There are many people in India working in unorganised sectors with no guarantee of any pension at old age. Though government had launched Swavalamban Yojana in 2011-2012, a very less people joined the scheme as it did not provide any certainty of amount payable at vesting age.
To provide financial security to such people at older age government has announced the Atal Pension Yojana (APY), which will provide a defined pension, depending on the contribution, and its period. The APY will be focussed on all citizens in the unorganised sector, who join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA). Under the APY, the subscribers would receive the fixed minimum pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, depending on their contributions, which itself would be based on the age of joining the APY.
