ixambee

Atal Pension Yojana (APY)

Atal Pension Yojana

Atal Pension Yojana

Have you ever thought of Capital planning for employees in the unorganized sector: Sounds extreme? Not exactly. The government launched the Atal Pension Yojana (APY) in June 2015. Therefore, it is a pension scheme for unorganized sector employees like personal maids, drivers, and gardeners. This social security scheme replaced the previous government’s Swavalamban Yojana NPS Lite, which was not well appreciated by the public.

APY helps to assist these employees in saving money for their retirement while they are still employed. It promises returns after they retire. The scheme also guarantees that the Central Government will contribute 50% of a worker’s total prescribed contribution, up to Rs. 1000 per year, but only to those who joined APY before December 31, 2015. Furthermore, in eligible cases, this co-contribution would be made for only 5 years. From FY 2015-16 to FY 2019-20, subject to the conditions listed below.

Eligibilty of APY Scheme

If you meet the following criteria, you are eligible for the Atal Pension Yojana:

Atal Pension Yojana
Date of Launching9th May 2015
Launched ByPrime Minister Narendra Modi
Regulatory BodyPension Fund Regulatory and Development Authority (PFRDA)
DepartmentDepartment of Financial Services, Government of India

Latest Information on the Atal Pension Yojana Scheme

On May 9, 2020, the government of India’s flagship social security scheme, the ‘Atal Pension Yojana’ (APY), has now completed five years of implementation, with over 2.2 crore subscribers.

Pension Fund Regulatory and Development AuthorityThe Pension Fund Regulatory and Development Authority (PFRDA) is a legislative body responsible for regulating, promoting, and ensuring the orderly growth of the National Pension System (NPS)It is a part of the Ministry of Finance’s Department of Financial Services
National Pension SystemThe National Pension System (NPS) is a government-sponsored pension plan. It was first offered to government employees in 2004.Any Indian citizen (both resident and non-resident) between the ages of 18 and 65 can now enter the NPS

Benefits of Atal Pension Yojana

The Atal Pension Yojana (APY) is a government scheme that came into effect on June 1, 2015, with the aim of providing old-age coverage to unorganized employees who are not covered by any social security schemes. The benefits provided by the Atal Pension Yojana are mentioned below:

The success of the APY Scheme

The five-year journey of APY has been incredible, and as of May 9, 2020 –

  1. The total number of people enrolled in the scheme was 2,23,54,028
  2. Almost 50 lac subscribers were enrolled in the first two years, which doubled to 100 lac in the third year, and 1.50 crore in the fourth year
  3. Nearly 70 lacs subscribers were enrolled in the system in the previous financial year, 2020
  4. Besides the remarkable enrollment numbers, the scheme has been introduced throughout the country, with a male to female subscription ratio of 57:43 in all states and union territories
  5. The total number of NPS and Atal Pension Yojana subscribers has surpassed 3.46 crore as of 30 April 2020

APY Returns

The government’s Atal Pension Yojana (APY), a minimum guaranteed pension scheme designed specifically for workers in the unorganised sector, has outperformed most pension plans. In the last year (2020), the scheme has returned over 11 percent.

Also Read:

Notifications Delayed but Opportunities haven’t: Preparation of Government Job Exams During the Second Wave of Covid-19!

RBI Grade B: Winning Strategy Part 3

List of High Courts in India As per 2021

RBI Grade B: Winning Strategy Part 2

RBI Grade B: Winning Strategy Part 1

Get Free Online Test Series, GK updates in form of Beepedia, as well as latest updates for Bank PO, Bank Clerk, SSC, RBI, NABARD, and Other Government Jobs.

Exit mobile version