UPSC Prelims 2016 Question:

Regarding 'Atal Pension Yojana', which of the following statements is/are correct?

1. It is a minimum guaranteed pension scheme mainly targeted at unorganized sector workers. 
2. Only one member of a family can join the scheme. 
3. Same amount of pension is guaranteed for the spouse for life after the subscriber's death.
   
   

Select the correct answer using the code given below.

Explanation: 

• Atal Pension Yojana (APY) addresses the old age income security of the working poor and the longevity risks among the workers in the unorganised sector.
   

• Features of the Atal Pension Yojana:
  
  

• It encourages the workers in the unorganised sector to voluntarily save for their retirement. So, statement 1 is correct.
  
  
• Fixed pension for the subscribers ranging between Rs.1000 to Rs. 5000, if s/he joins and contributes between the age of 18 years (Minimum Age for joining) and 40 years (Maximum age for joining). The contribution levels would vary and would be low if a subscriber joins early and increases if s/he joins late.
  
  
• Atal Pension Yojana (APY) is open to all bank account holders who are not members of any statutory social security scheme. It doesn't restrict the number of family members from joining the scheme. So, statement 2 is not correct.
  
  
• The same pension is payable to the Spouse after the death of the Subscriber. Return of indicative pension wealth to nominees after the death of a spouse. So, statement 3 is correct.
  
  
• The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through (National Pension Scheme) NPS architecture.
  
  
• On attaining the age of 60 years, the exit from APY is permitted at the age with 100%
  
  
• Exit before 60 years of age is not permitted. However, it is permitted only in exceptional circumstances, i.e., in the event of the death of a beneficiary or terminal disease.
  
  

Therefore, option (3) is the correct answer.

Relevance: The Government had launched the ‘Atal Pension Yojana Scheme with effect from 1st June, 2015. 

Subject: Polity | Government Schemes and Policies(pol)