The scheme takes over the Swavalamban Yojana, and was create to provide income for old age security to workers who belong to the non-organize sector. This scheme, known as the Atal pension yojana has been announce by the Prime Minister Narendra Modi on May 9th 2015 at Kolkata. The program aims to encourage people from inorganize sectors to save money for their future.
Atal Pension Yojana Scheme – Latest Update
The most popular social security scheme run by the Government of India – ‘Atal Pension Yojana’ (APY) – . Has been in operation for five years on the 9th of May, 2020 and attract more than 2.2 million subscribers.
Government schemes are essential for IAS Exam and this article will present all the information you need regarding the scheme.
Goal Segment: This scheme inaugurate on the 9th of May, 2015, . With the goal of establishing a universal Pension Yojana is a pension scheme run by . The Government of India.al social security system . That is accessible to all Indians particularly the poor or underprivilege people working in the informal sector.
The benefits of Atal Pension Yojana
The Atal Pension Yojana (APY) is a scheme of the government which became effective on June 1, 2015 and primarily focuses on providing security for old age for workers without a formal job who are not cover by or under any social security plans.
The benefits offer by Atal Pension Yojana are list below: Atal Pension Yojana is outline in the following paragraphs:
- The scheme provides subscribers with a fix pension range from Rs.1000 to the amount of Rs. 5000. The contribution amount varies according to the terms and conditions. It is minimal if the person joins early and could increase if he/she joins later.
- In the event of the death of the subscriber, the spouse becomes qualify to receive the same benefits offer by the pension.
- The pension fund will be paid back to beneficiaries upon the death spouse.
- Participation in the Atal pension Yojana (APY) are qualify for tax benefits similar to those of the National Pension System (NPS).
Affiliation to Atal Pension Yojana
The employees will need to adhere to the following criteria in order to be eligible for Atal Pension Yojana
- Atal Pension Yojana (APY) is open to people who are not members of any Social Security scheme.
- Anyone age 18 to 40 who has a bank account is eligible to participate in the program.
- He/she will be require to provide evidence of possession in addition to your Aadhaar number or undergo Aadhaar authentication.
- The subscriber must have their Aadhaar number to be record in the APY pension account, and also in their savings account.
- It is important to provide an Aadhar number is essential to debit contributions instalments as well as to credit the government co-contribution.
A lot of frequently ask questions regarding Atal Pension Yojana
What exactly is Atal Pension Yojana?
Atal Pension Yojana formerly known as Swavalamban Yojana is an insurance scheme that is back by the government, mostly target at the inorganize sector. It was announce in the 2015 Budget speech delivered by Financial Minister Arun Jaitley.
To motivate individuals to join . The scheme and expand its scope the government announce it would contribute 50 percent of the contribution, or up to Rs.1,000 (US) per year or . Less to every account of a subscriber eligible for five years. Only those who been enroll in APY in the period between June 1st, 2015 to 31 March 2016 and .