Economy PYQ 39 of 50 · Banking and Financial Inclusion

What is the focus of the centrally sponsored 'Atal Pension Yojana'?

  1. APension scheme for all unemployed youth
  2. BPension scheme for aged widows
  3. CPension scheme for workers engaged in the private unorganised sector
  4. DPension scheme for women labourers

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Show answer and explanation

Correct answer: (c) Pension scheme for workers engaged in the private unorganised sector

Explanation

The Atal Pension Yojana (APY), launched on 9 May 2015, is a pension scheme for workers in the unorganised sector, who have no formal retirement benefits. It is run by the Pension Fund Regulatory and Development Authority (PFRDA) and replaced the earlier Swavalamban scheme.

  • Citizens aged 18 to 40 can join and contribute until 60.
  • It guarantees a monthly pension of ₹1,000 to ₹5,000 from the age of 60, depending on the contribution.
  • After the subscriber's death the spouse gets the same pension, and after both, the accumulated corpus goes to the nominee.
  • Since 1 October 2022, people who are or have been income-tax payers cannot join.
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