News– Atal Pension Yojana (APY) has reached a major milestone with total gross enrollments crossing 8 crore.
About Atal Pension Yojana (APY)
- Purpose: Provides pension coverage for workers in the unorganised sector.
- Nodal Ministry: Ministry of Finance
- Launched in: 2015
- Type: Central Sector Scheme
- Implementing agency: Pension Fund Regulatory and Development Authority (PFRDA) under the National Pension System (NPS).
- Eligibility:
- Individuals aged 18–40 years
- Must hold a bank account
- Must not be income tax payers
- Benefits:
- Guaranteed monthly pension of Rs. 1,000 to Rs. 5,000 after the age of 60
- In case of the subscriber’s death, the spouse continues to receive the pension
- After both spouse and subscriber pass away, the accumulated corpus is paid to the nominee
- In case of premature death, the spouse can choose to continue contributions until the subscriber would have turned 60
- Payment Frequency: Monthly / Quarterly / Half-yearly
