Atal Pension Yojana (APY) Completes 11 Years: Key Features and Benefits
The government's pension scheme marks 11 years, providing social security for unorganised sector workers.
Source: GNews PM SchemeThe Atal Pension Yojana (APY) has completed 11 years since its launch in 2015. This scheme aims to provide social security to workers in the unorganised sector. Subscribers can receive a guaranteed minimum pension ranging from 1,000 to 5,000 per month after turning 60 years old. The pension amount depends on the subscriber's contribution and age of joining. For example, a monthly contribution of 210 can lead to a 5,000 pension. The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA). It encourages long-term savings for retirement among low-income groups.
- APY was launched on May 9, 2015, by the Government of India.
- It is open to all Indian citizens between 18 and 40 years of age.
- Subscribers receive a guaranteed minimum pension of 1,000, 2,000, 3,000, 4,000, or 5,000 per month after 60 years of age.
- The government co-contributes 50% of the subscriber's contribution or 1,000 per annum, whichever is lower, for eligible subscribers for 5 years.
- The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA).
A government-backed pension scheme in India, launched in 2015, aimed at providing social security to workers in the unorganised sector. It offers a guaranteed minimum pension after the age of 60, based on contributions.
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, age criteria, pension range, and the administering body of government social security schemes like APY.
APY: 'A' for Atal, 'P' for Pension, 'Y' for Yojana. Remember it as 'A Pension for Youth' (18-40 age group) to secure their future.