APY will be focussed on all citizens in the unorganised sector, who join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA).

It is open to all bank account holders who are not members of any statutory social security scheme.

It mainly targets on unorganised sector workers.

Under the APY, the subscribers would receive the fixed pension ranging from Rs. 1000 -Rs. 5000 per month, at the age of 60 years, depending on their contributions.

The age of joining APY is 18 years to 40 years. Therefore, minimum period of contribution by the subscriber under APY would be 20 years or more.

The Central Government would also co-contribute 50% of the subscriber’s contribution or Rs. 1000 per annum, whichever is lower for a period of 5 years upto 2020.