Atal Pension Yojana Crosses 7 Crore Enrollments Milestone

The Atal Pension Yojana (APY), launched in 2015 to provide a universal social security system for all, particularly the underprivileged and workers in the unorganized sector, has achieved a major milestone. As of FY 2024-25, total enrollments have surpassed 7 crore, with over 56 lakh new enrollments added in the current financial year. This achievement highlights the success of the scheme in reaching vulnerable sections of society.

Efforts Behind APY’s Success

The Ministry of Finance attributes the scheme’s growth to the combined efforts of banks, State Level Bankers’ Committees (SLBCs), and Union Territory Level Bankers’ Committees (UTLBCs). Additionally, the Pension Fund Regulatory and Development Authority (PFRDA) has actively promoted the scheme through outreach programs at the state and district levels, media campaigns, and the distribution of flyers in multiple languages to spread awareness.

Financial Security for Subscribers and Families

APY offers a guaranteed pension ranging from ₹1,000 to ₹5,000 per month, depending on contributions. Upon the subscriber’s demise, the spouse receives the same pension, and after both pass away, the accumulated corpus is returned to the nominee. This structure ensures ongoing financial security for the family, making APY a comprehensive safety net for the economically vulnerable.

Atal Pension Yojana (APY) – Key Points

Launch Date: Introduced on May 9, 2015.

Objective: To provide a universal social security system, particularly for the poor, underprivileged, and workers in the unorganized sector.

Enrollment Milestone: Total enrollments have crossed 7 crore, with over 56 lakh new enrollments in FY 2024-25.

Pension Amount: Offers a guaranteed minimum pension ranging from ₹1,000 to ₹5,000 per month, based on the subscriber’s contributions.

Eligibility: Open to all Indian citizens aged 18 to 40 years.

Contribution Period: Subscribers must contribute until the age of 60 to receive pension benefits.

Pension Structure

• Subscriber’s Pension: Monthly pension provided to the subscriber after reaching 60 years.
• Spouse’s Benefit: After the subscriber’s death, the spouse continues to receive the same pension amount.
• Nominee Benefit: Upon the death of both the subscriber and spouse, the accumulated corpus is returned to the nominee.

Promoting Financial Security: Aims to create a safety net for economically vulnerable individuals, ensuring financial security in their later years.

Awareness Initiatives: Conducted outreach programs, awareness training, and distributed flyers in Hindi, English, and 21 regional languages to increase public knowledge about the scheme.

Regulatory Authority: Managed by the Pension Fund Regulatory and Development Authority (PFRDA).

Importance: Enhances pension coverage and provides financial security to the lower-income segments of society, promoting social welfare.