Since the inception of in 2015, 3.68 crore enrolments have been completed under Atal Pension Yojana.
Atal Pension Yojana (APY) addresses the old age income security of the working poor. It is focused on the unorganized sector workers.
It encourages the workers in the unorganised sector to voluntarily save for their retirement. The Government had launched the scheme with effect from 1st June, 2015.
Any citizen of India can join the APY scheme. The age of the subscriber should be between 18-40 years. The contribution levels would vary and would be low if a subscriber joins early and increases if she joins late.
The benefits of the scheme will arise to the subscribers on attaining the age of 60 years.
Features of APY:
Fixed pension for the subscribers ranging between Rs.1000 to Rs. 5000, if s/he joins and contributes between the age of 18 years and 40 years.
The same pension is payable to Spouse after death of Subscriber.
Return of indicative pension wealth to nominees after death of spouse.
Under the scheme, individuals who have registered before March 31, 2016, will get a co-contribution from the government, which will be 50 percent of the subscriber contribution up to a maximum of Rs. 1,000. The co-contribution will be for 5 years from 2015-16 to 2019-20.
APY is administered by the Pension Fund Regulatory and Development Authority (PFRDA).