The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the continuation of Atal Pension Yojana (APY) up to FY 2030-31 along with the extension of funding support for promotional and developmental activities and gap funding.
File Photo: IANS
The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the continuation of Atal Pension Yojana (APY) up to FY 2030-31 along with the extension of funding support for promotional and developmental activities and gap funding.
The scheme will continue up to 2030-31 with government support for: promotional and developmental activities to expand outreach among unorganised workers, including awareness, capacity building and for gap funding to meet viability requirements and ensure sustainability of the scheme.
Advertisement
The scheme ensures old-age income security for millions of low-income and unorganised sector workers. It enhances financial inclusion and supports India’s transition to a pensioned society. It also strengthens the vision of Viksit Bharat @2047 by providing sustainable social security.
Advertisement
APY was launched on 9 May, 2015, with the objective of providing old-age income security to workers in the unorganised sector.
It offers a guaranteed minimum pension of Rs 1,000 to Rs 5,000 per month starting at the age of 60, based on contributions.
As of 19 January, over 8.66 crore subscribers have been enrolled, making APY a cornerstone of India’s inclusive social security framework.
The scheme requires continued government support for continued awareness, capacity building, and bridging of viability gaps to ensure its sustainability.
Advertisement
