More youngsters, women turn to pension schemes under APY
Premium- As on September 2021, more than 43% subscribers were between 18 and 25 years, as compared to 29% as on March 2016
NEW DELHI : More youngsters and women are signing up for the government’s flagship social security scheme Atal Pension Yojana (APY), the economic survey 2021-22 showed, in a major trend shift in India’s pension sector.
The survey tabled in parliament on Monday showed that the age profile of the subscribers in the APY scheme suggests increasing enrolments at a younger age.
“As on September 2021, more than 43% subscribers were between 18 and 25 years, as compared to 29% as on March 2016," it said.
Further, the gender gap in enrolments under APY has narrowed with increased participation of female subscribers, which has increased from 37% as of March 2016, to 44% as of September 2021.
The survey also showed that more people are now opting for a pension amount of ₹1,000 per month. As on September 2021, around 78% subscribers opted for the figure, compared with 38% subscribers as on March 2016. Further, as on September 2021, the share of subscribers opting for ₹2,000, ₹3,000, ₹4,000 per month pension is 8%, while 14% opt for ₹5,000 per month pension.
As on 12 October 2021, contribution of ₹16,109 crore was collected in APY from more than 34.5 million enrolments. The APY scheme is being distributed through more than 250 active APY service providers including all banks and post offices, it said.
The total number of subscribers under New Pension Scheme (NPS) and APY increased from 37.4 million as on September 2020 to 46.3 million as on September 2021, a growth of 23.7% over the year. Overall contribution under NPS grew by more than 29% during the September 2020 to September 2021 period.
Assets under management (AUM) of NPS and combined APY stood at ₹6.67 trillion at the end of September 2021, against ₹4.95 trillion at the end of September 2020, up 34.8%.
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