Sign In
Learn bits
Economy, Schemes & Policies
Mahesh

13/08/22 02:10 AM IST

Income-tax payers will not be eligible to join Atal Pension Yojana from October 1

In News 
  • Income-tax payers will not be eligible to join the Atal Pension Yojana (APY) following an amendment in the scheme by the Finance Ministry.
APY 
  • Launched in 2015, it aimed at creating a universal social security system for all Indians ( esp. focused on the poor, under-privileged and workers in the unorganized sector). It has over 2 crore subscribers
  • Eligibility: bank account holder in the age group of 18 to 40 years
  • Benefits: Minimum monthly pension of Rs 1000 to 5000 per month after the age of 60 years. In case of death, the spouse will get a guaranteed pension for a lifetime.
  • Nodal agency: Pension Fund Regulatory and Development Authority (PFRDA) (Statutory authority to administer the National Pension System (NPS), under the Ministry of Finance)
  • NPS is a government-sponsored pension scheme (launched in 2004) for government employees as well as any individual citizen of India (both resident and non-resident) in the age group of 18-65.
Source- PIB 

More Related Current Affairs View All

04 Aug

Maharashtra’s new security Bill

'The Maharashtra Legislature passed the Maharashtra Special Public Security Bill or a ‘Bill to provide for effective prevention of certain unlawful activities of Left Wing Ex

Read More

04 Aug

New Project to curb rhino poaching through radioactive isotope injections

'Recently, South African scientists injected radioactive material into live rhinoceros horns to make them easier to detect at border posts in a pioneering project aimed at curbing

Read More

04 Aug

National Sports Governance Bill

'Recently, the Ministry of Youth Affairs and Sports introduced the National Sports Governance Bill, 2025 in the Lok Sabha. ' The National Sports Governance Bill, 2025 draws from

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps