Atal Pension Yojana (APY):
The Atal Pension Yojana (APY) has achieved a historic milestone by surpassing 9 crore total gross enrolments.Atal Pension Yojana is a flagship, voluntary, and contributory social security scheme of the Government of India. It is specifically designed to provide a steady income stream to workers in the unorganized sector, ensuring they have financial independence in their old age.Launched In Announced: Union Budget 2015–16.Launched: May 9, 2015, by Prime Minister Narendra Modi.The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA).
Aim:
- To create a universal social security system for all Indians, primarily focusing on the poor and underprivileged.
- To provide a Sampurna Suraksha Kavach (Complete Security Shield) against the risks of old age.
- To encourage a culture of savings among workers who do not have access to formal institutional pension systems.
