Atal Pension Yojana (APY)

 Atal Pension Yojana (APY) is a government-backed pension scheme in India. It was launched by the Government of India in 2015 and is administered by the Pension Fund Regulatory and Development Authority (PFRDA).


The main objective of the Atal Pension Yojana is to provide a sustainable pension to the unorganized sector workers, who often do not have access to formal pension schemes. It aims to ensure a minimum monthly pension of Rs. 1,000 to Rs. 5,000 to the subscribers after they reach the age of 60.


Under the scheme, individuals between the ages of 18 and 40 can enroll and contribute towards their pension fund. The amount of pension depends on the contribution made and the age at which the individual joins the scheme. The contributions are automatically deducted from the subscriber's bank account on a monthly, quarterly, or half-yearly basis.


The government also provides a co-contribution of 50% of the subscriber's contribution or Rs. 1,000 per year, whichever is lower, for a period of 5 years for eligible subscribers. This co-contribution is available to individuals who are not covered by any statutory social security scheme and whose income is below a certain threshold.


The Atal Pension Yojana is a voluntary scheme, but it encourages individuals to save for their retirement and provides them with a regular income after they retire. It is a simple and affordable pension scheme that aims to provide financial security to the unorganized sector workers in their old age.

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