Half of the meaning of the term is evident from the name itself. From the word pension, we get a picture of a policy under which a government official would get a specific amount of money from the government after his or her retirement for support in the old age.

Atal Pension Yojana was started by the Indian government in 2015, under which the amount from Rs.1000 to Rs.5000 would be given a pension. Earlier, this policy was valid only from 2015 to 31st August 2018, but now the government has increased the validity till an indefinite time. The age limit has also been increased by 5 years. Instead of 18-60 years, it is 18-65 years now.

According to a report, almost one crore citizens were benefited with this Atal Pension Yojana. Arun Jaitley says, “This policy was launched for four years earlier, and was ending this year. But considering the wider participation of the people in this scheme, the Cabinet has decided to extend it indefinitely.”

This plan will benefit the elderly very much. Increasing the time period for this scheme by the government will prove to be beneficial to a large extent.