atal-pension-yojana

Objective of the scheme:  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.

 

More about the scheme

  • The APY will be focussed on all citizens in the unorganised sector, who join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA) and who are not members of any statutory social security scheme
  • The minimum age of joining APY is 18 years and maximum age is 40 years.


 

Salient features of the scheme

Benefit of APY:   

Eligibility for APY:       

Age of joining and contribution period:   

Focus of APY:

Enrolment and Subscriber Payment:       

Enrolment agencies:    Operational 

Framework of APY:   

Funding 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 a subscriber joins early and increases if he joins late.
  • Atal Pension Yojana (APY) is open to all bank account holders who are not members of any statutory social security scheme. 
  • The minimum age of joining APY is 18 years and maximum age is 40 years. Therefore, the minimum period of contribution by the subscriber under APY would be 20 years or more.
  • Mainly targeted at unorganised sector workers.
  • All bank account holders under the eligible category may join APY with auto-debit facility to accounts, leading to reduction in contribution collection charges.
  • All Points of Presence (Service Providers) and Aggregators under Swavalamban Scheme would enrol subscribers through architecture of the National Pension System.  
  • It is a Government of India Scheme, which is administered by the Pension Fund Regulatory and Development Authority. 
  • 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.