The Government of India flagship social security scheme ‘Atal Pension Yojana’ (APY) has successfully completed five years of implementation. This scheme was launched on 9th May 2015 by Hon’ble Prime Minister Shri Narendra Modi with an objective of delivering old age income security particularly to the workers in the chaotic sector and Government providing a guarantee of minimum pension after 60 years of age.
The scheme garnering 2.23 crores workers under the ambit of pension still remains unequivocally relevant for addressing the challenges of rapidly increasing ageing population of India. The scheme has been implemented comprehensively across the country covering all states and Union Territories with male to a female subscription ratio of 57:43.
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Important facts of ‘Atal Pension Yojana’ (APY):
- APY over these five years has been phenomenal and as on 9th May 2020, the entire enrolment under the scheme stood at 2,23,54,028.
- The first two years of its launch, almost 50 lacs subscribers were enrolled which doubled to 100 lacs within the third year and therefore the milestone of 1.50 crore was achieved in the 4th year.
- In the last fiscal year, almost 70 lacs subscribers were enrolled under the scheme.
- APY are often subscribed by any Indian citizen within the age bracket of 18-40 years having a checking account .
- The minimum age of joining APY is eighteen years and maximum age is 40 years. Therefore, the minimum period of contribution by the subscriber under APY would be 20 years or more.
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Atal Pension Yojana provides:
- APY provides a minimum guaranteed pension starting from Rs 1000 to Rs 5000 on attaining 60 years aged the amount of pension is guaranteed for a lifetime to spouse on the death of the subscriber.
- The amount of pension is guaranteed for a lifetime to spouse on the death of the subscriber.
- In the event of the death of both the subscriber and therefore the spouse, entire pension corpus is paid to the nominee.
Pension benefits under Atal Pension Yojana:
Under the APY, the subscribers would receive the fixed pension 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, counting on their contributions, which itself would vary on the age of joining the APY.
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Government contribution under Atal Pension Yojana:
Under APY, the Central Government would co-contribute 50 per cent of the subscriber’s contribution or Rs 1000 once a year (whichever is lower) to every eligible subscriber account, for a period of 5 years, i.e., from 2015-16 to 2019-20, who join the NPS before 31st December 2015.
Income tax benefits under Atal Pension Yojana:
APY subscribers would enjoy tax benefits on their own contributions also as their employer’s contribution under Section 80 CCD and 80 CCE.