Atal Pension Yojana Achieves Milestone with Over 7 Crore Enrollments

The Atal Pension Yojana (APY) has reached a significant milestone with over 7 crore enrollments, adding 56 lakh new subscribers in the financial year 2024-25. The 10-year-old scheme continues to extend pension coverage to vulnerable communities, thanks to concerted efforts from banks and promotional initiatives by the PFRDA.

The Ministry of Finance announced a momentous achievement as enrollments under the Atal Pension Yojana (APY) exceeded 7 crores. This financial year alone, 56 lakh new participants joined the scheme, underscoring its role in delivering pension coverage to vulnerable societal segments.

The scheme's success owes much to the dedicated efforts of banks and bank committees across states and union territories, which have been pivotal in integrating the underprivileged into the social security framework. Their work ensures a broader reach of the scheme's benefits to those in need.

Additionally, the Pension Fund Regulatory and Development Authority (PFRDA) has been instrumental in enhancing awareness through state and district outreach programs, training sessions, and comprehensive multilingual information dissemination. These efforts have helped broaden the scope of APY's impact across different demographics.

The initiative guarantees lifelong pensions for subscribers and, in the event of their passing, extends benefits to their spouses. Moreover, post the demise of both, the nominees receive the accumulated corpus, offering continued financial stability to families. Launched in 2015, the APY is a central government flagship program aimed at establishing a universal social security system targeting the poor and unorganized sector workers. (ANI)

(With inputs from agencies.)