Global News Post Fastest Global News Portal
Related Articles
New Delhi: Atal Pension Yojana (APY) has gathered over 7.65 crore subscribers, mobilised a complete corpus of Rs 45,974.67 crore via April, in line with a central authority unlock. According to the reliable knowledge, APY recorded expanding participation from ladies who now contain about 48 consistent with cent of all subscribers.
To deal with the dual demanding situations of longevity dangers and loss of retirement safety amongst India’s huge unorganised staff, the Government of India introduced the Atal Pension Yojana (APY) on ninth May 2015 and was once operationalised from June 1, 2015.
The scheme was once designed to inspire voluntary financial savings for retirement via providing outlined pension advantages, related to the age of becoming a member of and the quantity of contribution. Targeted essentially at deficient and underprivileged staff within the casual sector, the scheme has emerged as one of the inclusive and obtainable social safety projects in India.
The Atal Pension Yojana has emerged as a cornerstone of India’s social safety ecosystem, particularly for its huge unorganised staff. With 7.65 crore subscribers and a continuously rising pension corpus, the scheme now not most effective guarantees monetary independence for the aged but additionally promotes long-term financial savings tradition amongst low-income families.
The authorities’s persisted center of attention on virtual integration, ladies participation, and rural outreach has helped expand APY’s footprint throughout India, the discharge added. With ladies making up over 55 consistent with cent of latest subscribers in FY 2024-25 and a vital surge in total enrolments all over the similar length, the Atal Pension Yojana is continuously progressing towards its imaginative and prescient of “Pension for All.”
The Atal Pension Yojana (APY) is a government-backed pension scheme concentrated on staff within the unorganised sector who lack formal retirement advantages. It is open to Indian voters elderly 18 to 40, even though since 1st October 2022, revenue taxpayers are not eligible. The scheme gives a hard and fast per 30 days pension of Rs 1,000 to Rs 5,000 beginning at age 60, with contributions according to the age of becoming a member of and the selected pension quantity.
A minimal contribution length of 20 years is needed. Initially, the federal government co-contributed 50 consistent with cent of the subscriber’s contribution or as much as Rs 1,000 once a year for 5 years for individuals who enrolled between June 2015 and March 2016, supplied they weren’t revenue taxpayers or a part of any statutory social safety scheme.
The APY is run via the Pension Fund Regulatory and Development Authority (PFRDA) underneath the National Pension System (NPS) framework.
