Atal Pension Yojana Aims for 1.3 Crore New Subscribers This Year. The Chairman of the Pension Fund Regulatory and Development Authority (PFRDA), Deepak Mohanty, announced that the target for enrolling new subscribers in the Atal Pension Yojana (APY) this year is 1.3 crore, compared to 1.2 crore last year. Currently, there are approximately 5.3 crore subscribers to the APY scheme. Mohanty also mentioned that the government has assured gap funding and the scheme has generated a 9% return.
PFRDA Develops Pension Scheme with Assured Returns
The PFRDA is working on a new pension scheme that will provide minimum assured returns. This scheme may involve higher premium payments to offer higher returns. Mohanty highlighted the need to balance risk and return in this new product. While the APY scheme is government-assured, an assured returns scheme would require the pension fund to provide more capital due to increased risk. The PFRDA is making progress in developing this product and aims to ensure that the returns remain attractive.
Finance Secretary-Headed Panel to Review Pension System
A committee headed by the Finance Secretary has been formed to review the pension system for government employees. The committee, of which Deepak Mohanty is a member, will assess the existing framework and structure of the National Pension System (NPS) for government employees.
Its objective is to suggest any necessary changes and improvements to the pensionary benefits of government employees under the NPS, while also ensuring fiscal prudence to protect the interests of common citizens. However, it is too early to provide further details or comments on the committee’s discussions and proposals.