(Livemint)
To address the longevity risks among workers like daily wage-earners, maids and drivers in the unorganised sector and to encourage them to voluntarily save for their retirement, the government in Budget 2015-16 announced the introduction of a universal social security scheme ‘Atal Pension Yojana’ (APY) for all Indians.
The scheme offers subscribers a fixed minimum pension of between ₹1,000 and ₹5,000 per month from the age of 60 years, depending on their contribution, which in turn is based on the age of joining the scheme. The benefit of a fixed minimum pension is guaranteed by the government. The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through the National Pension Scheme (NPS) architecture.
