Solution

The Atal Pension Yojana (APY) was launched in May 2015, to address the longevity risks among the workers in unorganised sector who are not covered under any statutory social security scheme. The APY is focused on all citizens in the unorganised sector, who join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA). Any Indian citizen between 18-40 years of age can join through their savings bank account/post office savings account. Minimum pension of ₹ 1,000 or ₹ 2,000 or ₹ 3,000 or ₹ 4,000 or ₹ 5,000 is guaranteed by the Government of India to the subscriber at the age of 60 years.