Atal Pension Yojana accumulates over 7.65 crore subscribers, mobilises Rs 45,974.67 crore by April (Picture: ANI)
NEW DELHI: Atal Pension Yojana (APY) has accrued over 7.65 crore subscribers, mobilised a complete corpus of Rs 45,974.67 crore by April, based on a authorities launch.In keeping with the official information, APY recorded rising participation from girls who now comprise about 48 per cent of all subscribers.To deal with the dual challenges of longevity dangers and lack of retirement safety amongst India’s huge unorganised workforce, the Authorities of India launched the Atal Pension Yojana (APY) on ninth Could 2015 and was operationalised from June 1, 2015. The scheme was designed to encourage voluntary financial savings for retirement by providing outlined pension advantages, linked to the age of becoming a member of and the quantity of contribution. Focused primarily at poor and underprivileged staff within the casual sector, the scheme has emerged as one of the vital inclusive and accessible social safety initiatives in India.The Atal Pension Yojana has emerged as a cornerstone of India’s social safety ecosystem, particularly for its huge unorganised workforce. With 7.65 crore subscribers and a steadily rising pension corpus, the scheme not solely ensures monetary independence for the aged but in addition promotes long-term financial savings tradition amongst low-income households. The federal government’s continued concentrate on digital integration, girls participation, and rural outreach has helped broaden APY’s footprint throughout India, the discharge added. With girls making up over 55 per cent of latest subscribers in FY 2024-25 and a major surge in total enrolments throughout the identical interval, the Atal Pension Yojana is steadily progressing towards its imaginative and prescient of “Pension for All.”The Atal Pension Yojana (APY) is a government-backed pension scheme concentrating on staff within the unorganised sector who lack formal retirement advantages. It’s open to Indian residents aged 18 to 40, although since 1st October 2022, earnings taxpayers are not eligible. The scheme provides a set month-to-month pension of Rs 1,000 to Rs 5,000 beginning at age 60, with contributions based mostly on the age of becoming a member of and the chosen pension quantity. A minimal contribution interval of 20 years is required. Initially, the federal government co-contributed 50 per cent of the subscriber’s contribution or as much as Rs 1,000 yearly for 5 years for individuals who enrolled between June 2015 and March 2016, supplied they weren’t earnings taxpayers or a part of any statutory social safety scheme. The APY is run by the Pension Fund Regulatory and Improvement Authority (PFRDA) underneath the Nationwide Pension System (NPS) framework.
