Atal Pension Yojana

All Sarkari Examination

Context: Atal Pension Yojana has added over 1 crore subscribers since its launch in May 2015, the Pension Fund Regulatory and Development Authority (PFRDA) said recently. Atal Pension Yojana (APY) was launched in May 2015 and current number of subscriber stands at 1.10 crore.

About APY:

What is it?

The Atal Pension Yojana became operational from June 1, 2015 and is available to all the citizens of India in the age group of 18-40 years.

Features:

• Under the scheme, a subscriber would receive a minimum guaranteed pension of Rs 1,000 to Rs 5,000 per month, depending upon his contribution, from the age of 60 years.
• The same pension would be paid to the spouse of the subscriber and on the demise of both the subscriber and the spouse, the accumulated pension wealth is returned to the nominee.
• The Central Government would also co-contribute 50% of the total contribution or Rs. 1000 per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years, that is, from 2015-16 to 2019-20, to those who join the NPS before 31st December, 2015 and who are not members of any statutory social security scheme and who are not Income Tax payers.

What’s important?

• For Prelims: Key features of APY.
• For Mains: Significance and the need for inclusive growth.

Sources: pib.