Encouragement for joining Atal Pension Yojana

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF FINANCIAL SERVICES

RAJYA SABHA

STARRED QUESTION NO.169

TO BE ANSWERED ON DECEMBER 15, 2015/AGRAHAYANA 24, 1937 (SAKA)

(HEADING): ENCOURAGEMENT FOR JOINING ATAL PENSION YOJANA

* 169. Shri Naresh Agrawal:

Will the Minister of FINANCE be pleased to state:

(a) Whether it is a fact that people have shown lack of interest in the Atal Pension scheme;

(b) If so, the reasons therefor; and

(c) If not, the number of people who joined the Atal Pension Scheme since its inception and the steps being taken by the Government to encourage people?

ANSWER

FINANCE MINISTER
(SHRI ARUN JAITLEY)

(a) to (c): A Statement is laid on the Table of the House.

STATEMENT OF RAJYA SABHA STARRED QUESTION NO. *169 FOR ANSWER ON 15.12.2015 REGARDING “RESPONSE TO ATAL PENSION SCHEME” RAISED BY SHRI NARESH AGRAWAL

(a) to (c): The Atal Pension Yojana (APY) was launched in May, 2015 and the registration of subscribers under APY started from June 1, 2015. APY is a long-term savings product, with at least 20 years of financial commitment, where a subscriber has to analyse his capacity to contribute and match it with his own requirement of an adequate pension amount, depending on his age of entry into APY. Over 12.50 lakh subscribers have been enrolled under APY within about 6 months from its introduction, as compared with the 3.01 lakh subscribers enrolled during the first year of implementation of Swavalamban pension scheme.

Measures taken to encourage people to join APY include:

• Creation of awareness through media publicity campaigns and organising town-hall meetings with the participation of State Governments and State Level Bankers’ Committees to aggregate the target occupational groups and other potential subscribers.

• Providing flexibility to subscribers to pay monthly, quarterly or half-yearly contributions under APY to facilitate participation by subscribers earning seasonal or irregular income, such as in agriculture and in informal sector.

• Permitting voluntary premature exit before age 60 to subscribers under APY.

• Capacity building of enrolment agencies, like officials of banks, post offices and business correspondents.

Source: RAJYA SABHA