Atal Pension Yojana Subscriber Base Crosses 6 Crores

Utkarsh Classes Last Updated 13-12-2023

Atal Pension Yojana Subscriber Base Crosses 6 Crores

Government Scheme 3 min read

Total enrolment under the Atal Pension Yojana (APY) has crossed the 6 crore mark. More than 79 lakh enrolments have taken place in Atal Pension Yojana in the current financial year 2023-24. The achievement of bringing the weakest sections of society within the pension ambit has been possible due to the efforts of all banks.

The Pension Fund Regulatory and Development Authority (PFRDA) has recently taken several initiatives to create awareness about the scheme. It includes issuing a simple one-page APY circular/handout in Hindi, English and 21 regional languages.

About Atal Pension Yojana (APY):

The scheme was launched on 9 May 2015 by Prime Minister Narendra Modi.
Objective: To provide universal social security for all Indians, especially the poor, the underprivileged and workers in the unorganised sector.
APY has been implemented on a large scale across the country. Under this scheme, the ratio of men and women among those joining this scheme in all the states and union territories is 57:43.

Operation of APY:

APY is administered by the “Pension Fund Regulatory and Development Authority” through NPS.

Qualifications for APY:

Any citizen of India between the age of 18–40 years can participate in APY.
In APY, the contribution amount for subscribers who join late is higher and the contribution amount for subscribers who join early is less.

Benefits of APY:

Provides a guaranteed minimum monthly pension of Rs 1000 or Rs 2000 or Rs 3000 or Rs 4000 or Rs 5000 to the subscribers on attaining the age of 60 years.
Upon the demise of the subscriber, the spouse is assured a lifelong pension.
In the event of death of both the subscriber and his/her spouse, the entire pension amount is paid to the nominee.

About Pension Fund Regulatory and Development Authority (PFRDA):

PFRDA is a statutory authority established by an Act of Parliament to regulate, promote and ensure the orderly development of the National Pension System (NPS).
PFRDA functions under the Department of Financial Services of the Ministry of Finance.
It appoints various intermediary agencies, for example, pension fund manager, central record keeping agency, etc.