Atal Pension Yojana

Atal Pension Yojana Latest News

Recently, the union cabinet approved the continuation of Atal Pension Yojana (APY) up to FY 2030-31.

About Atal Pension Yojana

• It was launched by the Government of India on 9th May 2015.
• It was designed to encourage voluntary savings for retirement by offering defined pension benefits, linked to the age of joining and amount of contribution.

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Key Features of Atal Pension Yojana

• Target Group: It is aimed at workers in the unorganised sector.
• It was initially available to all citizens of India between 18 and 40 years of age.
• With effect from 1st October 2022, individuals paying income tax are not eligible to join the scheme.
• Guaranteed Pension: Subscribers can opt for a fixed pension ranging from ₹1,000 to ₹5,000 per month, depending on the contribution made.
• Government Co-Contribution: For subscribers who enrolled between June 1, 2015, and March 31, 2016, and met certain criteria, the government contributed 50% of the subscriber’s amount or ₹1,000 per annum for five years.
• It is administered by the Pension Fund Regulatory and Development Authority (PFRDA).
• Exit and withdrawal options 

• • Exit at age 60: Full pension begins.
  • Exit before age 60: Permitted only in cases of death or terminal illness.
  • Voluntary Exit: Allowed, but the subscriber only receives the contribution made (with interest) and government co-contribution (if any) is forfeited.

Source: PIB