Atal Pension Yojana (APY) enrollments cross 7-crore mark

Under the APY, the subscriber is eligible to get triple benefits, as guaranteed by the government, i.e. lifelong monthly pension of Rs. 1,000 to Rs. 5,000 from the age of 60 years, depending on their contributions

The total enrollment under the Atal Pension Yojana (APY) has crossed the 7 crore mark in its tenth year of rollout. It has achieved a milestone, with an enrollment of over 56 lakh in the current financial year, i.e., FY 24-25.

PFRDA, in the recent past, has taken several initiatives for awareness creation of the scheme i.e., conducting APY Outreach Programs at State and District levels, organising awareness and training programs, publicity through various media channels, releasing a one-pager simple APY flyer/handout in Hindi, English, and 21 regional languages, and regular performance review.

The APY, a flagship social security scheme of the Government of India, was launched on 9 May 2015 by Prime Minister Narendra Modi to provide old age income security to Indian citizens, with a particular focus on the poor, underprivileged, and workers in the unorganized sectors.

The Pension Fund Regulatory and Development Authority (PFRDA), in the recent past, has taken several initiatives for awareness creation of the scheme including the release of a one-page simple APY flyer/handout in Hindi, English, and 21 regional languages.

Under the APY, the subscriber is eligible to get triple benefits, as guaranteed by the government, i.e. lifelong monthly pension of Rs. 1,000 to Rs. 5,000 from the age of 60 years, depending on their contributions, which itself would vary based on the age of joining the APY. 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 back to the nominee.

APY has been designed in such a way that it provides ‘Sampurna Suraksha Kavach’ to not only the subscriber by providing a life-long defined and guaranteed pension amount, but also to the spouse by providing the same pension amount after the demise of the subscriber and then to the family by returning the entire corpus (accumulated till the age of 60 years) to the nominee after the death of the subscriber and spouse.