Regarding ‘Atal Pension Yojana’, which of the following statements is/are correct?

1. It is a minimum guaranteed pension scheme mainly targeted at unorganized sector workers.
2. Only one member of a family can join the scheme.
3. Same amount of pension is guaranteed for the spouse for life after subscriber’s death.

Select the correct answer using the code given below.

The Atal Pension Yojana (APY) is a minimum guaranteed pension scheme focused on encouraging those in the unorganized sector to save for retirement.

Statement 1 is correct: The scheme specifically targets workers in the unorganized sector to address longevity risks and promote voluntary retirement savings.

Statement 2 is not correct: The APY is available to all bank account holders who are not already members of any statutory social security scheme. There is no restriction limiting it to only one member per family.

Statement 3 is correct: The spouse is entitled to receive the same pension amount as the subscriber for life after the subscriber's death. After the death of both, the nominee receives the pension wealth accumulated until the subscriber reached 60 years of age.

Hence, statements 1 and 3 are correct.

Sources:

• PIB Release on Atal Pension Yojana
• Economic Times - Government amends Atal Pension Yojana