Atal Pension Yojana completes five years

Highlights:

  • Atal Pension Yojana (APY) completed five years of its implementation on 9 May 2020. 
  • The scheme has achieved the milestone of 2.23 subscribers so far.
What is Atal Pension Yojana ?
  • Atal Pension Yojana is the government's flagship social security scheme.
  • APY was launched on 9 May 2015 by Prime Minister Narendra Modi. 
  • The aim of the scheme is to deliver old age income security, particularly to the workers in the unorganized sector.
  • The scheme still remains relevant for addressing the challenges of the rapidly increasing aging population of India.
  • The scheme provides the guarantee of minimum pension after 60 years of age.
  • The scheme covers all the states and Union Territories (UTs) with male to female subscription ratio of 57:43.
  • APY can be subscribed by any Indian citizen in the age group of 18-40 years having a bank account.
  • The scheme provides a minimum guaranteed pension ranging from Rs.1,000 to Rs.5,000 on attaining 60 years of age. 
  • The amount of pension is guaranteed for a lifetime to the spouse on the death of the subscriber. 
  • In the event of the death of both the subscriber and the spouse, the entire pension corpus is paid to the nominee.