Atal Pension Yojana : Achivement
The Atal Pension Yojana (APY) has achieved a significant milestone by surpassing total gross enrollments of nine crore subscribers.
- It is a flagship social security scheme of the Government of India.
- It was launched in 2015, with the vision of establishing a universal social security system for all Indians.
- It is a voluntary, contributory pension scheme primarily focused on the poor, the underprivileged, and workers in the unorganized sector.
- It provides a guaranteed monthly pension ranging from ₹1,000 to ₹5,000 for subscribers after attaining 60 years of age.
- Same pension continues to the spouse after the subscriber’s demise.
- The return of the corpus accumulated till the age of 60, to the nominee after the death of both.
- It is open to all Indian citizens between the age of 18 and 40 years, except those who are or have been income tax payers.
- Voluntary Exit: Allowed, but the subscriber only receives the contribution made (with interest) and government co-contribution (if any) is forfeited.
- It is administered by the Pension Fund Regulatory and Development Authority (PFRDA).
