Correct Answer: Atal Pension Yojana (APY)

Solution : The correct answer is (c) Atal Pension Yojana (APY)

The Atal Pension Yojana (APY) is a government-backed pension scheme launched by the Government of India. It is primarily targeted towards workers in the unorganized sector, including rural areas, who do not have access to formal pension schemes.

Under the APY, eligible individuals can enroll and make regular contributions towards their pension fund during their working years. The scheme provides a guaranteed minimum pension ranging from Rs. 1,000 to Rs. 5,000 per month, depending on the contribution amount and the age of the subscriber at the time of joining the scheme. The pension is provided upon reaching the age of 60 years.

The APY aims to provide social security and financial stability to workers in the unorganized sector, including those in rural areas, by enabling them to save for their retirement and ensuring a regular income stream post-retirement.