Atal Pension yojana

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CategoryYojana

Last Updated08/01/2022

With new enrolments crossing 65 lakh under the Atal Pension Yojana (APY) so far in the current financial year
Since the APY was launched on May 9, 2015, total enrolments under the scheme have reached 3.68 crore, with assets under management of around Rs 20,000 crore

With new enrolments crossing 65 lakh under the Atal Pension Yojana (APY) so far in the current financial year
Since the APY was launched on May 9, 2015, total enrolments under the scheme have reached 3.68 crore, with assets under management of around Rs 20,000 crore

It is a government-backed, voluntary scheme
It is a fixed pension scheme for workers in the unorganised sector like helpers, drivers, gardeners etc.
It is meant to provide old-age income security in the form of minimum assured pension
The pension ranges from Rs 1,000-5,000/ month in proportion to individual contributions, even as it is market-linked
The nodal agency for its implementation is Pension Fund Regulatory and Development Authority (PFRDA)
It forms the bulk of the subscriber base in the fold of the New Pension System (NPS)
The amount of pension is guaranteed for lifetime to the spouse on death of the subscriber.
In the event of death of both the subscriber and the spouse, the entire pension corpus is paid to the nominee

The scheme addresses the working poor's long-term financial stability as well as the longevity concerns faced by workers in the unorganised sector
It encourages employees in the unorganised sector to save for their retirement

According to the Finance Ministry, number of subscribers enrolled for the scheme, is more than 65 lakh , in this fiscal year
It is the highest ever enrolment during the same period since the launch of the scheme
The male-to-female subscription ratio of the scheme, that is 56:44 ,is also improving