Pradhan Mantri Atal Pension Yojana (PMAPY), Atal Pension Yojana Eligiblity Benefits, National Pension System, PMAPY, PM Pension Yojna, Atal Pension Yojana Application and Claim Forms, How to download pradhan mantri Atal Pension Yojana form, APY form downl
Pradhan Mantri Atal Pension Yojana (PMAPY), Atal Pension Yojana Eligiblity Benefits, National Pension System, PMAPY, PM Pension Yojna, Atal Pension Yojana Application and Claim Forms, How to download pradhan mantri Atal Pension Yojana form, APY form download, Indian Government schemes
Atal Pension Yojana is a government-backed pension scheme in India targeted at the unorganised sector. It was originally mentioned in the 2015 Budget speech by Finance Minister Arun Jaitley in February 2015. It was formally launched by Prime Minister Narendra Modi on 9 May in Kolkata.
In Atal Pension Yojana, for every contribution made to the pension fund, The Central Government would also co-contribute 50% of the total contribution or 1,000 (US$15) per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years.
Benefit of APY:
Fixed pension for the subscribers ranging between Rs. 1000 to Rs. 5000, if he joins and contributes between the age of 18 years and 40 years. The contribution levels would vary and would be low if subscriber joins early and increase if he joins late.
Eligibility for APY:
Atal Pension Yojana (APY) is open to all bank account holders who are not members of any statutory social security scheme.
Age of joining and contribution period:
The minimum age of joining APY is 18 years and maximum age is 40 years. Therefore, minimum period of contribution by the subscriber under APY would be 20 years or more.
Focus of APY:
Mainly targeted at unorganised sector workers.
APY Forms / Scheme Details / Circulars
Enrolment and Subscriber Payment:
All bank account holders under the eligible category may join APY with auto-debit facility to accounts, leading to reduction in contribution collection charges.
Gross Enrollment Reported by Banks : 2,405,268 people have already registered for the scheme as on April 16, 2016.
All Points of Presence (Service Providers) and Aggregators under Swavalamban Scheme would enrol subscribers through architecture of National Pension System.
Operational Framework of APY:
It is Government of India Scheme, which is administered by the Pension Fund Regulatory and Development Authority. The Institutional Architecture of NPS would be utilised to enrol subscribers under APY.
Funding of APY:
Government would provide (i) fixed pension guarantee for the subscribers; (ii) would co-contribute 50% of the subscriber contribution or Rs. 1000 per annum, whichever is lower, to eligible subscribers; and (iii) would also reimburse the promotional and development activities including incentive to the contribution collection agencies to encourage people to join the APY.
Age of Joining, Contribution Levels, Fixed Monthly Pension and Return of Corpus to the nominee of subscribers
The Table of contribution levels, fixed monthly pension to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period is given below. For example, to get a fixed monthly pension between Rs. 1,000 per month and Rs. 5,000 per month, the subscriber has to contribute on monthly basis between Rs. 42 and Rs. 210, if he joins at the age of 18 years. For the same fixed pension levels, the contribution would range between Rs. 291 and Rs. 1,454, if the subscriber joins at the age of 40 years.
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