Atal Pension Yojana

 Atal Pension Yojana (APY) is a government-backed pension scheme in India. It was launched in 2015 with the aim of providing a sustainable pension to workers in the unorganized sector. The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) and is available to all Indian citizens aged between 18 and 40 years.

Under the Atal Pension Yojana, individuals can contribute towards their pension account on a monthly basis. The pension amount is determined based on the age at which the person joins the scheme and the contribution amount made. There are different pension slabs ranging from Rs. 1,000 to Rs. 5,000 per month, and the amount received depends on the contributions made and the number of years of contribution.

To join the scheme, individuals need to have a valid savings bank account. The contributions can be made through auto-debit from the bank account on a monthly basis. The government of India also contributes 50% of the subscriber's contribution or Rs. 1,000 per year (whichever is lower) for a period of five years to eligible subscribers who joined the scheme between June 1, 2015, and December 31, 2015. The Atal Pension Yojana aims to provide financial security to individuals in their old age and ensure a regular stream of income. It encourages people in the unorganized sector to save for their retirement and promotes a culture of pension among the working population.