The government-supported pension scheme, known as Atal Pension Yojana (APY), has experienced a substantial increase in enrollment for the fiscal year 2022-23.
Over 1.19 crore new subscribers joined the scheme, marking a 20 percent growth compared to the previous year’s 99 lakh enrollees.
As of March 31, 2023, the total number of individuals enrolled in the Atal Pension Yojana surpassed 5.20 crore.
According to the Pension Fund Regulatory and Development Authority (PFRDA), the assets under management (AUM)
in APY have exceeded Rs 27,200 crore, with an investment return of 8.69 percent since the scheme’s inception.
Understanding the Atal Pension Yojana
The Government of India introduced the Atal Pension Yojana (APY) in the 2015-16 budget to ensure income security for workers
in the unorganized sector below the poverty line during their old age. The primary objective of the scheme is to encourage and enable these individuals to save for retirement.
Furthermore, the APY aims to mitigate the risks associated with increasing life expectancy among unorganized sector workers and promote voluntary retirement savings.
The APY replaced the Swavalamban Pension Scheme in 2015.
Key Features of the Scheme
Under the Atal Pension Yojana, participants are guaranteed a minimum monthly pension ranging from Rs 1,000 to Rs 5,000 upon reaching the age of 60.
The amount of pension received is determined by the individual’s contributions.
Eligibility for APY begins at 18 years of age and extends up to 40 years of age, with a minimum contribution period of 20 years or more.
The government ensures the provision of a fixed minimum pension.
The Atal Pension Yojana was introduced on June 1, 2015, to provide financial security to workers in the unorganized sector during their retirement years.
