Unveiling The Journey: Analysing The Atal Pension Yojana's Performance

Abstract

NSSO's 2011-12 Survey Reveals Stark Reality: 88% of India's Workforce Lacks Social Security Coverage. In response to this alarming statistic, the Government of India launched the Atal Pension Yojana on May 9, 2015, with a specific focus on safeguarding the elderly, particularly those in the unorganized sector. Designed to ensure a reliable income stream post-retirement, especially for those aged 60 and above, the scheme aims to bridge the gap in social security coverage.

Financial institutions were entrusted with the task of enrolling individuals into the scheme, prompting a need to assess their performance. Through secondary data collection from bank and government records, trends in subscription were analysed using Excel.

Analysis revealed that among the six financial institutions studied, Public Sector Banks emerged as frontrunners in subscriber enrolment under APY since its inception. This success can be attributed to the collaborative efforts of the Government of India and these financial entities in reaching out to potential subscribers.

In just six years, the scheme has garnered substantial traction, with approximately 3.30 crore individuals enrolled as of August 25, 2021, signalling its significance in addressing the retirement concerns of India's workforce.