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APY Scheme - Subscription-base crosses 1 crore mark; Mop-up reaches Rs 4000 Cr

 

By TIOL News Service

NEW DELHI, MAY 16, 2018: THE subscriber base of APY has crossed 1 Crore in just 3 years of the launch. The current number of subscribers stands at 1.10 Crore. Till date Rs. 3950 crores of contribution has been collected under the APY Scheme. The Scheme has generated around 9.10 % CAGR since its inception till March 2018.

APY Scheme is focused on the unorganised sector workers which constitute more than 85% of workforce. Under the APY, the guaranteed minimum pension of Rs. 1,000/- or 2,000/- or 3,000/- or 4,000/ or 5,000/- per month will be given at the age of 60 years depending on the contributions by the subscribers. The Spouse of the Subscriber is also eligible for pension and the nominee would be receiving the accumulated pension wealth.

To commemorate the 3 years of completion of the Scheme and its launch, Pension Fund Regulatory Development Authority (PFRDA) in coordination with the Department of Financial Services, Ministry of Finance, Government of India organised a massive outreach campaign “ APY Formation Day ” across the country to enhance the enrolments in APY by the banks and Department of Posts.

The subscriber base in APY has grown manifold to reach the current position and APY is offered by all the banks and post offices. Across the country, 1.60 lacs branches which include 20 thousand post offices offer the services of opening APY account for their customers. Out of this branch network, nearly 90% of the branches have mobilised one or more APY account in the last 3 years. PFRDA appreciates the efforts taken-out by the APY Service Providers (Banks/DoP) for their contribution towards making India a Pensioned Society.


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