The Atal Pension Yojana (APY) aims to provide pension benefits to which segment of the population?
Show answer & explanation
Correct answer: C
Explanation
Correct Answer:-
Unorganized sector workers
Explanation:-
The primary objective of the Atal Pension Yojana (APY) is to provide income security in old age to workers in the unorganized sector. This scheme is specifically designed for those who are not part of any formal pension system (such as the EPFO) and who work in the unorganized sector. The scheme assures them a fixed monthly pension after retirement.
Key Points
Eligibility: Any Indian citizen between 18 and 40 years of age, who is not an income taxpayer, can join this scheme.
Pension Amount: Based on the duration of the contribution, this scheme provides a fixed monthly pension ranging from ₹1,000 to ₹5,000 upon attaining the age of 60.
Administration: The scheme is managed by the Pension Fund Regulatory and Development Authority (PFRDA).
Important Questions and Answers
Question: What is the minimum and maximum age limit to join the Atal Pension Yojana?
Answer: The minimum age to join the scheme is 18 years, and the maximum age is 40 years.
Question: Does the government also make a contribution under this scheme?
Answer: For eligible subscribers who registered during the specified period, the government provided a fixed percentage of the contribution as a co-contribution for 5 years (from 2015-16 to 2019-20).