Atal Pension Yojana (APY)
The Government launched the Atal Pension Yojana (APY) to encourage the workers in unorganized sector to voluntarily save for their retirement. The Scheme provides a defined pension, depending on the contribution and its period. Under APY, the subscribers would receive the fixed minimum pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month and Rs. 5000 per month at the age of 60 years depending on their contributions, which itself would be based on the age of joining APY. The minimum age of joining APY is 18 years and maximum age is 40 years. Therefore, minimum period of contribution by any subscriber under APY would be 20 years or more.
The minimum pension would be guaranteed by the Government, i.e., if the accumulated corpus based on contributions earns a lower than estimated return on investment and is inadequate to provide the minimum guaranteed pension, the Central Government would fund such inadequacy. Alternatively, if the returns on investment are higher, the subscribers would get enhanced pensionary benefits.
Subscribers can make contributions to APY on monthly/ quarterly / half-yearly basis. Subscribers can also voluntarily exit from APY subject to certain conditions, on deduction of Government co-contribution and return/interest thereon.
Progress under Atal Pension Yojana (as on 28.02.2025)
Total subscribers: 7.47 crore