Nine Years of APY: A Comprehensive Analysis of the Government of India’s Defined Contribution Guaranteed Pension Scheme

Abstract

This study analyzes the 9-year growth of Atal Pension Yojana (APY) since its launch in FY 2015-16, using secondary data from PFRDA and population projections from the Ministry of Health & Family Welfare. It moves beyond prior studies analyzing APY awareness and moves onto examining enrolment dynamics, revealing low penetration despite a large eligible population. While female enrolment growth outpaces males, cumulative numbers lag. Gender, geographic and zonal disparities persist. Post-pandemic, dropout rates increased, yet remaining subscribers show strong remittance persistence. High dropout rates suggest potential mis-selling, economic distress, or eligibility changes. A surge in low pension slab accounts may indicate perverse distribution incentives or money illusion. The research should therefore be useful to academic scholars in field of behavioural finance and micro-pensions, as also practitioners of governance and institutions involved in public policy in the field of old age income security.