Atal Pension Yojana Enrollment Surpasses 7 Crore Mark

The Atal Pension Yojana (APY) has achieved a significant milestone, with total gross enrollments exceeding 7 crore. The Pension Fund Regulatory and Development Authority (PFRDA) announced on Tuesday that more than 56 lakh new accounts have been added in the current fiscal year, FY25.

Launched on May 9, 2015, APY is a government-backed pension scheme regulated by PFRDA. It was introduced to ensure a universal social security system for Indians, particularly targeting the poor, disadvantaged, and workers in the unorganised sector. The scheme provides a guaranteed minimum pension ranging from Rs 1,000 to Rs 5,000 per month, depending on the contributions made by the subscribers.

“The scheme is in its 10th year of rollout and has achieved a significant milestone,” stated PFRDA, highlighting its success in reaching vulnerable sections of society. Efforts from various banks and State Level Bankers’ Committees (SLBCs) and Union Territory Level Bankers’ Committees (UTLBCs) have been instrumental in expanding the scheme’s coverage.

The PFRDA has taken numerous measures to promote APY, conducting outreach programs at the state and district levels, organizing awareness and training sessions, and employing various media channels for publicity. Regular performance reviews have also been conducted to ensure effectiveness.

The APY not only secures a defined and guaranteed pension for the subscriber but also extends benefits to the spouse, who receives the same pension amount after the subscriber’s demise. Additionally, it ensures financial security for the family, with the entire corpus accumulated until the subscriber turns 60 years old being returned to the nominee after the subscriber and spouse’s death. This provision is referred to as ‘Sampurna Suraksha Kavach.’

This substantial achievement highlights the government’s commitment to providing social security and financial stability to unorganised sector workers in their old age.