There is good news for thousands of pensioners. The government is currently making extensive pension preparations. Chairman of the Pension Fund Regulatory and Development Authority (PFRDA), Deepak Mohanty, stated on Wednesday that an announcement regarding a pension plan guaranteeing minimum assured returns will be made soon.
There are 5.3 crore subscribers to the Atal Pension Yojana.
Additionally, Mohanty stated that the Atal Pension Yojana has roughly 5.3 crore subscribers. 1.3 crore enrollments in APY are the goal for this year, compared to 1.2 crore in 2022.
They said that a great deal of work was being done.
We must find the right balance between risk and reward there. Assurance is provided but at a cost. The government provides the assurance, just like with APY, and the customer pays the cost. According to him, the pension fund will need to contribute more capital if there are guaranteed returns because there is a higher risk involved.
The administration is thinking about it.
They claimed that we are taking this possibility into account. We have also advanced a little bit. We will develop such a product and ensure that the returns are alluring. Regarding the Atal Pension Yojana, he stated that the Regional Rural Bank is making great strides in achieving PFRDA’s goal of increasing clients under the program.
Pension system evaluation
When asked about the committee’s progress in reviewing the pensions system for government employees, which is headed by the finance secretary, Mohanty responded that it was too early to comment. This committee includes Mohanty.
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