PFRDA suggests comprehensive Scheme to the Finance Ministry

On May 17, 2020, the Pension Fund and Regulatory Authority (PFRDA) of India suggested comprehensive scheme to the Ministry of Finance. Under the scheme, the social security measures for the people with low income are to be explored.

Highlights

The PFRDA has suggested comprehensive pension scheme to take along Pradhan Mantri Jeevan Jyoti Bima Yojana, Atal Pension Yojana.

What is the plan?

Under Jeevan Jyoti Bima Yojana, Rs 330 is being charged on yearly basis and Rs 12 per year is being charged under Suraksha Bima Yojana. The charges on Atal Pension Yojana is also quite low. The plan is to club all these schemes together.

Significance of integration

The integration increases the stability of the pension system. Also, the integration increases the growth rate of the pension schemes. This will also increase the number of entities participating in the scheme. This in turn improves social security of the workers. And also, the integration during COVID-19 period will support liquidity flow in the country.

Atal Pension Yojana

The APY had completed 5 years in May 2020 with more than 2.23 crore subscribers.

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