🛑Atal Pension Yojana (APY) 🛑
▪️Launch Date : 9th May, 2015 (Introduced from 1st June, 2015).
▪️Purpose : It is a pension scheme focused on all citizens in the unorganised sector.
▪️Under the scheme, a subscriber would receive a minimum guaranteed pension of Rs 1,000 to Rs 5,000 per month, depending upon his contribution, from the age of 60 years.
▪️Benefits : Monthly Pension of either Rs 1000/- , Rs 2000/-, Rs 3000/-, Rs 4000/- or Rs 5000/- would be paid to the subscriber after he attains the age of 60.
▪️Penalty for default in contribution : Rs. 1 per month for the contribution of every Rs. 100.
▪️APY is a guaranteed pension scheme and is administered by PFRDA.
▪️Age Eligibility - 18 years to 40 years, but he will have to make the monthly contribution till the age of 60 years.
▪️Contribution can be monthly, quarterly or half-yearly basis.