¨     In a major decision in the field of social security, the central government has approved the continuation of the Atal Pension Yojana (APY) till the financial year 2030–31.

¨     This decision will continue to provide income security in old age to millions of workers in the unorganized sector and will strengthen India's long-term financial inclusion goals.
Why is it in the news
¨     In a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi, approval was given to continue the Atal Pension Yojana till 2030–31 and to increase government financial support for it.
What is the Atal Pension Yojana (APY)?
¨     The Atal Pension Yojana is a major social security scheme aimed at providing a guaranteed pension to low-income workers.
¨     Launched: May 9, 2015
¨     Target group: Workers in the unorganized sector such as laborers, street vendors, domestic workers, etc.
¨     Benefits: Guaranteed monthly pension of ₹1,000 to ₹5,000 after the age of 60
¨     Objective: To ensure a dignified and stable income in old age through small, regular savings
Cabinet Decision and Government Support
¨     The government has decided to continue its support for the continuity and strengthening of APY.
¨     Financial assistance for awareness and publicity
¨     Capacity building for better implementation of the scheme
¨     Gap funding to maintain the long-term financial stability of the scheme
¨     This support is crucial for increasing the reach of the scheme, including vulnerable sections, and maintaining its viability.
Impact on the Unorganized Sector
¨     The extension of the scheme is particularly beneficial for workers in the unorganized sector. Providing old-age income security to millions of workers
¨     Promoting financial inclusion by connecting them to banking and pension networks
¨     Reducing dependence on family or government support in old age
¨     Supporting social stability and inclusive economic growth through assured pensions