About the Scheme
- Atal Pension Yojana (APY) addresses the old age income security of the working poor. It is focused on the unorganized sector workers.
- 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.
- 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 (PFRDA).
Why in News?
- Since the inception of in 2015, 3.68 crore enrolments have been completed under Atal Pension Yojana.