Atal Pension Yojana (APY) has marked the total gross enrolments over 7 crore with an enrolment of over 56 lakh in the current Financial Year (FY 24-25).
This big milestone of the scheme is coming in its 10th year of rollout of the scheme.
This feat of bringing in the most vulnerable sections of society under the coverage of pension has been made possible with the untiring efforts of all the Banks and SLBCs/UTLBCs, the Pension Fund Regulatory and Development Authority
(PFRDA) said in a release.
PFRDA, in the recent past, has taken several initiatives for awareness creation of the scheme ie, conducting APY Outreach Programs at State and District levels, organising awareness and training programs, publicity through various media channels, releasing a one-pager simple APY flyer/handout in Hindi, English, and 21 regional languages, and regular performance review.
APY has been designed in such a way that it provides ‘Sampurna Suraksha Kavach’ to not only the subscriber by providing a life-long defined and guaranteed pension amount, but also to the spouse by providing the same pension amount after the demise of the subscriber and then to the family by returning the entire corpus (accumulated till the age of 60 years) to the nominee after the death of the subscriber and spouse.
APY is a flagship social security scheme of the Government of India, was launched on 9th May 2015 with an aim to create a universal social security system for all Indians, especially the poor, the underprivileged and the workers in the unorganised sector.