The 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 banks
FinTech BizNews Service
Mumbai, December 12, 2023: The total enrolment under the Atal Pension Yojana (APY) has crossed 6 crore, with over 79 lakh enrolments in the current Financial Year. 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 banks.
The APY, a flagship social security scheme of the Government of India, was launched on 9th May 2015 by Prime Minister Shri Narendra Modi to provide old age income security to Indian citizens, with a particular focus on the poor, underprivileged, and workers in the unorganized sectors.
The Pension Fund Regulatory and Development Authority (PFRDA), in the recent past, has taken several initiatives for awareness creation of the scheme including the release of a one-page simple APY flyer/handout in Hindi, English, and 21 regional languages.
Under the APY, the subscriber is eligible to get triple benefits, as guaranteed by the Govt. of India, i.e. lifelong monthly pension of Rs. 1,000 to Rs. 5,000 from the age of 60 years, depending on their contributions, which itself would vary based on the age of joining the APY. The same pension would be paid to the spouse of the subscriber after the demise of the subscriber and on the demise of both the subscriber and spouse, the pension wealth as accumulated till age 60 of the subscriber would be returned back to the nominee.
