In India, crores of people don’t work in government jobs and won’t get any pension when they retire.
This includes:
farmers
daily wage laborers
domestic help
small shopkeepers
and others in the unorganized sector
These people often face financial uncertainty in old age because they lack pension or other retirement benefits.
What Is the Atal Pension Yojana (APY)
The Atal Pension Yojana (APY) is a social security scheme launched by the Government of India on 9 May 2015.
It’s for Indian citizens aged 18 to 40 years.
Under this scheme, you contribute regularly. After you turn 60, you will receive a fixed monthly pension.
The pension amount ranges between ₹1,000 to ₹5,000 per month depending on how much you contribute and at what age you join.
Why It’s Important
The scheme ensures people without any pension coverage have financial support in old age.
It guarantees a minimum pension: if the actual returns on contributions are less than expected, the government makes up the difference.
If returns are higher, those extra gains benefit the subscriber.
How to Join & Other Important Rules
To benefit from APY, here are the key requirements and rules:
You must be an Indian citizen.
Age should be between 18 and 40 years.
You cannot be a taxpayer or be part of other social security schemes like EPF.
You need to have a savings bank account so contributions can be deducted automatically.
You can pay contributions monthly, every three months, or every six months depending on your preference.
In case the subscriber dies, the pension continues for the spouse, and if both pass away, the nominee receives the benefit.
