Atal Pension Yojana

Atal Pension Yojana (APY, translation: Atal's Pension Scheme), formerly known as Swavalamban Yojana (SY, translation: Self-Support Scheme), is a government-backed pension scheme in India, primarily targeted at the unorganised sector. It was primarily launched as Swavalamban Yojana by UPA government, but renamed as Atal Pension Yojana in 2015 after the former Prime Minister Atal Bihari Bajpayee. It was mentioned in the year 2015 budget speech of Finance Minister Arun Jaitley. It was launched by Prime Minister Narendra Modi on 9 May 2015 in Kolkata. Its main objective is to help towards economic security of those people who become depressed after their working age and take retirement from professional life.