PFRDA organized a large- scale conference


PFRDA organized a large- scale conference that was aimed around the implementation of the Atal Pension Yojana across the country. The prime motive of this conference was to address the post offices and banks to contribute towards this movement. They should contribute towards increasing the coverage of old age people and getting them registered under the Atal Pension Yojana. This reform will cover all old age citizens and will provide income security to them.

During this conference many senior officials from public sector banks, regional rural banks, private sector banks and department of post were present and actively participated. One of the members of PFRDA Dr B S Bhandari also addressed the audiences. He informed them that the target of opening 2 crores Atal Yojana accounts need to be met by December 3rd, this year. He said that this is feasible to achieve as India has 40 crores citizens who are between 18-40 years and lie in the unorganized sector. The aim is to cover them under this scheme. This is for the benefit of the old age citizens. Atal Pension scheme is a low contribution scheme which is to target the informal and unorganized sector and would reap to good benefits for the senior citizens.

The Banks were also appealed to organize a campaign day for APY which was on 05th November. More than 1 lakh registrations were made on that day. Further, more campaigns will also be organized in the near future. He also gave emphasis about the role of the Banks and the Indian Post. All the branches should be proactive and participate in this reform and also keep monitoring, which shall be done by the Nodal Officers of both.

Amongst others who also addressed the participants was Ms Anjuly Chib Duggal, Secretary(FS). She highlighted the mechanism which would be behind this Yojana. It would involve savings during the years when the elderly people would be employed and after retirement this would give good returns and a fixed income. Moreover, meanwhile the savings would also be available for the government to use for the development of the economy.

Chairman PFRDA, Shri Hemant Contractor also gave an overview about the various pension mechanisms that other countries use for old age population, so that they have a security during their old age and live strain- free. He said that India also needs to work and implement such saving schemes for benefiting the citizens. He also informed the participants that still around 88 percent of the employed population in the informal sector does not has any pension scheme. Moreover, another fact stated by him was that 10 percent of the senior citizens across the world are Indians and would near to 180 million by the year 2030.