Enrolment under Atal Pension Yojana crosses 6 crore mark

The Atal Pension Yojana (APY) has over 79 lakh enrolled participants in the current financial year, bringing the overall enrollment to over 6 crore. All banks have contributed tirelessly to this achievement of including the most disadvantaged segments of society within pension coverage.

Prime Minister Shri Narendra Modi introduced the APY, the government of India’s primary social security programme, on May 9, 2015, intending to give Indian residents economic security in their latter years. The programme primarily targets the impoverished, the underprivileged, and those in the unorganised sector.

The Pension Fund Regulatory and Development Authority (PFRDA), in the recent past, has taken several initiatives for awareness creation of the scheme including the release of a one-page simple APY flyer/handout in Hindi, English, and 21 regional languages.

Under the APY, the subscriber is eligible to get triple benefits, as guaranteed by the Govt. of India, i.e. lifelong monthly pension of Rs. 1,000 to Rs. 5,000 from the age of 60 years, depending on their contributions, which itself would vary based on the age of joining the APY.

After the subscriber passes away, the same pension would be given to their spouse; if both the subscriber and their spouse pass away, the pension wealth that the subscriber accrued up until the age of 60 would be given back to the nominee.