The government-backed pension scheme Atal Pension Yojana (APY) has attracted 11 million subscribers since its launch three years ago in May 2015, the Pension Fund Regulatory and Development Authority (PFRDA) has revealed.
The PFRDA said in a statement that the APY has collected at least INR39.5 billion in contributions from subscribers. The scheme generated around 9.10% compounded annual growth rate (CAGR) since its inception till March 2018.
A guaranteed pension scheme for Indians, the APY is focused on the unorganised labour sector which constitutes more than 85% of the country's workforce.
Under the APY, a guaranteed minimum pension of INR1,000 per month or a payout of up to INR5,000 per month will be given to a subscriber when he or she reaches 60 years of age, depending on contributions made.