Why in News?
Union Cabinet extended the Atal Pension Yojana (APY) until the fiscal year 2030–31. This move aims to ensure long-term social security for India’s unorganized workforce.
About Scheme:
Atal Pension Yojana (APY) is a government-backed pension scheme in India primarily targeted at workers in the unorganised sector. Launched in 2015, it provides a guaranteed minimum monthly pension of ₹1,000 to ₹5,000 after the age of 60, depending on the subscriber’s contribution and age of joining
- Age: Must be between 18 and 40 years.
- Citizenship: Must be an Indian citizen.
- Regulatory Body: The scheme is administered and regulated by the Pension Fund Regulatory and Development Authority (PFRDA).
