About the Scheme

• Atal Pension Yojana (APY) addresses the old age income security of the working poor and the longevity risks among the workers in the unorganised sector. 
• It encourages the workers in the unorganised sector to voluntarily save for their retirement. The Government had launched the scheme with effect from 1st June, 2015.

Eligibility

• Any citizen of India can join the APY scheme. The age of the subscriber should be between 18-40 years. The contribution levels would vary and would be low if a subscriber joins early and increases if she joins late.
• The benefits of the scheme will arise to the subscribers on attaining the age of 60 years.

Features of APY

• Fixed pension for the subscribers ranging between Rs.1000 to Rs. 5000, if s/he joins and contributes between the age of 18 years and 40 years. 
• The same pension is payable to Spouse after death of Subscriber.
• Return of indicative pension wealth to nominees after death of spouse.

• Under the scheme, individuals who have registered before March 31, 2016, will get a co-contribution from the government, which will be 50 percent of the subscriber contribution up to a maximum of Rs. 1,000. The co-contribution will be for 5 years from 2015-16 to 2019-20.
• APY is administered by the Pension Fund Regulatory and Development Authority. 

Why in News?

• Government has said that more than 57 thousand lakh rupees have been disbursed under Atal Pension Yojana till February this year.

Reference:

1. http://newsonair.com/News?title=More-than-57%2c000-lakh-rupees-disbursed-under-Atal-Pension-Yojana-till-February-this-year&id=412579