APY elevated from 37.4 million as on September 2020 to 46.3 million as on September 2021, a progress of 23.7% over the 12 months. Overall contribution underneath NPS grew by greater than 29% in the course of the September 2020 to September 2021 interval.

Assets underneath administration (AUM) of NPS and mixed APY stood at ₹6.67 trillion on the finish of September 2021, towards ₹4.95 trillion on the finish of September 2020, up 34.8%.

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