New Delhi [India], December 13 : The total enrolment under the Atal Pension Yojana (APY) has crossed six crore, with enrolment of over 79 lakh just in the current financial year 2023-24, the Pension Fund Regulatory and Development Authority (PFRDA) said on Wednesday.
Atal Pension Yojana (APY) is the government's flagship social security program launched eight years ago.
Atal Pension Yojana (APY) was launched on May 9, 2015, and was operationalised from June 1, 2015. The minimum age of joining the APY is 18 years and the maximum age is 40 years. As per the scheme, subscribers will receive pension benefits upon attaining the age of 60 years.
It aims to deliver old age income security to all citizens of India, particularly to the workers in the unorganised sector.
The Scheme offers a flexible minimum guaranteed pension of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 or Rs 5,000 per month based on the age of joining and the pension amount chosen. Accordingly, the per month subscription amount presently varies from Rs 42 to Rs 1,454 based on the chosen option.
The enrolments in the scheme have continuously shown an increasing trend since its inception.
"This feat of bringing in the most vulnerable sections of society under the coverage of pension has been made possible with the untiring efforts of all banks," said the Pension Fund Regulatory and Development Authority (PFRDA) in an official release on Wednesday, while providing data about the enrolment so far.
A new APY account can be opened by any Indian citizen, in the age group of 18-40 years, who has a savings bank account and is not an income taxpayer.
The same pension would be paid to the spouse of the subscriber after the demise of the subscriber and on the demise of both the subscriber and spouse, the pension wealth as accumulated till age 60 of the subscriber would be returned to the nominee.
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