ATAL PENSION YOJANA (APY) | UPSC

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ATAL PENSION YOJANA (APY)

      HEADLINES:

ATAL PENSION YOJANA (APY) – Completion of 5 years

      WHY IN NEWS:

Marking 5 Year’s of Successful Implementation, Atal Pension Yojana Achieves Remarkable Feat of 2.23 Crore Enrolment

MINISTRY? :- Ministry of Finance
SYLLABUS COVERED: GS 3:Scheme

      LEARNING: 

For PRELIMS Atal Pension Yojana is a very important Scheme from GOI . We have collected the most minute details of this scheme from various websites . Lets dive in !

For MAINS what do you think how does the money in this scheme is being used by GOI ? Where does GOI invest this money for recurring benefits ?

      ISSUE: 

Atal Pension Yojana | 5 years record

‘ATAL PENSION YOJANA’ (APY) :

  • The flagship social security scheme of Government of India ‘Atal Pension Yojana’ (APY) has completed five years of successful implementation.

OBJECTIVE:

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 unorganised sector and Government providing guarantee of minimum pension after 60 years of age.

FEATURES : 

  • The scheme even after garnering 2.23 crores workers under the ambit of pension still remains unequivocally relevant for addressing the challenges of rapidly increasing aging population of India.
  • Apart from remarkable enrolments, the scheme has been implemented comprehensively across the country covering all states and Union Territories with male to female subscription ratio of 57:43.
  • The journey of APY over these five years has been phenomenal and as on 9th May 2020, the total enrolment under the scheme stood at 2,23,54,028.
  • Central Government will co-contribute 50% of the total yearly contribution or Rs. 1000 /- per annum, whichever is lower, for the period of 5 Years in the account of subscribers who join the scheme up to 31st December 2015 and who are not a member of any Statutory Social Scheme and not an Income tax payer.

BENEFITS:

APY can be subscribed by any Indian citizen in the age group of 18-40 years having a bank account and its uniqueness is attributable to three distinctive benefits.
 

  • First, it provides a minimum guaranteed pension ranging from Rs 1000 to Rs 5000 on attaining 60 years of age,
  • Secondly the amount of pension is guaranteed for lifetime to spouse on death of the subscriber and lastly, in the event of death of both the subscriber and the spouse, entire pension corpus is paid to the nominee.

ELIGIBILITY :

  1. Must be a citizen of India.
  2. Must be between the age of 18-40
  3. Should make contributions for a minimum of 20 years.
  4. Must have a bank account linked with your Aadhar
  5. Must have a valid mobile number.

      IASbhai WINDUP: 

In case you default on your payments for 6 months, your account will be frozen and if the default continues for 12 months, the account will be closed and the remaining amount will be paid to the subscriber.

     SOURCES:THE HINDU & PIB/DAILY CURRENT AFFAIRS for UPSC CSE Prelims & Mains

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