What is Atal Pension Yojana?

The Atal Pension Yojana was launched by the government in 2015. Under this scheme, investors are entitled to receive a pension of 5000 rupees per month. The objective of the Atal Pension Yojana is to provide a sustainable pension system for citizens, especially those in the unorganized sector, who may not have access to formal pension plans.

The scheme is named after former Prime Minister Atal Bihari Vajpayee and aims to ensure that individuals receive a fixed monthly pension amount after reaching the age of 60. To avail the benefits, individuals need to contribute to the scheme during their working years. The contribution amount depends on the age of entry and the desired pension amount. The scheme offers different pension slabs to cater to the varying financial capacities of individuals.

Atal Pension Yojana is a part of the government's broader efforts to enhance financial inclusion and social security. It encourages individuals, particularly those employed in the informal sector, to plan for their retirement and ensures that they have a regular income stream during their old age. The scheme not only provides financial security but also promotes a savings culture among citizens. The Atal Pension Yojana reflects the government's commitment to addressing the

pension needs of all sections of society, especially those who may not have access to traditional pension plans. By facilitating affordable and accessible pension options, the scheme contributes to the overall welfare and financial well-being of the citizens of India.