Explanation:

The Atal Pension Yojana (APY) has been launched by the Government of India in May 2015, which is primarily targeted at the unorganised sector and informal workers. The registration of subscribers under APY started from June 1, 2015. The salient features of the Atal Pension Yojana are as under:-

• Indian Citizens between the age group of 18 to 40 years eligible to join APY through their savings bank account or post office savings bank account.
• APY is based on defined benefit for providing guaranteed minimum monthly pension of Rs. 1000 or Rs. 2000 or Rs. 3000 or Rs. 4000 or Rs. 5000 at the age of 60 years based on pension amount chosen.
• The Central Government would also co-contribute 50% of the total contribution or Rs. 1000 per annum, whichever is lower, to each eligible subscriber, for a period of 5 years, i.e., from Financial Year 2015-16 to 2019-20, who have joined the APY before 31st March 2016, and who are not members of any statutory social security scheme and who are not income tax payers.
• In the case of premature death of Subscriber (death before 60 years of age), spouse of the subscriber has been given an option to continue contributing to the APY account of the subscriber, for the remaining vesting period, till the original subscriber would have attained the age 60 years.