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| It was launched by Prime Minister Narendra Modi on 9 May 2015 in Kolkata. |
| Ministry: Ministry of Finance Nirmala Sitharaman is the Minister of Finance and Minister of Corporate Affairs |
| Key Person: Nirmala Sitharaman |
| About APY, previously known as Swavalamban Yojana is a government-backed pension scheme, primarily targeted at the unorganised sector. It was mentioned in the 2015 Budget speech by the then Finance Minister Arun Jaitley. It is a guaranteed pension scheme and is administered by the Pension Fund Regulatory and Development Authority (PFRDA). |
| Guaranteed monthly pension for subscribers, ranging from Rs. 1,000 to Rs. 5,000 per month. Government of India (GoI) will also co-contribute 50% of the subscriber’s contribution or Rs. 1,000 per annum, whichever is lower. The Government co-contribution is available for those who are not covered by any Statutory Social Security Schemes and is not an Income Tax payer. GoI will co-contribute to each eligible subscriber, for a period of 5 years who joins the scheme in the period June 1 to December 31, 2015. The benefit of five years of Government co-contribution under APY would not exceed 5 years for all subscribers including migrated Swavalamban beneficiaries. As of May 2015, only 20% of India's population had any kind of pension scheme and the APY scheme aims to increase the number. |
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