Atal Pension Yojana is a government-backed pension scheme launched specifically with the focus on those employed in the unorganized sector. It replaced the Swavalamban Yojana. The scheme provides fixed pension to the subscriber and later to the spouse upon his/her death. The contribution to APY is eligible for tax benefits like the NPS.
The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA). More than 28 lakh new APY accounts have been opened during the current fiscal (FY-2021-2022). The overall enrollment under the pension scheme has surpassed 3.30 crore as on August 25, 2021.