The Atal Pension Yojana (APY) scheme, got launched on May 9, 2015, by PM Narendra Modi at Kolkata. The aim of the scheme is to addresses the old age income security of the working poor and is focused on encouraging and enabling them to join the National Pension System (NPS).
PM Narendra Modi, along with Atal Pension Yojana Scheme (APY), he will launch two insurance schemes – Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana.
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, the Government had started the Swavalamban Scheme in 2010-11. However, coverage under Swavalamban Scheme is inadequate mainly due to lack of guaranteed pension benefits at the age of 60.
The Government announced the introduction of universal social security schemes in the Insurance and Pension sectors for all Indians, specially the poor and the under-privileged, in the Budget for the year 2015-16. Therefore, it has been announced that the Government will launch the Atal Pension Yojana Scheme (APY), which will provide a defined pension, depending on the contribution, and its period. 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).
Under the APY, the subscribers would receive the fixed minimum pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, depending on their contributions, which itself would be based on the age of joining the APY. The minimum age of joining APY is 18 years and maximum age is 40 years. Therefore, minimum period of contribution by any subscriber under APY would be 20 years or more. The benefit of fixed minimum pension would be guaranteed by the Government. The APY would be introduced from 1st June 2015.
i already applied ATAL PENSION YOJANA in SBI.
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MY QUE IS how track ATAL PENSION YOJANA, & How to get statement
how can i get APY statement
I am 21years old. If I register under APY, after completion of 60 years how long will I receive the pension.??
And after my death if the nominee also dies who will receive the pension.??
Hi summit paul,
Summit you will receive apy pension as long are alive. After if nominee also die then the apy pension amount will be given to the nearest kin in blood relation.
Sir
For the age of 20 yrs. Rs.248/- is the monthly contribution for individual. Please let me know after five years how much amount I have to contribute per month, because the govt contribution is only for five yrs.
Can I opt my nine years as nominee
Hello radha,
If you do not have any one who is above 18 then you can definitely declare your 9 years old child as nominee for the Atal Pension Yojana (apy) scheme.
Hi
I have taken apy last month but i have not got any document either from bank or from govt,can u please confirm what documents i will get and who will give the documents i have only got account no of 12digits
We already replied to this question. Kindly check this at http://atalpensionyojana.in/faq/
I have already enrolled for ATal Pension yojana Scheme. However, i want to change my bank, is this possible?
Hello Sujay,
I’m not sure if portability of Atal Pension Yojna is allowed between banks. Try calling on 1800-180-1111 / 1800-110-001. It is the national toll free number of Atal Pension Yojna. If you get satisfactory answer, then you can add it here. It will help others to understand apy scheme better.
Sir
For APY, govt. will contribute 50% of the total contribution or Rs.1000/- per annum whichever is lower who join the scheme 01 jun 15 to 31 dec 15. The govt contribution will be for 5 yrs. from 2015-16 to 2019-2020. Suppose my contribution is Rs.230/- per month i.e. Rs. 230 x 12 = Rs.2760/- we are contributiong per annum & govt contribution for the same is Rs.1000/-.
After five yrs how much I have to contribute per month, because at present govt is contributing 50%.
As per the notification tax payers are not eligible for this scheme. Suppose I have joined the APY at the age of 19. After 5 yrs I have become a tax payer. So can I continue this schem. If I can continue this scheme what is the amount of monthly contribution for me.
Best Regds
V.N. Madhusoodanan
In a recent update as per pfrda, any citizen of India can apply for Atal Pension Yojna. But who so ever is already getting benefit from government or through employee provident fund will not get contribution from government side.
Where as apy is mostly focused on financial inclusion to help the lowest strata of the Indian society.
The pension chat for apy is given over here: http://atalpensionyojana.in/atal-pension-yojana-return-on-investment/