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In a commendable achievement, the total enrolment under the Atal Pension Yojana (APY) has exceeded 6 crore, with over 79 lakh new enrolments recorded in the current financial year. This milestone, a testament to the success of the social security scheme, underscores the tireless efforts of banks in bringing the most vulnerable sections of society under the umbrella of pension coverage.
Launched on 9th May 2015 by Prime Minister Narendra Modi, APY stands as a flagship initiative of the Government of India, designed to ensure old age income security for Indian citizens. With a particular emphasis on the poor, underprivileged, and workers in unorganized sectors, APY aims to address the financial vulnerabilities faced by these sections of society during their retirement years.
“The Pension Fund Regulatory and Development Authority (PFRDA) has played a crucial role in increasing awareness about the Atal Pension Yojana scheme. Initiatives such as the release of a one-page simple APY flyer/handout in Hindi, English, and 21 regional languages have contributed to spreading information and educating potential beneficiaries about the scheme’s benefits”.
Under the Atal Pension Yojana, subscribers are entitled to triple benefits guaranteed by the Government of India. Starting from the age of 60, subscribers receive a lifelong monthly pension ranging from Rs. 1,000 to Rs. 5,000, depending on their contributions and age at the time of joining the scheme. Importantly, in the event of the subscriber’s demise, the spouse continues to receive the same pension. Upon the demise of both the subscriber and spouse, the accumulated pension wealth until the subscriber’s age of 60 is returned to the nominee.
“This achievement not only reflects the success of APY in achieving its primary objective of extending financial security to vulnerable sections but also emphasizes the importance of concerted efforts by banks and regulatory bodies in promoting social security schemes. As APY continues to positively impact millions of lives, its role in fostering a financially secure and stable future for the elderly in India cannot be overstated”.
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