Indian Economy News

Atal Pension Yojana logs 10 million enrolments in a calendar year

  • IBEF
  • January 23, 2023

According to the data released by the finance ministry, the Atal Pension Yojana (APY), which is focused towards unorganized sector workers, witnessed the highest-ever enrolments in 2022 with a 36% growth. The figure crossed 10 million for the first time in a calendar year. The number of enrolments in 2022 rose to 12.5 million from 9.2 million in 2021.

An increase of 81% was recorded in 2022 as compared to the pre-pandemic year of 2019 when 6.9 million subscribers had enrolled in the pension scheme. As per a Pension Fund Regulatory and Development Authority (PFRDA) official, the high enrolment was because of the automation done for easy onboarding of APY subscribers. Aadhaar-enabled enrolment and paperless onboarding have enabled PFRDA to achieve this number, he said. Adding to it, he said that PFRDA regularly holds consultations with public sector banks (PSBs), the department of financial services, etc. to review and improve the implementation of APY across the country.

It has been informed that cumulatively, about 82% of subscribers have opted for a US$ 12.3 (Rs 1,000) pension followed by 11% opting for the highest pension amount of US$ 61.5 (Rs 5,000) per month. Furthermore, the highest number of enrolments age-wise were from 21-25 years with 28% share and 12.1 million subscribers, followed by 25-30 years (25%) with 12.1 million subscribers. The least number of subscribers were those above 35 years (11.14%).

APY was launched in 2015 to ensure minimum social security for unorganized sector workers and the minimum age of joining the scheme is 18 years, and the maximum age is 40 years. As of November 30, 2022, the top-five states in enrolments were Uttar Pradesh, Bihar, West Bengal, Maharashtra, and Tamil Nadu.  

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.