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Atal Pension Yojana Achieved 10 Million Enrolment Mark in a Calendar Year

The Atal Pension Yojana achieved the highest-ever takers in 2022 with a rise of 36 percent in enrolment. In the Atal Pension Yojana, the figures cross the 10 million mark for the first time in a calendar year. The number of enrolments in 2022 rose to 12.5 million from 9.2 million in 2021. The enrolments in 2022 grew by 81 percent compared to the pre-pandemic year of 2019 when 6.9 million subscribers had enrolled for the Atal Pension Yojana.

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Atal Pension Yojana Achieved 10 Million Enrolment Mark in a Calendar Year- Key Points

  • The Pension Fund Regulatory & Development Authority (PFRDA) informed that high enrolment was because of the automation done for easy onboarding of Atal Pension Yojana subscribers.
  • PFRDA regularly holds consultations with public sector banks (PBSs), the department of financial services, and state-level bankers committees and leads direct managers to review and improve the implementation of APY across the country.
  • The majority of subscribers have opted for a Rs 1,000 pension followed by 11 percent opting for the highest pension amount of Rs 5,000 per month.
  • The beneficiaries of the scheme need to be filled their current day-to-day requirements, thus hindering their ability to contribute a higher amount under the scheme.
  • The highest number of enrolments age-wise was from 21-25 years accounting for 13.7 million subscribers, followed by 25-30 years with 12.1 million subscribers.

About Atal Pension Yojana

Atal Pension Yojana was formerly known as Swavalamban Yojana. It is a government-backed pension scheme in India launched by Prime minister Narendra Modi on 9th May 2015 in Kolkata. Under this scheme, the Government of India contributed ₹1000 per year to each NPS account opened in the year 2010-11 and the next three years.

The scheme is replaced with the Atal Pension Yojana in which all subscribing workers below the age of 40 are eligible for a pension of up to ₹5000 per month on the attainment of 60 years of age. The scheme was named after Atal Bihari Vajpayee, the former Prime Minister of India.

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