RBI Updates 2015- Features of Atal Pension Yojana

    Features of Atal Pension Yojana
    RBI Updates 2015- Features of Atal Pension Yojana:
    Important features and highlights of Atal Pension Yojana were given here below, under the RBI Updates 2015. Candidates those who are preparing for upcoming RBI Assistant Exam 2015 can use this material.

    Atal Pension Yojana:
    • Ministry of Finance announced the launch of Atal Pension Yojana (APY) on May 9, 2015. The scheme is an universal social security measure specially for the poor and the under-privileged, which will provide a defined pension, depending on the contribution, and its period to its subscribers.
    • The enrolment under the scheme was introduction from June 1, 2015. The APY will be focused on all citizens in the unorganized 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-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 minimum age maximum age is 40 years. Therefore, minimum period of contribution by any subscriber under APY would 20 years or more.
    • The benefit of fixed minimum pension would be guaranteed by the Government.
    • The Central Government would co-contribute 50% of total contribution or Rs.1000 per annum, whichever is lower, to each eligible subscribe account, for a period of 5 years, i.e., from financial Year 2015-16 to 2019-20, who join the NPS before 31st December, 2015 and who are not members of any statutory social security scheme and who are not income tax payers.
    • 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.

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