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by IANS |
New Delhi, Jan 21 (IANS) The Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved the continuation of the Atal Pension Yojana (APY) up to the financial year 2030-31 along with 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 and capacity building. Gap funding to meet viability requirements and ensure sustainability of the scheme," according to a statement issued by the Finance Ministry
The APY scheme ensures old-age income security for millions of low-income and unorganised sector workers. It aims to enhance financial inclusion and supports India's transition to a pensioned society. The scheme also strengthens the vision of Viksit Bharat @2047 by providing sustainable social security, the statement said.
The APY scheme was launched on May 9, 2015, to provide old-age income security to workers in the unorganised sector. The scheme offers a guaranteed minimum pension of Rs 1,000 to Rs 5,000 per month, starting at age 60, based on contributions.
As of January 19, 2026, over 8.66 crore subscribers have been enrolled, making APY a cornerstone of India's inclusive social security framework.
Sustained government support is essential for continued awareness, capacity building, and bridging of viability gaps to ensure the scheme's sustainability, the statement explained.
According to APY data, around 70.44 per cent of the total enrolments in the scheme have 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 and is rapidly gaining popularity.
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