Sharp growth in the elderly population is observed from 2010 onwards along with a decline in the age group of below 15 years, indicating rapidity of ageing in India
The government introduced APY on June 1, 2015, to provide social security to workers mainly in the unorganised sector.
Members who fail to pay up the defaults of rearrange their accounts within September 30 will have to pay a fine.
Participants will be eligible for pension once they turn 60 years. In case the applicant dies by then, the partner can receive the complete pension.