Atal Pension Scheme
(Ministry of Finance)
Key features of the Campaign
Key Points of the Scheme
- Atal pension Scheme – launched in 2015.
- It is a pension scheme for workers in the unorganized sector like personal maids, drivers, gardeners, etc.
- This social security scheme was introduced as a replacement to previous government’s Swavalamban Yojana NPS Lite.
To create a universal social security program targeted especially for the poor and the under-privileged.
A subscriber joining the scheme of Rs. 1,000 monthly pensions at the age of 18 years would be required to contribute Rs. 42 per month. However, if he joins at age 40, he has to contribute Rs. 291 per month.
- The Central Government would also co-contribute 50% of the total contribution or Rs. 1000 per annum, whichever is lower, to each eligible subscriber, for a period of 5 years, i.e., from Financial Year 2015- 16 to 2019-20, who join the APY before 31st December 2015.
- Under the APY, the subscribers would receive the fixed minimum pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, depending upon the contribution.
- The same pension would be paid to the spouse of the subscriber and on the demise of both the subscriber and spouse, the accumulated pension wealth is returned to the nominee.
- The age of joining APY is 18 years to 40 years.
- It is open to all bank account holders.
- Applicant should not be members of any statutory social security scheme.
- Should not income tax-payers.
APY can be opened through –
- Postal department and
- eNPS platform.
Updates of the Scheme
- As of July 2018, 1.08 cr. subscribers have been registered under Atal Pension Yojana (APY) and more than Rs 4,500 Cr contribution have been collected from the subscribers under the Scheme.
- The top ten states in APY mobilization are Uttar Pradesh (1,401,631); Bihar (1,061,660); Tamil Nadu (814,917); Maharashtra (758,695); Karnataka (686,504); Andhra Pradesh (686,504); West Bengal (551,471); Madhya Pradesh (498,111); Rajasthan (497,962) and Gujarat (486,465).