APY, a guaranteed pension plan for the citizens of India, was unveiled by the government on May 9, 2015 and the current number of its subscribers stands at 1.10 crore.
Atal Pension Yojana (APY) has become very popular in a short span of time. Its growing popularity can be gauged from the fact that its subscriber base has crossed one core on completion of just three years of its launch. APY, a guaranteed pension plan for the citizens of India, was unveiled by the government on May 9, 2015 and the current number of its subscribers stands at 1.10 crore.
APY is aimed at the unorganised sector workers who constitute more than 85 per cent of workforce. Under this scheme, the guaranteed minimum pension of Rs 1,000, Rs 2,000, Rs 3,000, Rs 4,000 or Rs 5,000 per month is given at the age of 60 years, depending on the contributions made by the subscribers. The spouse of the subscriber is also eligible for pension, while the nominee will receive the accumulated pension wealth.
To commemorate the three years of completion of APY and its launch, PFRDA in coordination with the Department of Financial Services, Ministry of Finance, organised the ‘APY Formation Day’ campaign across the country to enhance the enrolments in the scheme by banks and the Department of Posts.
The subscriber base in this scheme has grown manifold in this short period. The scheme is offered by both banks and post offices. Till now Rs 3,950 cr of contribution has been collected under the APY scheme, which has generated close to 9.10 per cent CAGR since inception till March 2018.