Today we will discuss about “ Atal Pension Yojna / Scheme ” launched by Central Govt of India. For examinations like UPSC, SSC etc. they can throw questions from this scheme that is dedicated for pension subscribers who will receive a fixed minimum monthly pension. Let us discuss about this scheme’s features, objectives and eligibility. Let’s discuss about APY scheme’s full details and benefits.
About the scheme: Under the scheme, the pension subscribers will receive a fixed minimum monthly pension ranging from 1,000 rupees to 5,000 rupees at the age of 60 years, depending on the contribution of subscribers.
Target Population/Eligibility: Unorganised workers in the age group of 18-40 years. In terms of eligibility, subscribers must have a bank account and should not be members of any other statutory social security scheme or be Income Tax payers.
Agencies involved: The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA). Subscribers will be enrolled under Swavalamban Scheme.
Other features of Atal Pension Yojna / Scheme:
- The union Government will co-contribute 50 percent of the total contributions of the subscriber for a period of 5 years.
- The pension will be available to the spouse on the death of the subscriber and thereafter, the pension corpus would be returned to the nominee.
Age of joining and contribution
- The minimum age of joining APY – Atal Pension Yojna is 18 years and maximum age is 40 years.
- The age of exit and start of pension would be 60 years.
- Therefore, minimum period of contribution by the subscriber under APY would be 20 years or more.
- Focus of APY 5.1 Mainly targeted at unorganised sector workers.
Eligibility for APY – Atal Pension Yojna
Atal Pension Yojana (APY) is open to all bank account holders. The Central Government would also co-contribute 50% of the total contribution or Rs. 1000 per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years, i.e., from Financial Year 2015-16 to 2019-20, who join the NPS between the period 1st June, 2015 and 31st December, 2015 and who are not members of any statutory social security scheme and who are not income tax payers. However the scheme will continue after this date but Government Co-contribution will not be available.
The Government co-contribution is payable to eligible PRANs by PFRDA after receiving the confirmation from Central Record Keeping Agency at such periodicity as may be decided by PFRDA.