As on September 2021, around 78 per cent subscribers have opted for Rs 1000 per month pension amount, as compared to 38 per cent subscribers as on March 2016
The share of subscribers opting for Rs 2000/`Rs 3000/Rs 4000 per month pension is 8 per cent, while 14 per cent opt for Rs 5000 per month pension
New Delhi:
The age profile of the subscribers in the Atal Pension Yojana (APY) scheme suggests increasing enrolments at younger age.
As on September 2021, more than 43 per cent subscribers were between 18 and 25 years, as compared to 29 per cent as on March 2016, according to the Economic Survey-2021-22.
Further, more people are now opting for a pension amount of Rs 1000 per month.As on September 2021, around 78 per cent subscribers have opted for Rs 1000 per month pension amount, as compared to 38 per cent subscribers as on March 2016, said the survey.
Further, as on September 2021 the share of subscribers opting for Rs 2000/`Rs 3000/Rs `4000 per month pension is 8 per cent, while 14 per cent opt for Rs 5000 per month pension.
The gender gap in enrolments under APY has narrowed down with increased participation of female subscribers, which has increased from 37 per cent as of March 2016; to 44 per cent as of September 2021.
The total number of subscribers under New Pension Scheme (NPS) and APY increased from 374.32 lakh as on September 2020 to 463 lakh as on September 2021, recording a growth of 23.7 per cent over the year.
The overall contribution under NPS grew by more than 29 per cent during the period September 2020 – September 2021.
Maximum growth in contribution was registered under All Citizen model (51.29 per cent) followed by Corporate Sector (42.13 per cent), APY (38.78 per cent), State Government Sector (28.9 per cent), and Central Government Sector (22.04 per cent).
The Assets under Management (AUM) of NPS and APY stand at `6.67 lakh crore at end September 2021, as compared to `4.95 lakh crore at the end of September 2020, thereby recording an overall growth (YoY) of 34.8 per cent (Table 19).
As on 12th October 2021, contribution of Rs 16,109 crore was collected in the Atal Pension Yojana (APY) scheme from more than 3.45 crore enrolments.
The APY scheme is being distributed through more than 250 active APY service providers including all banks and post offices.
The limits for allowing exit from NPS without requirement of annuitisation (complete lump-sum) was revised upward in case of superannuation or death of subscriber from Rs 2 lakh to Rs 5 lakh, as well as in case of premature exit from NPS from Rs 1 lakh to Rs 2.5 lakh across the sector for all NPS subscribers.
The subscribers, joining after age of 60 years, can remain invested/ subscribed to the National Pension System till the age of 75 years which was earlier 70 years.
In order to enable its employees build a sufficient pension corpus, the Central Government has increased the Government co-contribution from 10 per cent 150 Economic Survey 2021-22 to 14 per cent for its employees. It is extended to Bank employees, State Govt employees and Central Autonomous Bodies (CABs).
The Government has also provided the option to Central Government employees to change their pattern of investment along with opting for any other pension fund apart from the present default scheme.
The limit of aggregate holding of equity shares by a foreign company in Pension Funds has been revised up from 49 per cent to 74 per cent.