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Atal Pension Yojana Subscriber Base Crosses 6 Crores

Utkarsh Classes 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.

FAQ

Answer:- Atal Pension Yojana (APY)

Answer:- 9 May 2015

Answer:- Any citizen of India between the ages 18-40 years can participate in APY.
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