Pradhan Mantri Atal Pension Yojana [ Detailed Analysis - Policies & Governance ]

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The Indian government is working hard to easy the life of the old people by providing them economic support. Initiation of the ATAL PENSION YOJANA is one such step towards the progress of the senior citizens. Atal Pension Yojana is a government-endorsed pension scheme in India focusing at the unorganised sector. It was Finance Minister Arun Jaitley earlier mentioned about it in his budget speech, in February 2015. According to the protocols, Prime Minister Narendra Modi introduced this scheme on 9 May in Kolkata.

Pradhan Mantri Atal Pension Yojana

Pradhan Mantri Atal Pension Yojana

Pradhan Mantri Atal Pension Yojana

  • Labourers in the private sector do not get access to pension can use this scheme. They can elect for a fixed pension of INR 1,000 or 2,000 or 3,000 or 4,000 or 5,000 on completing the age of sixty.
  • The amount of salary and the person’s age will determine the pension. Upon the policyholder’s death. The spouse of the individual can claim the pension and after the spouse’s death, the nominee will be given back the corpus accrued.
  • Pension Funds Regulatory Authority of India (PFRDA) will handle the amount gathered under the scheme as per the investment pattern stated by the Government of India. No choice of pension funds or investment allocation will be given to respective aspirants

Eligibility to Subscribe In Atal Pension Yojana

Eligibility to Subscribe In Atal Pension Yojana

Eligibility to Subscribe In Atal Pension Yojana

Eligibility to Subscribe In Atal Pension Yojana

Following Are The Social Security Schemes Beneficiaries Not Eligible To Get Government Co-Contribution

  • The Individuals filed Under EPF scheme.
  • The person registered under the coalmine PF security cover.
  • The recipients of Assam tea plantation PF scheme.
  • Seamen’s PF act.
  • J&K PF scheme.

Individuals enjoying benefits of any other statutory social security scheme are also not eligible to administer and enjoy beneficiaries from government.

Process to apply for Atal Pension account

Process to apply for Atal Pension account

Process to apply for Atal Pension account

Process to apply for Atal Pension account

Designative Table Representation for Various Pension Schemes

Designative Table Representation for Various Pension Schemes

Designative Table Representation for Various Pension Schemes

STARTING AGE

Years of Contribution

Monthly Pension INR 1000

Monthly Pension INR 2000

Monthly Pension INR 3000

Monthly Pension INR 4000

Monthly Pension INR 5000

18

42

42

84

126

168

210

19

41

46

92

138

183

228

20

40

50

100

150

198

248

21

39

54

108

162

215

269

22

38

59

117

177

234

292

23

37

64

127

192

254

318

24

36

70

139

208

277

346

25

35

76

151

226

301

376

26

34

82

164

246

327

409

27

33

90

178

268

356

446

28

32

97

194

292

388

485

29

31

106

212

318

423

529

30

30

116

231

347

462

577

31

29

126

252

379

504

630

32

28

138

276

414

551

689

33

27

151

302

453

602

752

34

26

165

330

495

659

824

35

25

181

362

543

722

902

36

24

198

396

594

792

990

37

23

218

436

654

870

1,087

38

22

240

480

720

957

1,196

39

21

264

528

792

1,054

1,318

40

20

291

582

873

1,164

1,454

Latest Achievement

  • Grants to Atal Pension Yojana (APY) are now eligible for the tax benefits. The application for the program via post offices will prove useful for the people in rural areas.
  • In March 2016, the government introduced a provision to give the subscriber’s spouse an option to keep contributing upon the premature death of the contributor.
  • Rupees 100 crore is issued by government towards its co-contribution for Atal Pension Yojana (APY) in 2015-16 fiscal.
  • As per the circular, the benefits include an additional deduction of Rupees 50,000 under section 80CCD in year 2015 Budget.

- Published on: September 22, 2016