"This measure is likely to benefit a substantial number of people who have not been able to join APY and, therefore, have failed to avail of the benefit of co-contribution by the government," read a Finance Ministry statement. According to the ministry's data, the number of subscribers under APY had grown to 1.8 crore till 16 January 2016.
The scheme provides a minimum government guaranteed monthly pension, ranging from `1,000 to `5,000.
The scheme was announced to address the longevity risks among workers in the unorganised sector and to encourage them to voluntarily save for their retirement. Last year, the government had modified APY to widen its reach and increase its acceptability among informal sector workers.
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