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Mahesh

28/04/23 06:40 AM IST

Atal Pension Yojana (APY)

In News
  • Total enrolment under Atal Pension Yojana crossed 5.20 crore mark as on 31 March 2023.
  • The scheme enrolled more than 1.19 crore new subscribers in FY 2022-23 as compared to 99 lakh in the last financial year.
About APY
  • It was launched in 2015.
  • Aim- To provide social security for the people working in an unorganised sector as people working in such sectors mainly belong to a low-income group.
  • Any Indian citizen in the age group of 18-40 years having savings bank account/ post office savings bank account.
  • The co-contribution of the Government of India is available for 5 years & for those who are not covered by any Statutory Social Security Scheme and are not income tax payers.
  • Administrated By- Pension Fund Regulatory and Development Authority (PFRDA).
  • The Scheme has been implemented comprehensively across the country covering all states and Union Territories.
  • Atal Pension Yojana (APY) is open to all bank account holders who are not members of any statutory social security scheme.
Benefits
  • Under APY, a subscriber would receive a lifelong minimum guaranteed pension of Rs. 1,000 to Rs. 5,000 per month from the age of 60 years, depending on their contributions, which itself would vary based on the age of joining the APY.
  • The same pension would be paid to the spouse of the subscriber after the demise of the subscriber and on the demise of both the subscriber and spouse, the pension wealth as accumulated till age 60 of the subscriber would be returned back to the nominee.
Source- PIB

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