Updated By: LatestGKGS Desk
Atal Pension Yojana Scheme Subscribers Crossed 1 Crore Mark in 3 Years Details About
Atal Pension Yojana Scheme Subscribers Crossed 1 Crore Mark in 3 Years- Details, Features, Aim, About
As per the report by Pension Fund Regulatory and Development Authority (PFRDA), the subscriber base of Atal Pension Yojana (APY) has crossed 1 crore subscribers mark in 3years.
As of current date, the APY scheme has collected Rs. 3,950 crore of contribution from 1.10 crore subscribers. It has generated around 9.10% compounded annual growth rate (CAGR) since inception till March 2018.
Top 5 states in APY mobilisation include Uttar Pradesh (1,401,631-Subscribers), Bihar (1,061,660-Subscribers), Tamil Nadu (814,917-Subscribers), Maharashtra (758,695-Subscribers) and Karnataka (686,504-Subscribers).
Atal Pension Yojana (APY) Scheme
The APY scheme was launched by the Prime Minister of India, Narendra Modi at a function in Kolkata on 9th May 2015.
The APY scheme aims to provide affordable universal access to essential social security protection to an unorganized workforce of the country, which constitutes more than 85% of the workforce.
The APY scheme had replaced earlier government-backed pension ‘Swavalamban Scheme’ targeted at the unorganised sector.
The APY scheme can be adopted by all citizens of India in the age group of 18-40 years (making a minimum period of contribution by the subscriber is 20 years).
Under the APY scheme, the subscriber will receive a minimum guaranteed pension of Rs. 1000 to Rs. 5000 per month, depending on his contribution, from age of 60 years. There is no exit to scheme before age of 60. In case of death of subscriber, spouse of a subscriber is entitled to the same amount of pension till his or her death.
