PFRDA plans state specific APY mobilisation campaign to expand outreach
New Delhi: In a move to increase the subscriber base of Atal Pension Yojana (APY), the Pension Fund Regulatory and Development Authority (PFRDA) will be conducting state- specific APY mobilisation campaigns under the title “People First,” the finance ministry said on Friday.
The first campaign is being conducted in Uttar Pradesh from 7 to 14 November. Mint had reported this development on Thursday.
“We are launching state-specific APY campaigns. We have started off with Uttar Pradesh and will be running this campaign across 5-6 big states in order to get as many people in the state as possible to join APY,” PFRDA chairman Hemant Contractor had said.
UP has more than 17,000 APY touch points which include all bank branches and post offices in the state.
“In the first three days, more than 15,000 APY accounts have been sourced in UP,” the finance ministry statement said.
According to PFRDA, similar campaigns will rolled out in Bihar, Madhya Pradesh and Rajasthan in the next few weeks.
UP is the largest State in the country with a population of 71 million in the APY scheme age group of 18-40 years, said the statement.
APY, a scheme launched in 2015 for the unorganised sector, has a subscriber base of 7 million beneficiaries accounting for a corpus of about Rs3,000 crore as of 31 October.
As of 31 March, APY had around 4.8 million beneficiaries accounting for a corpus of about Rs1,885 crore.
The subscriber base of the two schemes, APY and National Pension Scheme (NPS), which is regulated by PFRDA, is more than 18 million. The subscriber base includes central and state government employees and those from the private sector, including the informal economy.
APY accounts for around 80% of the growth in the subscriber base this year, according to PFRDA.
The total assets under management at NPS and APY as of 31 October was more than Rs2 trillion, according to PFRDA.
PFRDA has taken several initiatives in the past to increase pension coverage, notably introducing e-NPS, reducing minimum contribution levels, new investment instruments, and aggressive life cycle funds.
NPS is a voluntary contributory retirement savings scheme designed to enable systematic savings during a subscriber’s working life. It is an attempt towards finding a sustainable solution to providing adequate retirement income to every citizen of India.
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