The Atal Pension Scheme (APY) is a pension scheme created keeping in mind the people in the unorganized sector. This is a social security scheme of insurance and pension sector, which was launched by the government to provide pension to all citizens of the country from Rs 1,000 to Rs 5,000.
This scheme is supervised by the Pension Fund Regulatory and Development Authority (PFRDA). This plan guarantees to provide regular pension to any person after retirement. Any Indian citizen whose age is between 18 and 40 years can be included in the scheme.
In this scheme, if a person is involved at the age of 18, he will have to contribute monthly from Rs 42 to 210 for a fixed monthly pension of Rs 1,000 to Rs 5,000. On the other hand, if a person is involved in the scheme at the age of 40, then he will have to pay a monthly contribution of Rs 291 to Rs 1,454 per month to get fixed monthly pension between Rs 1,000 to Rs 5,000
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