Atal Pension Yojana Crosses 9 Crore Subscribers: A Major Milestone for Social Security Scheme
The government's pension scheme achieves significant enrollment, boosting financial security for unorganised sector workers.
Source: GNews PM SchemeThe Atal Pension Yojana (APY) has achieved a major milestone, enrolling over 9 crore subscribers across India. This scheme, launched by the Indian government, 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's success highlights its growing reach and importance in providing financial stability to a large segment of the Indian population, ensuring a secure future for many.
- Atal Pension Yojana (APY) has enrolled over 9 crore subscribers.
- The scheme provides a guaranteed minimum pension ranging from Rs. 1,000 to Rs. 5,000 per month after the age of 60.
- APY is open to all Indian citizens between 18 and 40 years of age.
- Subscribers receive government co-contribution for a certain period, subject to eligibility.
- The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA).
A social security scheme launched by the Government of India in 2015. It aims to provide a guaranteed pension to subscribers, primarily from the unorganised sector, after they turn 60 years old. The scheme encourages savings for retirement through regular contributions.
The regulatory body established by the Government of India to promote, develop, and regulate the pension sector in India. It oversees the National Pension System (NPS) and the Atal Pension Yojana (APY).
Exams frequently test the objectives, eligibility criteria, and key features of major government social security schemes like APY. Focus on the target beneficiaries and the benefits offered.
APY = 'A' for Atal, 'P' for Pension, 'Y' for Yojana. Remember 'APY' for 'A Pension for You' after 60.