BANKING AFFAIRS

Detailed explanation-1: -Atal Pension Yojana(APY), a pension scheme for citizens of India is focussed on the unorganized sector workers. It is one of the highly acclaimed social security scheme launched by Govt of India during 2015.

Detailed explanation-2: -Atal Pension Yojana (APY), a pension scheme for citizens of India, is focused on the unorganised sector workers. Under the APY, guaranteed minimum pension of Rs. 1, 000/-or 2, 000/-or 3, 000/-or 4, 000 or 5, 000/-per month will be given at the age of 60 years depending on the contributions by the subscribers.

Detailed explanation-3: -Unorganised Sectors Are More Secure With NPS Under this voluntary pension scheme, each subscriber would receive a guaranteed minimum pension amount of 3000 every month, after reaching 60 years. And in case a subscriber dies, 50% of his pension will be given to his spouse as a family pension.

Detailed explanation-4: -Government of India has introduced a pension scheme for unorganised workers namely Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM) to ensure old age protection for Unorganised Workers.

Detailed explanation-5: -The National Pension Scheme was introduced before the Atal Pension Yojana. The Atal Pension Yojana was introduced in 2015, and there are a wide number of differences when we look at it as NPS vs APY.