Atal Pension Yojana enrolment crosses 60 mn, 7.9 mn additions in FY24

The total enrolment under the Atal Pension Yojana (APY) has crossed 60 million, with over 7.9 million additions this fiscal, the finance ministry said on Tuesday.

Under the APY, the subscriber is eligible to get triple benefits of lifelong monthly pension of Rs 1,000 to Rs 5,000 from the age of 60 years, depending on their contributions, which itself would vary based on the age of joining the APY.

The same pension would be paid to the spouse of the subscriber after his or her demise and on the demise of both the subscriber and the spouse, the pension wealth as accumulated till age 60 of the subscriber would be returned to the nominee.

"The feat of bringing in the most vulnerable sections of society under the coverage of pension has been made possible with the untiring efforts of all banks," the ministry added.

The APY -- a flagship social security scheme of the Government of India -- was launched on May 9, 2015 by Prime Minister Narendra Modi to provide old age income security to Indian citizens, with particular focus on the poor, underprivileged, and workers in the unorganised sectors.