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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 

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