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Atal Pension Yojana

The Atal Pension Yojana (APY) is a government initiative aimed at providing old age income security to the working poor in India's unorganized sector, launched in the 2015-16 budget. It guarantees a minimum monthly pension ranging from Rs. 1000 to Rs. 5000, with the government co-contributing to the pension for eligible subscribers. The scheme is open to all Indian citizens aged 18-40, requiring Aadhaar for registration and imposing penalties for delayed contributions.

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9 views8 pages

Atal Pension Yojana

The Atal Pension Yojana (APY) is a government initiative aimed at providing old age income security to the working poor in India's unorganized sector, launched in the 2015-16 budget. It guarantees a minimum monthly pension ranging from Rs. 1000 to Rs. 5000, with the government co-contributing to the pension for eligible subscribers. The scheme is open to all Indian citizens aged 18-40, requiring Aadhaar for registration and imposing penalties for delayed contributions.

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ATAL PENSION

YOJANA
-BHARAT L
ATAL PENSION YOJANA
 The government of India is concerned about the old age
income security of the working poor and is focused on
encouraging and enabling them to save for their retirement. To
address the longevity risks among the workers in unorganized
sector and to encourage the workers in unorganized sector to
voluntarily save for their retirement
 The govt of india has therefore announced a new scheme
called Atal Pension Yojana (APY)1 in 2015-16 budget. The APY
is focussed on all citizens in the unorganized sector
 The scheme is administered by the Pension Fund Regulatory
and Development Authority (PFRDA) through NPS architecture.
HIGHLIGHTS OF ATAL PENSION
YOJANA
 Under the APY, there is guaranteed minimum monthly pension
for the subscribers ranging between Rs. 1000 and Rs. 5000
per month.
 The benefit of minimum pension would be guaranteed by the
govt of India.
 Govt of India will also co-contribute 50% of the subscriber’s
contribution or Rs. 1000 per annum, whichever is lower.
Government co-contribution is available for those who are not
covered by any Statutory Social Security Schemes and is not
income tax payer.
 All bank account holders may join APY
Eligibility

 APY is applicable to all citizen of India aged between 18-40


years.
 Aadhaar will be the primary KYC. Aadhar and mobile number
are recommended to be obtained from subscribers for the
ease of operation of the scheme. If not available at the time of
registration, Aadhar details may also be submitted later stage.
CHARGES FOR DEFAULT

 Banks are required to collect additional amount for delayed


payments, such amount will vary from minimum Re 1 per
month to Rs 10/- per month
IMPORTANT INFORMATION FOR
SUBSCRIBER
 Discontinuation of payments of contribution amount shall lead
to following:
• After 6 months account will be frozen.
• After 12 months account will be deactivated.
• After 24 months account will be closed.

Subscriber should ensure that the Bank account to be funded


enough for auto debit of contribution amount.
EXIT

 On attaining the age of 60 years


 In case of death of the Subscriber due to any cause:

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