Atal Pension Yojana adds record 12.2 million new members in 2023-24

A record 12.2 million new accounts were opened in the Atal Pension Yojana (APY) during 2023-24 taking the total enrolments to 66.2 million under the government's social security scheme, according to figures compiled by the Pension Fund Regulatory and Authority (PFRDA).

According to APY data, around 70.44 per cent of the total enrolments in the scheme has been done by public-sector banks, 19.80 per cent by regional rural banks, 6.18 per cent by private sector banks, 0.37 per cent by payment banks, 0.62 per cent by small finance banks and 2.39 per cent by cooperative banks.

The government pension scheme achieved a growth of 24 per cent in gross enrolments at the end of FY 23-24 standing at 64.4 million. APY is rapidly gaining popularity among women and youth, PFRDA chairman Deepak Mohanty said

In FY24, out of the total enrolments, 52 per cent were women and out of the total gross enrolment since inception, 70 per cent subscribers are in the 18 to 30 years age group.

Uttar Pradesh has the highest number of over 10 million enrolments among states, followed by Bihar, Maharashtra, West Bengal and Tamil Nadu (5 million each); Madhya Pradesh, Andhra Pradesh, Rajasthan and Karnataka (3 million each); and Gujarat, Odisha, Jharkhand (2 million each). These 12 states account for more than 80% of enrolments.

Prime Minister Narendra Modi has emphasised the need to 'saturate' the government's social security schemes including APY for each and every entitled person.

As part of this mission, PFRDA has undertaken outreach programs in coordination with all SLBCs (State-level Bankers' Committee) and RRBs across the country. More such campaigns will be conducted in the current Financial Year.

As part of its campaign to expand membership, PFRDA aims to target Jan Dhan account holders and promote a digital mode of enrolment to target the young population, involving other Central ministries, state governments and agencies.

The APY scheme allows any citizen aged 18-40 to join through a bank or post office branch in which a person has a savings bank account.

Under the scheme, a subscriber would receive a minimum guaranteed pension of Rs 1,000 to Rs 5,000 per month from the age of 60 years, depending upon their contribution. The same pension would be paid to the spouse in case of the demise of the subscriber.