Why in News?
Union Cabinet extended the Atal Pension Yojana (APY) until the fiscal year 2030β31. This move aims to ensure long-term social security for India’s unorganized workforce.
About Scheme:
Atal Pension Yojana (APY)Β is a government-backed pension scheme in India primarily targeted at workers in the unorganised sector. Launched in 2015, it provides aΒ guaranteed minimum monthly pensionΒ of βΉ1,000 to βΉ5,000 after the age of 60, depending on the subscriber’s contribution and age of joining
- Age: Must be betweenΒ 18 and 40 years.
- Citizenship: Must be anΒ Indian citizen.
- Regulatory Body: The scheme is administered and regulated by the Pension Fund Regulatory and Development Authority (PFRDA).
