Explanation:

The government launched the Atal Pension Yojana (APY) in May 2015 to create a universal social security system by providing/offering guaranteed schemes to all citizens, especially the poor, underprivileged and employees of the unorganised sector. The Pension Fund Regulatory and Development Authority (PFRDA) is in charge of administering the APY.

Through APY, the government offers subscribers a minimum monthly pension—ranging from Rs. 1,000 to Rs. 5,000 —at the age of 60, depending on their contribution (APY subscribers). The scheme also provides guaranteed pension to the subscriber’s spouse, in case of the subscriber's death and return of the cumulative pension wealth to the nominee.