New Delhi, Jan 21 (NationPress) The Union Cabinet, led by Prime Minister Narendra Modi, has officially sanctioned the extension of the Atal Pension Yojana (APY) through the fiscal year 2030-31. This decision includes ongoing funding for promotional and developmental initiatives as well as gap financing.

The scheme will persist until 2030-31 with government backing aimed at enhancing outreach among unorganised workers through awareness and skill development. The provision for gap funding is intended to address viability challenges and ensure the scheme's sustainability, as stated by the Finance Ministry.

The APY scheme is pivotal in providing old-age income security for countless low-income and unorganised sector employees. Its mission is to bolster financial inclusion and facilitate India's progress towards a pensioned society. Furthermore, the initiative aligns with the vision of Viksit Bharat @2047, promoting sustainable social security, according to the statement.

Launched on May 9, 2015, the APY aims to secure old-age income for workers in the unorganised sector, offering a guaranteed minimum pension ranging from Rs 1,000 to Rs 5,000 per month, commencing at the age of 60, contingent on contributions.

As of January 19, 2026, the scheme has enrolled over 8.66 crore subscribers, making it a fundamental element of India's inclusive social security system.

To maintain the scheme's viability, sustained government support is crucial for continuing awareness, capacity building, and bridging funding gaps, as highlighted in the statement.

Data reveals that approximately 70.44% of total enrolments are attributed to public-sector banks, with 19.80% from regional rural banks, 6.18% from private sector banks, 0.37% from payment banks, 0.62% from small finance banks, and 2.39% from cooperative banks.

The government pension scheme has experienced a remarkable 24% growth in gross enrolments by the end of FY 23-24 and is increasingly popular among the public.