About the Scheme

• Atal Pension Yojana (APY) addresses the old age income security of the working poor. It is focused on the unorganized sector workers. 
• It encourages the workers in the unorganised sector to voluntarily save for their retirement. The Government had launched the scheme with effect from 1st June, 2015.

Eligibility

• Any citizen of India can join the APY scheme. The age of the subscriber should be between 18-40 years. The contribution levels would vary and would be low if a subscriber joins early and increases if she joins late.
• The benefits of the scheme will arise to the subscribers on attaining the age of 60 years.

Features of APY

• Fixed pension for the subscribers ranging between Rs.1000 to Rs. 5000, if s/he joins and contributes between the age of 18 years and 40 years. 
• The same pension is payable to Spouse after death of Subscriber.
• 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.

• APY is administered by the Pension Fund Regulatory and Development Authority (PFRDA). 

Why in News?

• The Atal Pension Yojana has surpassed 7 crore enrolments, with over 56 lakh members joining in the financial year 2024-25.