Total enrollments under the Atal Pension Yojana (APY) have surpassed 7 crore, with over 56 lakh new enrollments recorded in the current financial year 2024-25, according to a statement from the Ministry of Finance.

Launched on May 9, 2015, the Atal Pension Yojana is a flagship social security initiative by the central government aimed at providing pension coverage to vulnerable sections of society. The scheme guarantees a lifelong pension to the subscriber and extends this benefit to the spouse in the event of the subscriber’s death.

The ministry attributed APY’s success to the coordinated efforts of banks, State Level Bankers’ Committees (SLBCs), and Union Territory Level Bankers’ Committees. These entities have played a pivotal role in extending pension benefits to the underprivileged, helping to bring more individuals under the social security net.

The statement also acknowledged the role of the Pension Fund Regulatory and Development Authority (PFRDA) and various state and district-level outreach programs in promoting the scheme.

The ministry elaborated on PFRDA’s efforts, noting that the authority has been conducting training and awareness programs and utilizing multiple media platforms to promote the scheme. To ensure broad outreach, a simplified flyer explaining APY has been distributed in Hindi, English, and 21 regional languages.

“APY has been designed in such a way that it provides Sampurna Suraksha Kavach by providing a life-long defined and guaranteed pension amount,” the ministry stated.

Furthermore, in the event of the deaths of both the subscriber and spouse, the accumulated corpus is returned to the nominee, ensuring continued financial security for the family, the ministry added.

(With ANI input)