Awareness and Progress of Atal Pension Yojana: A Defined Pension System for Unorganised Sector Workers in India

This study discusses the significance of pension particularly in the context of unorganized sector workers of India. The Atal Pension Yojana (APY) launched by the Government of India aiming to establish a universal pension system. The scheme allows individuals aged between 18 to 40 years to subscribe for a monthly pension based on their contribution. Under the scheme, one can get pension at the age of 60 years ranging from Rs. 1000 per month to Rs. 5000 per month. The major findings from the study revealing that a significant percentage of respondents are aware about APY, but only a nominal portion of them are subscribers due to various reasons, primarily low monthly income, investment in other means etc. The study examines the influence of socio-economic factors on awareness about APY and finds that monthly income and savings in bank/post office accounts affect awareness, while place of residence does not.