Atal Pension Yojana Poorly Designed: Congress

NEW DELHI, Mar 26: The Congress on Tuesday attacked the Modi authorities over the Atal Pension Yojana, alleging it’s a ”very poorly-designed scheme” and a ”paper tiger” that wants officers to hoodwink and coerce individuals into taking part in it.
Congress basic secretary Jairam Ramesh stated the scheme is a ”becoming illustration of the Modi Authorities’s coverage making: headline administration, with few advantages really reaching the individuals”.
His assault got here after a media report claimed that almost considered one of three subscribers who dropped out of the central authorities’s pension scheme for the unorganised sector, the Atal Pension Yojana (APY), did so as a result of their accounts have been opened with out their ”specific” permission. The report cited a current pattern research by the Indian Council of Social Science Analysis (ICSSR).
In a submit on X, Ramesh stated, ”The Finance Minister (Nirmala Sitharaman) was in Bengaluru on the twenty fourth of March, the place she was proclaiming the advantages of the Atal Pension Yojana initiated by the Modi Authorities as its ‘flagship social safety programme’.” ”Only a day later, right here’s what emerged: As much as a 3rd of the subscribers to this scheme have been enrolled into the scheme with out ‘specific permission’ by officers looking for to fulfill their quotas,” he stated sharing the media report on X.
Almost 83 per cent of the subscribers are within the lowest slab of Rs. 1,000 pension, as a result of the month-to-month contribution for it’s low and it goes ”unnoticed” by the beneficiaries, he stated.
For subscribers, the quantity of return isn’t very engaging since it’s a fastened revenue pension, which loses worth with rising costs, Ramesh stated.
”The ‘flagship’ Atal Pension Yojana is a really poorly-designed scheme, a paper tiger that wants officers to hoodwink and coerce individuals into taking part in it. It’s a becoming illustration of the Modi Authorities’s coverage making: headline administration, with few advantages really reaching the individuals!” he stated.
Atal Pension Yojana (APY), a pension scheme for residents of India is targeted on the unorganised sector employees. Beneath the APY, assured minimal pension of Rs. 1,000/- or 2,000/- or 3,000/- or 4,000 or 5,000/- per 30 days will likely be given on the age of 60 years relying on the contributions by the subscribers. (Businesses)