India’s APY scheme sees gradual increase in membership
The number of subscribers under the government-administered pension scheme, the Atal Pension Yojana (APY), has exceeded 7.1m as of 24 January this year, Parliament has been told.
“As per information received from PFRDA, 7,106,743 subscribers have been enrolled under APY up to 24 January 2022, during the financial year 2021-22,” Minister of State for Finance Bhagwat Karad said in a written reply in the Rajya Sabha, the upper house of Parliament.
In FY20 (the financial year ended 31 March 2020), there were 6.9m subscribers, while in the preceding year FY19, the number was 5.7m, reported Press Trust of India quoting the minister.
The government launched the APY in May 2015 with the aim of creating a universal social security system for all Indians, especially the poor, under-privileged and workers in the unorganised sector. APY is open for subscription to all citizens of India in the 18-40 age group, having a savings account in a bank or a post office.
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