According to information received from the Pension Fund Regulatory and Development Authority (PFRDA), 4,31,86,423 participants have been registered in the Atal Pension Yojana (APY) till 21.07.2022. This was stated by the Union Minister of State for Finance, Dr. Bhagwat Kisanrao Karad in a written reply to today’s question in the Rajya Sabha. The minister gave more details that APY is a scheme of Government of India which was launched on 9th May 2015 and was operationalized w.e.f. 1st June 2015. It is open to all citizens of India aged 18-40 who have a bank or post office savings account.
The Minister said that APY is a voluntary, periodic contributory pension scheme under which the participant would receive a pension after reaching the age of 60 years. Each subscriber under APY will receive a central government guaranteed minimum pension of Rs. 1000 per month or Rs. 2000 per month or Rs. 3000 per month or Rs. 4000 per month or Rs. 5,000 per month, after 60 years till death, depending on the allowance chosen. In case of death of the subscriber, the same pension is guaranteed by the Government of India to the spouse as the subscriber till the death of the spouse. After the demise of both the subscriber and the spouse, the nominee of the subscriber will be entitled to pension assets accumulated up to the subscriber’s age of 60, the minister said.
