NEW DELHI: Atal Pension Yojana (APY) has accumulated over 7.65 crore subscribers, mobilised a total corpus of Rs 45,974.67 crore by April, according to a government release.According to the official data, APY recorded increasing participation from women who now comprise about 48 per cent of all subscribers.To address the twin challenges of longevity risks and lack of retirement security among India’s vast unorganised workforce, the Government of India launched the Atal Pension Yojana (APY) on 9th May 2015 and was operationalised from June 1, 2015. The scheme was designed to encourage voluntary savings for retirement by offering defined pension benefits, linked to the age of joining and the amount of contribution. Targeted primarily at poor and underprivileged workers in the informal sector, the scheme has emerged as one of the most inclusive and accessible social security initiatives in India.The Atal Pension Yojana has emerged as a cornerstone of India’s social security ecosystem, especially for its vast unorganised workforce. With 7.65 crore subscribers and a steadily growing pension corpus, the scheme not only ensures financial independence for the elderly but also promotes long-term savings culture among low-income households. The government’s continued focus on digital integration, women participation, and rural outreach has helped broaden APY’s footprint across India, the release added. With women making up over 55 per cent of new subscribers in FY 2024-25 and a significant surge in overall enrolments during the same period, the Atal Pension Yojana is steadily progressing toward its vision of “Pension for All.”The Atal Pension Yojana (APY) is a government-backed pension scheme targeting workers in the unorganised sector who lack formal retirement benefits. It is open to Indian citizens aged 18 to 40, though since 1st October 2022, income taxpayers are no longer eligible. The scheme offers a fixed monthly pension of Rs 1,000 to Rs 5,000 starting at age 60, with contributions based on the age of joining and the chosen pension amount. A minimum contribution period of 20 years is required. Initially, the government co-contributed 50 per cent of the subscriber’s contribution or up to Rs 1,000 annually for five years for those who enrolled between June 2015 and March 2016, provided they were not income taxpayers or part of any statutory social security scheme. The APY is administered by the Pension Fund Regulatory and Development Authority (PFRDA) under the National Pension System (NPS) framework.
