Atal Pension Yojana: Empowering Retirement Security for India's Unorganised Workforce

The Atal Pension Yojana (APY) has amassed more than 7.65 crore subscribers, building a corpus of Rs 45,974.67 crore as of April, according to a recent government release. Notably, women now constitute about 48% of all subscribers, highlighting a rise in female participation.

In a bid to tackle longevity risks and the absence of retirement security among India's vast unorganized workforce, the Atal Pension Yojana was launched by the Government of India on May 9, 2015, and became operational from June 1, 2015. The scheme is designed to promote voluntary retirement savings by offering defined pension benefits based on the age they join and their contributions.

Primarily targeting the poor and underprivileged workers in the informal sector, the initiative has emerged as a crucial part of India's social security framework. With growing subscriber numbers and pension funds, APY ensures not only financial independence for the elderly but also encourages savings among low-income households. Emphasizing digital integration, enhanced female participation, and rural outreach, the scheme continues to expand its reach across India.

(With inputs from agencies.)