More People Opting For Rs 1,000/Month Pension Under Atal Pension Yojana: Economic Survey

More people are now opting for pension amount of Rs 1,000 per month, under the government-run Atal Pension Yojana (APY), and the scheme is gaining popularity among youngsters, according to the Economic Survey 2021-22.

APY, the flagship social security scheme of the government, was launched on May 9, 2015, to provide old-age income security particularly to the citizens in the unorganised sectors.

As per the Economic Survey, more people are now opting for a pension amount of Rs 1,000 per month.

"As on September 2021, around 78 per cent subscribers have opted for Rs 1,000 per month pension amount, as compared to 38 per cent subscribers as on March 2016," it said.

As many as 8 per cent of the subscribers have opted for the pension subscription category of Rs 1,000/ 3,000/ 4,000 per month, while 14 per cent have opted for Rs 5,000 per month pension, it noted.

The APY scheme is being distributed through more than 250 active APY service providers including all banks and post offices.

Citing the age-profile related data of the APY subscribers, the Survey said, 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, suggesting increasing enrolments at young age.

The Economic Survey also highlighted narrowing down of gender gap in APY enrolments. There is increased participation of female subscribers, which has increased from 37 per cent as of March 2016, to 44 per cent as of September 2021.

Uttar Pradesh, Bihar, West Bengal, Maharashtra, Tamil Nadu, Andhra Pradesh, Karnataka, Madhya Pradesh, Rajasthan, Gujarat and Orissa are among the top states which have APY account enrolment of 10 lakh and more.