Regarding ‘Atal Pension Yojana’, which of the following statements is/are correct?1. It is a minimum guaranteed pension scheme mainly targeted at unorganised 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.
✓ Correct answer: c) 1 and 3 only
ExplanationStatement 1 is correct: The Atal Pension Yojana (APY) is a government-backed pension scheme specifically designed to provide a minimum guaranteed monthly pension to workers in the unorganized sector.This sector, which comprises a signifi- cant portion of the Indian workforce, often lacks access to formal retirement savings plans.The APY aims to address this gap by offering a simple and accessible pension product.The focus on unorganized sector workers is a core element of the APY’s design and purpose.Statement 2 is incorrect: The APY does not restrict participa- tion to only one member per family.Any individual who meets the eligibility criteria, primarily being an Indian citizen between the ages of 18 and 40 and not already a beneficiary of other statutory social security schemes, can subscribe to the APY, re- gardless of whether other family members have enrolled.Multi- ple family members can contribute to the scheme and receive separate pension benefits upon reaching the age of60. Statement 3 is correct: A key feature of the Atal Pension Yojana is the provision for family p
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