Atal Pension Yojana Achieves New Milestone
The Ministry of Finance has announced that the Atal Pension Yojana (APY) has reached over 7 crore enrollments, with more than 56 lakh new participants in the financial year 2024-25. This scheme, now in its 10th year, aims to provide pension coverage to vulnerable sections of society.
Efforts Behind the Success
The success of APY is attributed to the efforts of banks, State Level Bankers’ Committees (SLBCs), and Union Territory Level Bankers’ Committees (UTLBCs). These organizations have been instrumental in extending pension benefits to the underprivileged, ensuring more people are included in the social security net.
Promoting Awareness
The Pension Fund Regulatory and Development Authority (PFRDA) has been actively promoting the scheme through various initiatives. These include APY Outreach Programmes at state and district levels, training sessions, and awareness campaigns using different media platforms. A simplified flyer about APY is available in Hindi, English, and 21 regional languages to reach a wider audience.
Comprehensive Security
The central government designed APY to provide comprehensive security to subscribers. It guarantees a lifelong pension to the subscriber and extends benefits to the spouse after the subscriber’s demise. After both the subscriber and spouse pass away, the accumulated corpus is returned to the nominee, ensuring financial security for the family.
Background
Launched on May 9, 2015, the Atal Pension Yojana is a flagship social security initiative by the central government. It aims to create a universal social security system, especially for the poor, underprivileged, and workers in the unorganized sector, offering them a defined pension and financial security in their later years.
Doubts Revealed
Atal Pension Yojana -: Atal Pension Yojana (APY) is a government-backed pension scheme in India aimed at providing financial security to people who work in the unorganized sector. It helps them save money for their old age so they can receive a regular income after they retire.
7 Crore Enrollments -: 7 crore enrollments mean that 70 million people have signed up for the Atal Pension Yojana. This shows that many people are interested in securing their future with this pension plan.
2024-25 Financial Year -: The 2024-25 financial year refers to the period from April 1, 2024, to March 31, 2025. In India, the financial year is used for accounting and budgeting purposes.
Pension Fund Regulatory and Development Authority -: The Pension Fund Regulatory and Development Authority (PFRDA) is a government organization in India that oversees and regulates pension funds. It ensures that pension schemes like the Atal Pension Yojana are managed properly and benefit the people.
Nominee -: A nominee is a person chosen by someone to receive benefits or assets after their death. In the context of the Atal Pension Yojana, the nominee would receive the accumulated money if the person who enrolled in the scheme passes away.