Early enrollment in APY key to maximizing benefits, says PFRDA official

Syllad | The Rising MeghalayaDecember 6, 2024

The Pension Fund Regulatory and Development Authority (PFRDA), in partnership with the State Bank of India’s Local Board Committee (SLBC), Meghalaya, organized the Atal Pension Yojana (APY) Outreach Program in Shillong to promote awareness of the APY scheme.

The program was attended by several distinguished dignitaries, including Deepak Mohanty, Chairman of PFRDA; Pravesh Kumar, Chief General Manager of PFRDA; and Priyanka Gupta, Deputy General Manager of PFRDA. Dr. Shakil P Ahammed, Additional Chief Secretary to the Government of Meghalaya, attended as the Chief Guest, while NG Yirmayai, Director of the North Eastern Council, served as the Guest of Honour. Senior officials from the Reserve Bank of India (RBI), State Bank of India (SBI), and the Government of Meghalaya were also present.

In his address, Dr. Shakil P Ahammed highlighted the APY scheme’s importance as a social security tool for those in the unorganized sector. He remarked, “It is a scheme for the people who are not fortunate enough to work in the organised sector where the pension is paid by the employer but for the unorganized sector who depend solely on their own financial planning to get continuous income post-retirement.”

Deepak Mohanty underscored the scheme’s benefits, including the government’s guarantee to cover any pension corpus shortfall, ensuring subscribers receive the promised amount. “Banks must learn about the scheme and educate the public about its benefits so they can fully appreciate its value,” he urged.

Pravesh Kumar spoke about the advantages of enrolling in the APY at an early age, emphasizing the power of compound growth. “Banks should leverage PFRDA’s calculation tools during outreach programs to better engage potential subscribers,” he added.

N Tariang, Director of Institutional Finance, Government of Meghalaya, stressed the importance of raising awareness in rural areas, noting, “A reliable income, such as a pension, is essential for everyone, including labourers, farmers, and small business owners in villages.”

Two new subscribers shared personal experiences, explaining how enrolling in the APY helped them secure a steady income for retirement and avoid financial dependence on their families.

Priyanka Gupta provided a detailed presentation on the scheme’s performance across states and banks, encouraging attendees to meet enrolment targets and continue their outreach efforts.

The event included a Q&A session where participants showed active interest in the scheme’s benefits. It concluded with an awards ceremony recognizing exceptional performance. Awards presented included the APY Citizens Choice Campaign awards for the financial year 2023-24 and Certificates of Achievement for 100% Target Achievement by State Coordinators and Local District Managers.