Atal Pension Yojana enrolments cross 6 crore mark

The total enrolment under the Atal Pension Yojana (APY) has crossed 6 crore, with over 79 lakh enrolments in the current Financial Year. This was announced by the Ministry of Finance yesterday in a press release. The Ministry added that 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.

The APY is a flagship social security scheme of the Government of India which was launched on 9th May 2015 by Prime Minister Narendra Modi to provide old age income security to Indian citizens. The scheme focuses particularly on the poor,



underprivileged, and workers in the unorganized sectors.

Under the APY, the subscriber is eligible to get triple benefits of a 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 scheme. 

The same pension would be paid to the spouse of the subscriber after the demise of the subscriber. On the demise of both the subscriber and the spouse, the pension wealth as accumulated till age 60 of the subscriber would be returned to the nominee.