Pension News: Great news for lakhs of pensioners! The government is taking significant steps to enhance the pension system.
According to Deepak Mohanty, the Chairman of the Pension Fund Regulatory and Development Authority (PFRDA), the regulatory body is diligently working on a new pension scheme that will provide minimum assured returns. An official announcement regarding this scheme will be made soon.
Atal Pension Yojana has 53 million subscribers
In addition to this, Mohanty mentioned that there are approximately 53 million subscribers of the Atal Pension Yojana. The target for APY enrollment this year is 13 million, while there were 12 million enrollments in 2022.
The government assures and emphasizes that a lot of work is being done. However, it is essential to strike a balance between risk and return. When there are assured returns, the pension fund needs to allocate more capital as it involves greater risk.
The government is actively considering this aspect
They have expressed that they are contemplating this possibility and have made some progress. Their aim is to introduce a product that offers attractive returns. Regarding the Atal Pension Yojana, PFRDA aims to increase the number of customers under the scheme, and the Regional Rural Banks have made commendable progress in this regard.
Review of the pension system
When asked about the progress of the committee chaired by the Finance Secretary, which was formed to review the pension system for government employees, Mohanty mentioned that it is too early to provide any updates. Mohanty himself is a member of this committee.