Frequently Asked Questions -Atal Pension Yojana
1. What is Pension? Why do I need it?
A Pension provides people with a monthly income when they are no longer earning.Need
- Decreased income earning potential with age.
- The rise of nuclear family-Migration of earning members.
- Rise in cost of living.
- Increased longevity.
Assured monthly income ensures dignified life in old age.
2. What is Atal Pension Yojana?
- Atal Pension Yojana (APY),1 a pension scheme for citizens of India
focussed on the unorganised sector workers. Under the APY, guaranteed minimum pension
of Rs. 1,000/-, 2,000/-, 3,000/-, 4,000 and 5,000/- per month will be given at the
age of 60 years depending on the contributions by the subscribers.
3. Who can subscribe to APY?
Any Citizen of India can join APY scheme. The following are the eligibility criteria,
- The age of the subscriber should be between 18 - 40 years.
- He / She should have a savings bank account/ open a savings bank account.
- The prospective applicant should be in possession of mobile number
and its details are to be furnished to the bank during registration.
Government co-contribution is available for 5 years, i.e., from 2015-16 to 2019-20
for the subscribers who join the scheme during the period from 1st June, 2015 to
31st December, 2015 and who are not covered by any Statutory Social Security Schemes
and are not income tax payers.
4. Who are the other social security schemes beneficiaries not eligible to receive
Government co-contribution under APY?
Beneficiaries who are covered under statutory social security schemes are not eligible
to receive Government co-contribution. For example, members of the Social Security
Schemes under the following enactments would not be eligible to receive Government
- Employees’ Provident Fund & Miscellaneous Provision Act, 1952.
- The Coal Mines Provident Fund and Miscellaneous Provision Act, 1948.
- Assam Tea PlantationProvident Fund and Miscellaneous Provision, 1955.
- Seamens’ Provident Fund Act, 1966.
- Jammu Kashmir Employees’ Provident Fund & Miscellaneous Provision Act,1961.
- Any other statutory social security scheme.