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Social Security Schemes: Atal Pension Yojana (India)

The Atal Pension Yojana (APY) was introduced by the Government of India. It was launched by the Prime Minister of India, Shri Narendra Modi, on 9th May 2015. The scheme is aimed at providing pension benefits to workers in the unorganized sector, ensuring financial security for their old age.
The Atal Pension Yojana (APY) is a social security scheme launched by the Government of India to address the pension needs of workers in the unorganized sector. The scheme was introduced with the aim of providing a regular pension income to ensure financial stability and security for individuals in their old age.

One of the key features of the APY is its focus on encouraging voluntary participation from individuals in the unorganized sector who do not have access to formal pension schemes. The scheme offers a guaranteed minimum pension ranging from Rs. 1,000 to Rs. 5,000 per month, depending on the contribution amount and the age at which the individual joins the scheme.

To enroll in the APY, individuals need to have a savings bank account, be between 18 and 40 years of age, and be eligible to receive benefits under the scheme. The contribution amount varies based on the age of entry and the desired pension amount, with contributions starting as low as Rs. 42 per month for a Rs. 1,000 pension.

The APY also offers benefits such as fixed pension amounts for the spouse in case of the subscriber's demise and the option to choose the pension amount and the frequency of contributions. The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) and contributions are invested in a pension fund to generate returns over time.

Overall, the Atal Pension Yojana plays a crucial role in providing social security to workers in the unorganized sector, helping them build a corpus for their retirement and ensuring a dignified life post-retirement.

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