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Generate QuizUnder the 'Atal Pension Yojana' (APY), which targets workers in the unorganized sector, what is the minimum age of entry and the guaranteed monthly pension range upon reaching the age of 60?
- 18-40 years; Rs. 1,000 to Rs. 5,000
- 21-50 years; Rs. 2,000 to Rs. 10,000
- 18-60 years; Rs. 500 to Rs. 2,000
- 25-45 years; Rs. 3,000 to Rs. 7,000
Answer: 18-40 years; Rs. 1,000 to Rs. 5,000
APY was launched to provide a social security net for the vast unorganized workforce, which lacks employer-sponsored pensions. Subscribers must join between the ages of 18 and 40 to ensure a minimum contribution period of 20 years. Upon turning 60, they are guaranteed a fixed monthly pension ranging from Rs. 1,000 to Rs. 5,000, depending on their chosen contribution tier.