APY

APY stands for Atal Pension Yojana.

It is a government-backed pension scheme aimed at unorganised sector workers, administered by the Pension Fund Regulatory and Development Authority. Subscribers between 18 and 40 years of age can choose a fixed monthly pension of ₹1,000 to ₹5,000 starting at age 60, by contributing a fixed monthly amount for the chosen term. The spouse continues to receive the pension after the subscriber's death, and the corpus is managed by government-appointed pension fund managers.