Govt enrolls 12.5 lakh subscribers under Atal Pension Yojana

NEW DELHI: Government has enrolled over 12.50 lakh subscribers under Atal Pension Yojana (APY) within six months of its launch, way above 3.01 subscribers under Swavalamban pension scheme during the first year of launch, Finance Minister Arun Jaitely said in Parliament today.

"Over 12.50 lakh subscribers have been enrolled under APY within about six months from its introduction, as compared with the 3.01 lakh subscribers enrolled during the first year of implementation of Swavalamban pension scheme," Jaitley said in a written reply in Rajya Sabha.

Asked whether people have shown lack of interest in the APY scheme, he said the scheme was launched in May and the registration of subscribers under it started from June 1.

"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," he added.

Jaitley said the government has been taking various measures to encourage people to join APY.

Creating awareness through media, organising town-hall meetings in association with state governments and state-level bankers' committees, providing flexibility to subscribers to pay monthly, quarterly or half-yearly contribution under APY are among the measures taken, he said.

Besides, measures such as permitting voluntary premature exit before age 60 to APY subscribers and capacity building of enrollment agencies like officials of banks, post offices and business correspondents are also being taken, Jaitley said.