The Government of India has launched several schemes to assist its citizens, with the Atal Pension Yojana (APY) being a significant initiative.
This scheme aims to provide a pension for individuals in their old age, specifically targeting those who are not taxpayers.
Citizens aged between 18 and 40 can enroll in the APY to secure a pension of up to ₹5,000 in their retirement years.
Now in its tenth year, the scheme has witnessed substantial participation, with millions of individuals joining.
Enrollment Figures and Achievements
According to the Pension Fund Regulatory and Development Authority (PFRDA), the Atal Pension Yojana has now reached 7 crore beneficiaries.
In the fiscal year 2024-25 alone, over 56 lakh nominations have been made, marking a significant milestone for the scheme. The PFRDA regards this achievement in the scheme’s tenth year as a notable success.
Pension Amount and Eligibility
Under the Atal Pension Yojana, beneficiaries can receive a monthly pension ranging from ₹1,000 to ₹5,000, depending on their contributions to the scheme.
The pension is accessible once the individual turns 60 years old. The scheme primarily focuses on workers in India’s unorganized sector and is regulated by the PFRDA.
Inclusion of Vulnerable Sections
The APY aims to extend pension coverage to India’s weaker sections. Enrollment is open to any Indian citizen who is not a taxpayer, provided they have a savings account with a bank or post office.
The PFRDA highlighted that this initiative’s success in including vulnerable groups is due to the collaborative efforts of various banks and local bodies.
Recent initiatives by the regulatory authority include organizing outreach programs at the state and district levels, conducting awareness and training sessions, and promoting the scheme through various media channels to increase public knowledge.
