Atal Pension Yojana

 Atal Pension Yojana-Govt's Pension scheme 

The Government of India is extremely concerned about the old age income security of the working poor and is focused on encouraging and enabling them to join the National Pension System (NPS). To address the longevity risks among the workers in unorganised sector and to encourage the workers in unorganised sector to voluntarily save for their retirement, who constitute 88% of the total labour force of 47.29 crore as per the 66th Round of NSSO Survey of 2011-12, but do not have any formal pension provision, the Government had started the Swavalamban Scheme in 2010-11. However, coverage under Swavalamban Scheme is inadequate mainly due to lack of guaranteed pension benefits at the age of 60.

GoI 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.

• GoI will co-contribute to each eligible subscriber, for a period of 5 years who joins the scheme between the period 1st June, 2015 to 31st December, 2015. The benefit of five years of government Co-contribution under APY would not exceed 5 years for all subscribers including migrated Swavalamban beneficiaries.

• 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.

APY aims to help unorganised sector workers save money for their old age while they are working and guarantees returns post retirement. Atal Pension Yojana is a periodic contribution based pension plan and promises a fixed pension of Rs 1000/ Rs 2000/ Rs 3000/ Rs 4000 or Rs 5000.

The Atal Pension Yojana can be availed by all Indian citizens aged between 18 to 40 years. To have an APY account a person must have a saving account either with a bank or with post office of India. Any APY subscriber, who is 18-year-old, needs to contribute Rs 42 to Rs 210 per month.

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