In efforts to ensure old-age income security for millions of low-income and unorganised sector workers, the government of India has given its approval for the continuation of Atal Pension Yojana (APY) up to FY 2030-31 along with extension of funding support for promotional and developmental activities and gap funding.
The scheme will continue up to 2030-31 with government support for promotional and developmental activities to expand outreach among unorganised workers including awareness, capacity building and gap funding to meet viability requirements and ensure sustainability of the scheme.
This move will enhance financial inclusion and support India’s transition to a pensioned society, strengthening the vision of Viksit Bharat @2047 by providing sustainable social security. APY, which was launched on May 9, 2015 with the objective of providing old-age income security to workers in the unorganised sector, offers a guaranteed minimum pension of Rs 1,000 to Rs 5,000 per month starting at age 60, based on contributions.
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