ATAL Penson Yojana

The Government of India is concerned about the old age income security of the working poor and is focused on encouraging and enabling them to save for their retirement. To address the longevity risks among the workers in unorganized sector and to encourage the workers in unorganized sector to voluntarily save for their retirement. The GoI has therefore announced a new scheme called Atal Pension Yojana (APY) in 2015-16 budget. The APY is focussed on all citizens in the unorganized sector. The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through NPS architecture.
HIGHLIGHTS OF ATAL PENSION YOJANA:
– Under the APY, there is guaranteed minimum monthly pension for the subscribers ranging between Rs. 1000 and Rs. 5000 per month.
– The benefit of minimum pension would be guaranteed by the GoI.
– GoI will also co-contribute 50% of the subscriber’s contribution or Rs. 1000 per annum, whichever is lower. Government co-contribution is available for those who
are not covered by any Statutory Social Security Schemes and is not income tax payer.
– GoI will co-contribute to each eligible subscriber, for a period of 5 years who joins the scheme between the period 1st June, 2015 to 31st December, 2015. The  benefit of five years of government Co-contribution under APY would not exceed 5 years for all subscribers including migrated Swavalamban beneficiaries.
– All bank account holders may join APY. Eligibility
– APY is applicable to all citizen of India aged between 18-40 years.
– Aadhaar will be the primary KYC. Aadhar and mobile number are recommended to be obtained from subscribers for the ease of operation of the scheme. If not available at the time of registration, Aadhar details may also be submitted later stage.