New Delhi
The total enrollments under the Atal Pension Yojana (APY) have crossed 7 crore, with more than 56 lakh enrollments added during the current fiscal year (FY25). The Pension Fund Regulatory and Development Authority (PFRDA) announced the milestone on Tuesday.
The APY is a government-guaranteed pension scheme regulated by PFRDA. It is designed to provide pensions to unorganised sector workers, with monthly pensions ranging from Rs 1,000 to Rs 5,000 depending on contributions. The scheme was launched in May 2015 to create a social security system for workers in the unorganised sector.
The PFRDA noted that the scheme is in its 10th year of operation and has made significant progress in covering vulnerable sections of society. The APY aims to ensure financial security for workers in their old age, addressing their retirement needs.
The pension scheme also provides coverage to spouses, who receive the same pension after the subscriber’s death. After the death of both the subscriber and spouse, the accumulated corpus is returned to the nominee. Efforts to raise awareness about the scheme have been undertaken by the PFRDA through outreach programmes at state and district levels, media publicity, and performance reviews. The success of the scheme has been attributed to the collaborative work of banks and other institutions.
