Enrolments under Atal Pension Yojana (APY) cross 5.20 crore mark

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CategoryYojana

Last Updated29/04/2023

Total enrollment under Atal Pension Yojana crossed 5.20 crore mark as on 31 March 2023.
The scheme enrolled more than 1.19 crore new subscribers in FY 2022-23 as compared to 99 lakh in the last financial year
It depicts a growth of more than 20%.

It was launched on 9th May 2015
Its objective was to deliver old age income security, particularly to the workers in the unorganised sector.
It envisages the Government providing guarantee of minimum pension after 60 years of age.
The scheme has been implemented comprehensively across the country covering all states and Union Territories with male to female subscription ratio of 57:43.
APY can be subscribed by Any Indian citizen in the age group of 18-40 years having a bank account and its uniqueness is attributable to three distinctive benefits.
It provides a minimum guaranteed pension ranging from Rs 1000 to Rs 5000 on attaining 60 years of age.
The amount of pension is guaranteed for lifetime to the spouse on death of the subscriber and lastly, in the event of death of both the subscriber and the spouse, the entire pension corpus is paid to the nominee.

Going forward there is still the humongous task of increasing the pension coverage, as only five per cent of the eligible population has been covered under APY till date.