As many as 96,023 people have enrolled themselves under the Atal Pension Yojna (APY).
APY is a guaranteed pension scheme and is administered by the Pension Fund Regulatory and Development Authority (PFRDA). The guaranteed pensions of Rs1000 – Rs 5000 is provided by the Government of India.
The Government of India will also co-contribute 50 per cent of the subscriber’s contribution or Rs 1,000 per annum, whichever is lower. The government co-contribution is available for those who are not covered by any Statutory Social Security Schemes and is not an Income Tax payer.
APY was launched on May 9, 2015, and was operationalised with effect from June 1, 2015. The minimum age of joining APY is 18 years and the maximum age is 40 years.
As per the scheme, the subscriber will receive pension benefit on attaining the age of 60 years. Hence, the pension benefit under APY is expected to start from 2035 onwards.
