The Ministry of Finance has announced a significant achievement for the Atal Pension Yojana (APY), with over 7.15 crore subscribers enrolled as of 2 December 2024.
The Ministry highlighted the scheme’s success in a post on X, stating, “With more than seven crore subscribers under Atal Pension Yojana #APY, it offers secure retirement with guaranteed #Pension Benefits, ensuring peace of mind after retirement for its beneficiaries. #FinMin Year Review2024 #BankingInitiatives #ViksitBharat.”
Launched to provide financial security to India’s working population in their post-retirement years, the APY guarantees a minimum monthly pension ranging from Rs 1,000 to Rs 5,000 from the age of 60, depending on the subscriber’s contributions.
The scheme has seen notable participation from women, who make up approximately 47% of the total subscribers.
A key feature of APY is its comprehensive pension structure. In the event of the subscriber’s death, the spouse continues to receive the same pension. After both the subscriber and their spouse pass away, the accumulated pension corpus is returned to the nominee, ensuring long-term financial stability for the family.
Subscribers can choose to contribute monthly, quarterly, or half-yearly, providing them with flexibility in managing their finances. With rising life expectancy, nuclear families, and increasing living costs, the APY meets critical needs by offering a steady monthly income, ensuring a dignified life after retirement.
The government guarantees a minimum pension, covering any shortfall if the returns on contributions fall below expectations. If returns exceed projections, the surplus is credited to the subscriber’s account, enhancing the scheme’s benefits.
The growing number of APY subscribers underscores its role in promoting financial inclusion and addressing India’s need for a reliable pension system. With its government-backed assurance and flexibility, the scheme continues to play a vital part in providing retirement security to millions of Indians.
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