New Delhi: Atal Pension Yojana (APY) scheme has completed eight years of successful implementation, with over 5.25 crore subscribers enrolled, according to a statement from the Ministry of Finance.
Launched in 2015, the social security scheme was designed to provide old age income security to all Indian citizens, particularly those working in the unorganised sector.
The scheme has been implemented across the country, with enrolments showing an increasing trend since its inception. In new enrolments, there has been a growth of 20% in FY23 over FY22 in comparison to a growth of 25% in FY 22 over FY21.
The APY has generated an investment return of 8.92% since its inception, and as of now, the total assets under management in APY are more than Rs. 28,434 crore.
The ministry said that the success of the scheme in bringing the most vulnerable sections of society under the coverage of pension could not have been possible without the support of Public and Private Banks, Regional Rural Banks, Payments Banks, Small Finance Banks, the Department of Posts, and the State Level Bankers’ Committees.
The APY is available to any Indian citizen between the ages of 18 and 40 years, who is not an income taxpayer and has a savings bank account. Subscribers receive a lifelong minimum guaranteed pension of Rs.1000 to Rs.5000 per month from the age of 60 years, depending on their contributions.
PFRDA is committed to making India a pensioned society, as envisioned by the Government of India, the statement added.
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