The Atal Pension Yojana (APY) scheme has reached a remarkable milestone as it completes eight years of successful implementation, gathering an impressive enrollment of over 5.25 crore subscribers.
Atal Pension Yojana (APY): Vision and Purpose
Launched in the year 2015, the APY was devised as a potent tool to ensure old age income security for every Indian citizen, with a special focus on those who toil in the unorganized sector. Its design aimed to cast a protective net of financial stability, allowing individuals to embrace their golden years without the imminent presence of financial uncertainty.
Atal Pension Yojana (APY): A Nationwide Impact
- Expanding its reach across the entire nation, the APY has seamlessly became an integral part of the Indian society.
- Enrollments have shown a consistent upward trajectory since its inception, signifying the resonance of its objectives among the populace.
- Notably, in the fiscal year 2022-23, new enrollments surged by an impressive 20% compared to the previous year. This growth echoes the trend observed in FY 2021-22, which witnessed a robust 25% increase over FY 2020-21.
Atal Pension Yojana (APY): Fruitful Returns
- The APY has generated an impressive investment return of 8.92%, a testament to its ability to yield consistent results.
- The cumulative assets under management within the APY framework have now surpassed a noteworthy Rs. 28,434 crore, further solidifying its position as a cornerstone of fiscal responsibility.
Atal Pension Yojana (APY): Accessible and Inclusive
- Open to every Indian citizen aged between 18 and 40 years, not subject to income taxation, and equipped with a savings bank account, the APY welcomes individuals from diverse walks of life.
- In return for their commitment, subscribers are guaranteed a lifelong minimum pension, ranging from Rs. 1000 to Rs. 5000 per month upon crossing the threshold of 60 years, a tangible reward for their foresight.
Pension Fund Regulatory and Development Authority (PFRDA): Nurturing a Pensioned Society
- The Pension Fund Regulatory and Development Authority (PFRDA) remains committed to evolve the country into a society with a strong pension framework.
- As the APY embarks on its remarkable eight-year journey, it strengthens the determination to introduce an era characterized by financial security and respect for the elderly within India’s populace.
About The Pension Fund Regulatory and Development Authority (PFRDA)
- The Pension Fund Regulatory and Development Authority (PFRDA) functions as the central body entrusted with the comprehensive supervision and regulation of pension systems in India.
- Established in 2003 under the jurisdiction of the Ministry of Finance, its inception was part of the establishment of the Indian National Pension Scheme.
Key Points for Competitive Examinations
- Chairman of Pension Fund Regulatory and Development Authority (PFRDA): Deepak Mohanty