Atal Pension Yojana (APY) is a government-backed pension scheme launched on May 9, 2015, aimed at providing old-age income security, especially to those in the unorganized sector. With over 60 million subscribers as of the financial year 2023-24, APY offers monthly pensions ranging from Rs 1,000 to Rs 5,000, along with tax advantages. Managed by the Pension Fund Regulatory and Development Authority (PFRDA), the scheme ensures a stable income post-retirement, making it a risk-free investment. Despite its benefits, APY has faced some controversy, but it remains a significant initiative for retirement savings in India’s unorganized sector.
Understanding Atal Pension Yojana: Benefits, Eligibility, and Controversy
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