To address the longevity risks among the workers in unorganized sector and to encourage the workers in unorganized sector to voluntarily save for their retirement, Government of India (GOI) announced Atal Pension Yojana (APY) in the budget 2015-16. Under the scheme, guaranteed minimum pension is being given from the age of 60 years, depending on the contribution by the subscriber.
Salient Features of Atal Pension Yojana
- The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through NPS architecture.
- APY is applicable to all citizen of India aged between 18-40 years.
- Under the APY, there is guaranteed minimum monthly pension for the subscribers ranging between Rs. 1000 and Rs. 5000 per month.
Atal Pension Yojana in Rajasthan
- Total 6.26 lakh persons have been enrolled upto 31 March, 2019 under APY in Rajasthan.