Atal Pension Scheme – A short history of inception
To address the durability and risks involved among the workers in unorganized sector, who form 88% of the total labor force of 47.29 crore according to the 66th Round of NSSO Survey of 2011-12, and to inspire them to willingly save for the golden years, the Government had initiated the ‘Swavalamban Scheme’ in the financial year 2010 - 2011. But this proved to be insufficient.
The Government wanted to introduce comprehensive social security plans in the Insurance and Pension segment for all citizens, particularly the underprivileged. Hence arrived a new scheme Atal Pension Yojana (APY), named so in the honor of former Prime Minister, Atal Bihari Vajpayee. APY is an assured and failsafe pension scheme and is driven by the Pension Fund Regulatory and Development Authority (PFRDA).
Our government is exceedingly fretful about the state of elderly people in the country and old age income security of the poor, due to which National Pension Scheme (NPS) is born. They have been striving towards motivating and facilitating the working class to be a part of the NPS. This will deliver them a demarcated and fixed pension, based on how much they invested in it and for how long.
How to get Atal Pension Scheme:
- Any resident Indian can between the age of 18 and 40 can apply to be a part of APY Scheme.
- APY can be availed by anyone with a KYC acquiescent Bank account, which is compulsory for this scheme.
- The Central Government will put in 50 percent of the overall contribution from your part or INR 1000 annually, whichever is lesser, to every eligible subscriber account, for up to five years (FY 2015 to FY 2020).
- The age of quitting and beginning of pension disbursement is when the applicant is 60. Hence the minimum period for this as per the policy is 20 years.
- Anyone who joins the NPS between the time period June 2015 and December 2015 is eligible.
- The applicant should not be part of any other legal social security scheme.
- This scheme is not available for regular income tax payers. And the scheme can be carried on even after the expiry, but without the contribution from the Government.
- The Government co-contribution is payable to eligible PRANs by PFRDA after receiving the confirmation from Central Record Keeping Agency at such periodicity as may be decided by PFRDA.
- After retirement, you get a steady monthly pension, varying from INR 1000 to INR 5000.
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