Over 5.25 crore subscribers enrolled in Atal Pension Yojana: The Atal Pension Yojana (APY) scheme has completed eight years of successful execution, with an impressive enrollment of more over 5.25 crore subscribers.
Daily Current Affairs Quiz: August 2023
Atal Pension Yojana (APY): Vision and Purpose
Launched in the year 2015, the APY was devised as a potent tool to ensure old age income security for every Indian citizen, with a special focus on those who toil in the unorganized sector. Its design aimed to cast a protective net of financial stability, allowing individuals to embrace their golden years without the imminent presence of financial uncertainty.
Atal Pension Yojana (APY): A Nationwide Impact
Expanding its reach across the entire nation, the APY has seamlessly became an integral part of the Indian society. Enrollments have shown a consistent upward trajectory since its inception, signifying the resonance of its objectives among the populace.
Notably, new enrollments increased by 20% in fiscal year 2022-23 compared to the prior year. This growth echoes the trend observed in FY 2021-22, which witnessed a robust 25% increase over FY 2020-21.
Atal Pension Yojana (APY): Fruitful Returns
The APY has generated an impressive investment return of 8.92%, a testament to its ability to yield consistent results. The APY framework’s cumulative assets under administration have already crossed a significant Rs. 28,434 crore, reinforcing its status as a cornerstone of fiscal responsibility.
Atal Pension Yojana (APY): Accessible and Inclusive
Open to every Indian citizen aged between 18 and 40 years, not subject to income taxation, and equipped with a savings bank account, the APY welcomes individuals from diverse walks of life. As a tangible reward for their forethought, subscribers are guaranteed a permanent minimum pension ranging from Rs. 1000 to Rs. 5000 per month upon reaching the age of 60.
Pension Fund Regulatory and Development Authority (PFRDA): Nurturing a Pensioned Society
The Pension Fund Regulatory and Development Authority (PFRDA) remains committed to evolve the country into a society with a strong pension framework. As the APY embarks on its remarkable eight-year journey, it strengthens the determination to introduce an era characterized by financial security and respect for the elderly within India’s populace.
About The Pension Fund Regulatory and Development Authority (PFRDA)
The Pension Fund Regulatory and Development Authority (PFRDA) functions as the central body entrusted with the comprehensive supervision and regulation of pension systems in India. It was established in 2003 as part of the Indian National Pension Scheme under the supervision of the Ministry of Finance.
Key Points for Competitive Examinations
- Chairman of Pension Fund Regulatory and Development Authority (PFRDA): Deepak Mohanty