Atal Pension subscriber base reaches 97.6 lakh

The total number of Atal Pension Yojana (APY) subscribers reached 97.60 lakh as on April 12, official data showed today.

Banks as well as the Department of Post have been engaged by the Pension Fund Regulatory and Development Authority of India (PFRDA) to sell this pension scheme, which was mainly introduced to provide a social security cover to those working in an unorganised sector.

"The total number of subscribers registered under the APY as on April 12, 2018 has crossed 97.60 lakh," the finance ministry said in a statement.

The scheme was implemented from June 2015 and those who have joined the APY before March 31, 2016 are eligible for a 50 per cent co-contribution up to a maximum of Rs 1,000 for a period of 5 years from 2015-16 to 2019-20.

This special facility of a government co-contribution covers only those who are not income tax payers and are not part of any other social security schemes.

"Keeping in view the above, the government through the PFRDA has released co-contribution for 2016-17 for nearly 14 lakh eligible subscribers amounting to Rs 120.92 crore," said the statement.

Subscribers who have any pending contributions in their APY account till March 2017 won't be paid with co-contribution, it said further.

Thus, the PFRDA has asked those subscribers to regularise their APY accounts to get the co-contribution benefit.

The Atal Pension Yojana provides minimum guaranteed pension ranging between Rs 1,000 to Rs 5,000 per month for the subscriber from the age of 60 years.

The minimum age of joining APY is 18 years and maximum age is 40 years.