A Study to Assess the Awareness and Benefits of Atal Pension Yojana (APY) in Mumbai

Abstract

India is one of the young and developing nations of the world where nearly 10.5% of the population is above 60 years and the number is expected to double by 2050 according to report of technical group on population projections for India and state 2011-2036. According to Periodic labour force survey nearly 71% of elderly population resides in rural areas and 29% in urban areas. With rapidly aging population the livelihood of such senior citizens is a big challenge especially for population engaged in unorganised and private sector where benefits of pension is not available to such people. There was a dire need to look for income security among the elderly retired people. The issue was addressed by the government of India by introducing Atal Pension Yojana (APY) in the year 2015. The Scheme aims to help the people engaged in unorganised sector, private sector and economically vulnerable class in meeting their pension requirements. The paper aims to check the awareness of APY among the people in Mumbai and also check its benefits which makes the scheme appealing to the citizens. The paper is based on both primary and secondary data. The conclusions drawn would be helping in judging whether people in capital city of Mumbai are aware and are willing to open APY considering the benefits.