Atal Pension Yojana collects more than 7.65 crore customers, India news raises Rs 45,974.67 crore by April
New Delhi: Atal pension scheme (APY) According to a government release, a total corpus of Rs 45,974.67 crore has been collected by April.According to official data, the APY registered a growing participation with women who now contains about 48 percent of all customers.To solve twin challenges of longevity risk and decrease Retirement security In India’s huge unorganized workforce, the Government of India launched the Atal Pension Yojana (APY) on 9 May 2015 and operated on 1 June 2015. The scheme was designed to encourage voluntary savings for retirement by offering defined pension benefits, linked to the amount of joining age and contribution. Target on poor and disadvantaged workers mainly in the informal sector, this scheme has emerged as one of the most inclusive and accessible Social security initiative in India,The Atal Pension Yojana has emerged as the foundation stone of India’s social security ecosystem, especially for its vast unorganized workforce. With 7.65 crore customers and continuously growing pension corpus, the scheme not only ensures financial freedom for the elderly, but also promotes long -term savings culture between low -income houses. The release states that the government has helped in broaden the footprint of APY in India by the government’s digital integration, women participation and continuous focus on rural outreach. With the creation of more than 55 percent new customers in FY 2024-25 and a significant increase in overall enrollment during the same period, the Atal Pension Yojana is constantly moving towards its vision of “pension for all”.Atal Pension Yojana (APY) is a government -backed pension scheme that targets workers in the unorganized sector, who lack formal retirement benefits. It is open to Indian citizens aged 18 to 40, although since 1 October 2022, income taxpayers are no longer eligible. The scheme provides a certain monthly pension starting from Rs 1,000 to Rs 5,000 at the age of 60, which contributes on the age of joining and the selected pension amount. A minimum contribution period of 20 years is required. Initially, the government contributed to 50 percent of the contribution of the subscriber or up to Rs 1,000 annually for those enrolled between June 2015 and March 2016, provided that they were not part of the income taxpayer or any statutory social security scheme. APY is administered by the Pension Fund Regulatory and Development Authority (PFRDA) under the National Pension System (NPS) structure.
