BackAtal Pension Yojana set to miss enrolment target; banks asked to help
Atal Pension Yojana is a fixed benefit scheme, promising subscribers a monthly income between Rs1,000 and Rs5,000
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New Delhi: Concerned over the apathetic response to the government’s flagship social security scheme, the Pension Fund Regulatory and Development Authority has asked all state-run banks to organize a two-day camp to increase enrolment.
The Atal Pension Yojana aims to provide old-age pensions to a majority of the people. It is a fixed benefit scheme, promising subscribers a monthly income between ₹ 1,000 and ₹ 5,000.
Since the scheme was launched in May, the banks have enrolled around 1.53 million subscribers, just 8% of the 20 million they had targeted by 31 December.
This is despite the incentives the government provides for new enrolments. For those who enrol in the scheme before 31 December, the government will contribute an amount equal to 50% of the subscriber’s contribution, or ₹ 1,000, whichever is lower.
“As the government co-contribution under the scheme is available to subscribers who join the scheme up to 31 December 2015, no one should be deprived of this benefit if he/she intends to join the scheme on or before 31 December 2015. Therefore, it has been decided in consultation with the department of financial services to observe 29-30 December 2015 as ‘APY Maha Login Days’," B.S. Bhandari, a member at the regulatory agency, wrote to all state-run banks on 23 December.
The letter urged state-run banks to encourage field officers to strive towards achieving the target.
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