Atal Pension Yojana extended till 2031: How it impacts you?
What's the story
The Union Cabinet has approved the extension of the Atal Pension Yojana (APY) until 2031. The decision will benefit millions of low-income and unorganized sector workers by providing them with assured monthly pensions after retirement. The government will continue to fund outreach and gap funding, ensuring that beneficiaries receive a pension between ₹1,000 and ₹5,000 per month from age 60 onward.
Impact
APY's role in financial inclusion and security
The APY scheme is a major contributor to India's social security framework. It provides income security in old age and promotes financial inclusion across the rural and informal sectors. The Cabinet, led by Prime Minister Narendra Modi, has also approved continued government support for awareness campaigns, capacity building, as well as other developmental activities to expand the reach of APY among unorganized workers.
Scheme evolution
APY's journey
Launched on May 9, 2015, the APY scheme aims to create a pensioned society by promoting small but regular savings among workers without formal pension systems. As of January 19, more than 8.66 crore people have enrolled under APY. The Centre believes sustained support is necessary to keep awareness high, strengthen implementation, and ensure long-term stability for the scheme.