Atal Pension Yojana (APY): A Decade of Securing Old Age Income (2015-2026)
The Atal Pension Yojana has completed a decade, providing social security for unorganised sector workers.
Source: GNews PM SchemeThe Atal Pension Yojana (APY), a government-backed pension scheme, has completed its transformative journey from 2015 to 2026. Launched by the Indian government, APY aims to provide social security to workers in the unorganised sector. It encourages individuals to save for their retirement by offering a guaranteed pension after the age of 60. The scheme has seen significant growth in subscriber base and contributions, highlighting its success in extending pension coverage to a wider population. This initiative is crucial for ensuring financial stability and dignity for the elderly in India.
- APY was launched on May 9, 2015, by Prime Minister Narendra Modi.
- It is administered by the Pension Fund Regulatory and Development Authority (PFRDA).
- The scheme targets workers in the unorganised sector, providing a guaranteed minimum pension.
- Subscribers receive a fixed pension of Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000, or Rs. 5,000 per month after 60 years of age.
- The government co-contributes 50% of the subscriber's contribution or Rs. 1,000 per annum, whichever is lower, for the first 5 years for eligible subscribers.
A social security scheme launched by the Government of India in 2015. It aims to provide a guaranteed pension to workers in the unorganised sector after they turn 60, based on their contributions during their working years. It is administered by PFRDA.
Established in 2003, PFRDA is the regulatory body for pension funds in India. Its headquarters are in New Delhi. It promotes, develops, and regulates the pension sector, including schemes like APY and NPS.
Exams frequently test the launch year, target beneficiaries, administering body, and key features like the guaranteed pension amounts of government social security schemes.
APY for 'Aam Aadmi Pension Yojana' (common man's pension). Remember 'A' for Atal and 'A' for Aam Aadmi, helping the unorganised sector.