ATAL PENSION YOJANA: PFRDA permits deferral of Atal Pension subscribers’ contribution until June

ATAL PENSION YOJANA: PFRDA permits deferral of Atal Pension subscribers’ contribution until June

ATAL PENSION YOJANA: In a major relief to Atal Pension Yojana (APY) subscribers within the wake of coronavirus pandemic, PFRDA has allowed postponement of their contribution till Gregorian calendar month 2020.

The majority of APY subscribers belong to the lower strata of the society and square measure expected to suffer the foremost throughout and once the internment.

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In such a situation, it should be tough for them to stay causative to the theme frequently throughout such amount, Pension Fund restrictive and Development Authority of Asian nation (PFRDA) aforesaid in an exceedingly circular.

The happening of the COVID-19 pandemic has compact adversely to any or all the sections of the society. However, it’s a glorious proven fact that the underprivileged and poor square measure most susceptible to the economic effects of the aforesaid sickness, it added.

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“Therefore, it’s been set by the competent authority to prevent auto-debiting bank account of the subscribers for APY contribution until thirtieth Gregorian calendar month 2020.

“Also no penal interest are charged to the APY subscribers if they regularize their APY accounts by depositing such non-deducted APY contributions in conjunction with regular APY contributions between first July, 20th, and thirtieth Sept 2020,” PFRDA aforesaid.

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The regulator aforesaid that the modalities of payment of the allowed non-deducted APY contributions in conjunction with regular contributions are get in due course.

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“Keeping in sight the higher than, all APY-SPs (service providers) square measure suggested to prevent auto-debiting the bank account of the subscribers for APY contribution quantity with immediate result until thirtieth Gregorian calendar month 2020,” it added.

APY could be a self conducive government-guaranteed pension product that in the main caters to the folks utilized within the unorganized sector in Asian nation.

Apart from APY, PFRDA runs the National Pension System (NPS) theme that is for those utilized within the organized sector and caters to folks within the central and regime, autonomous bodies, company offices additionally as salaried or self-employed/business people.

Last week, for the NPS subscribers, the pension fund agency has allowed for withdrawal to an exact limit from their accruals for Covid-19 connected emergencies.

As on thirty one March 2020, the overall variety of subscribers underneath NPS and APY stood at three.46 crore. Of this, the quantity of APY subscribers was two.11 crore, as per PFRDA knowledge.

The total plus underneath management underneath these schemes stood at over Rs four.17 hundred thousand large integer at the tip of March 2020. Of this, the APY corpus was of Rs ten,526 crore.

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