Atal Pension Yojana (APY)

 Atal Pension Yojana (APY) : Recently, the Atal Pension Yojana (APY) crossed a significant milestone by surpassing 8 crore total gross enrolments, with 39 lakh new subscribers added in the current financial year alone.

o This achievement coincides with the scheme marking its 10th anniversary.

• About APY : Launched on 9th May 2015 and administered by Pension Fund Regulatory and Development Authority (PFRDA)

o Objectives of APY: To establish a universal social security system for all citizens

ü To ensure financial security during old age

ü To promote long-term savings among informal sector workers

• Eligibility Criteria: Must be an Indian citizen aged between 18 and 40 years

o Must have a savings bank account or post office account

o Aadhaar and mobile number are optional but recommended for updates and communication

o Government co-contribution (2015–2020) applicable only for: Non-taxpayers

ü Individuals not covered under other statutory social security schemes

• Key Features : Guaranteed Minimum Pension: Ranges from ₹1,000 to ₹5,000, depending on age of entry and contribution

o Flexible Contributions: Monthly, quarterly, or half-yearly via auto-debit.

o Spouse Benefit: Pension continues to spouse after subscriber’s death.

o Nominee Benefit: Corpus paid to nominee after death of both subscriber and spouse.