Write short notes on the following: Atal Pension Yojana

The Atal Pension Yojana (APY) is a social security scheme launched by the Government of India in 2015-16, primarily aimed at providing old age income security to workers in the unorganized sector. It encourages and enables individuals to save for their retirement and addresses longevity risks. Target Beneficiaries: It is focused on all citizens in the unorganized sector. Administration: The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through the National Pension System (NPS) architecture. Guaranteed Pension: Under APY, there is a guaranteed minimum monthly pension for subscribers, ranging between ₹1,000 and ₹5,000 per month, depending on their contributions and age of joining. The benefit of minimum pension is guaranteed by the Government of India. Contribution: Subscribers need to make regular contributions based on their age and desired pension amount.