Some Important question about Atal Pension Yojana
- What is a pension? Why do I need it?
- Pensions provide people with a monthly income in their retirement.
- Pension requirement
- Decreased ability to earn income with age
Becoming a New Nuclear Family - Migration of Income Members
Increase in subsistence costs
Longevity
Ensuring a monthly income ensures dignified life in old age.
What is Atal Pension Scheme?
The Atal Pension Scheme (APY) is a pension scheme for the citizens of India, especially for workers in the unorganized sector. Under this Atal Pension Scheme, customers are entitled to a minimum of Rs. 1000 / -, 2000 / -, 3000 / -, 4000 / - and 5,000 / - Guaranteed monthly pension will be given at the age of 60 years.Who can become a member of APY?
Any citizen of India can join the APY scheme. The criteria for eligibility are as follows.- The age of the customer should be between 18 to 40 years.
- They should have/open a savings account in the bank.
- The prospective applicant should have a mobile number and details of which should be given at the time of registration with the bank.
Customers who have joined the scheme from June 1, 2015, to December 31, 2015, and who are not covered under the legal social security scheme and have not paid income tax, will be eligible for five years from the government i.e. from 2015-16 to 2019-20. Co-contributions are available.
Which other social security scheme beneficiaries are not eligible for government co-contribution under APY?
Beneficiaries who are covered under a legal social security scheme are not eligible to receive co-contributions from the government. For example, members of social security schemes covered under the following structures are not eligible for government co-contributions.
- Employees Provident Fund and Various Provisions Act, 1952.
- Coal Provident Fund and Various Provisions Act, 1948.
- Assam Tea Plantation Provident Fund and Various Provisions Act, 1955.
- Marine Farmer Provident Fund Act, 1966
- Jammu and Kashmir Employees Provident Fund and Various Provisions Act, 1961.
- Any other legal social security plan.
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