Atal Pension Yojana (APY) has surpassed 7.65 crore subscribers, mobilising a total corpus of Rs 45,974.67 crore as of April. The scheme has seen increased participation from women, who now constitute about 48% of all subscribers. Launched on 9th May 2015 and operational from June 1, 2015, APY was designed to address longevity risks and the lack of retirement security among India’s vast unorganized workforce. It encourages voluntary savings for retirement by offering defined pension benefits, which depend on the age of joining and contribution amounts. The scheme has become a key pillar of India’s social security framework, promoting long-term savings and financial independence for the elderly, especially within low-income households.
The scheme is open to Indian citizens aged 18 to 40, with income taxpayers ineligible since October 2022. It provides a fixed monthly pension of Rs 1,000 to Rs 5,000 starting at age 60, with contributions varying based on age and pension preference. A minimum contribution period of 20 years is mandatory. Initially, the government contributed 50% of the subscriber’s contribution or up to Rs 1,000 annually for five years for those enrolled between June 2015 and March 2016, provided they were not income taxpayers or part of any statutory social security scheme. With a focus on digital integration, rural outreach, and women’s participation, APY continues to expand its reach across India, with women making up over 55% of new subscribers in FY 2024-25, moving closer to the scheme’s vision of “Pension for All.”
