The Union Government on Wednesday approved the continuation of support for the Atal Pension Yojana (APY) for old‑age income security for India's unorganised workforce up to the financial year 2030-31.
Under the renewed mandate, government assistance will focus on expanding outreach among unorganised workers, particularly through awareness drives and capacity‑building initiatives. It will also include gap funding to meet viability requirements, ensuring that the pension scheme remains robust and financially sustainable over the coming years.
The government hopes that this will secure a stable retirement income for millions of low‑income and unorganised sector workers who traditionally lack formal pension coverage.
By driving financial inclusion and encouraging long‑term savings, APY aims to play an instrumental role in India's transition towards a pensioned society. The press note said that the scheme's progress aligns closely with the broader vision of Viksit Bharat @2047, under which social security is a key pillar of inclusive development.
What Is Atal Pension Yojana?
Launched on May 9, 2015, APY is a voluntary pension scheme launched by the Government of India for all Citizens of India, especially the poor, the under-privileged, and the workers in the unorganised sector. Under the APY, a minimum guaranteed pension of Rs. 1,000/- ,2,000/-, Rs. 3,000/-, Rs. 4,000 or Rs. 5,000/- per month will start after attaining the age of 60 years, depending on the contributions made by the subscribers for their chosen pension amount.
Under the scheme, the central government also guarantees a minimum pension amount to the spouse. After the
subscriber's demise, the spouse of the subscriber shall be entitled to receive the same pension amount as that of the subscriber until the death of the spouse. The yojana also entails that after the demise of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the pension wealth, as accumulated till the age 60 of the subscriber.
Also Read: Atal Pension Yojana: Eligibility, Contribution And Other Details
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