According to the Economic Survey 2021-22, awareness about financial freedom has increased among the youth. Under the Atal Pension Yojana, the highest growth has been recorded in the youth of 18-25 years.
The total asset under management of pension funds is Rs 7.17 lakh crore.
Retirement Scheme (Retirement SchemesThere is increasing awareness among the people about it. pension fund regulator ,PFRDA) according to, National Pension System ,National Pension System) And Atal Pension Yojana ,Atal Pension YojanaAsset under management has grown by 28 per cent year-on-year. At the end of February, the total assets of both the pension schemes increased to Rs 7.17 lakh crore from Rs 5.59 lakh crore just a year ago. At the same time, there has been a jump of about 23 percent in the number of subscribers on a yearly basis. The number of NPS subscribers grew by 22.31 per cent year-on-year and reached 5.07 crores. Atal Pension Yojana’s subscribers jumped 29 per cent year-on-year and reached Rs 3.52 lakh crore.
According to the Economic Survey 2021-22, awareness about financial freedom has increased among the youth. Under the Atal Pension Yojana, the highest growth has been recorded in the youth of 18-25 years. According to the data of September 2021, the participation of youth in Atal Pension Yojana was 43 per cent as against 29 per cent in March 2016. The National Pension System is applicable to both central and state employees. There has been a jump of 4.94 percent in the NPS of central employees and 9.22 percent in the NPS of state employees. According to PFRDA, their number has increased to 22.75 lakhs and 55.44 lakhs.
No benefit of this scheme after 40 years
The minimum age to join the pension scheme has been kept at 18 years so that people start depositing money at an early age. This will increase the period of depositing money in APY. So will be entitled for more pension. If the account holder takes this scheme at an older age, then he will have to deposit more money. This means that if you want to take more benefit of Atal Pension Scheme, then you should deposit money from 18 years. The maximum age limit has also been kept 40 years. People above 40 years of age cannot take advantage of this scheme.
Organized sector workers are linked to NPS
The employees of the organized sector are mainly associated with NPS. This includes employees of the Central and State Governments, autonomous bodies, employees of private companies and others. At the same time, the goal of Atal Pension Yojana is to bring the employees working mainly in the unorganized sector under the purview of the pension scheme.
Maximum age limit raised to 70 years
PFRDA has eased some of its rules to make the National Pension Scheme more attractive. The age of joining NPS has been increased from 65 to 70 years. Along with this, PFRDA has improved the rules of entry and exit in the NPS scheme. The age of admission to NPS has been improved from 18-65 to 18-70. Earlier, people from 18 years to 65 years could join NPS. Now this age limit has been increased from 18 to 70 years. After joining NPS in 70 years, an account holder can stay for 75 years.
Deposit possible in equity up to 50%
Subscribers above 65 years of age will now be able to deposit up to 50 percent of the pension fund under NPS in equities or shares. This will increase the amount of pension and will get more money after retirement.