International Journal For Multidisciplinary Research

E-ISSN: 2582-2160   •   Impact Factor: 9.24

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Determinants of Pension Participation and Gender Parity in India: Evidence from APY and NPS

Author(s) Bela Bansal, Dr. Sanil Kumar
Country India
Abstract India operates two structurally distinct voluntary pension schemes—the Atal Pension Yojana (APY) and the National Pension System (NPS)—yet existing research assumes that standard determinants of participation operate uniformly across them. This paper tests that assumption using state-level data for 35 Indian states and Union Territories over 2019–20 to 2024–25. Cross-sectional OLS estimates, supported by reduced-form specifications, quantile regression, stacked interactions, and state–year fixed effects, show that determinants are scheme-contingent. Banking infrastructure is positively associated with NPS penetration (β = 1.094, p < 0.01) but not APY. Literacy is positively associated with female participation in NPS (β = 3.287, p < 0.05) but not APY. Per-capita income and female labour force participation show no robust associations. Gender outcomes diverge sharply: APY achieves near parity (GPI ≈ 1.0–1.2), while NPS remains male-dominated (GPI: 0.31–0.45). These results are consistent across specifications but are associative rather than causal. The findings show that identical structural conditions yield different participation outcomes depending on scheme design, challenging uniform models of financial inclusion.
Keywords Atal Pension Yojana; National Pension System; Gender Parity Index; Pension Penetration; Financial Inclusion; OLS Regression; India
Published In Volume 8, Issue 2, March-April 2026
Published On 2026-03-29
DOI https://doi.org/10.36948/ijfmr.2026.v08i02.72582
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