Atal Pension Yojana completes five years
What is Atal Pension Yojana ?
- Atal Pension Yojana (APY) completed five years of its
implementation on 9 May 2020.
- The scheme has achieved the milestone of 2.23
subscribers so far.
- Atal Pension Yojana
is the government's flagship social security scheme.
- APY was launched on 9
May 2015 by Prime Minister Narendra Modi.
- The aim of the scheme is to deliver
old age income security, particularly to the workers in the unorganized sector.
- The scheme still
remains relevant for addressing the challenges of the rapidly increasing aging
population of India.
- The scheme provides
the guarantee of minimum pension after 60 years of age.
- The scheme covers all
the states and Union Territories (UTs) with male to female subscription ratio
- APY can be subscribed
by any Indian citizen in the age group of 18-40 years having a bank account.
- The scheme provides a
minimum guaranteed pension ranging from Rs.1,000 to Rs.5,000 on attaining 60
years of age.
- The amount of pension is guaranteed for a lifetime to the spouse
on the death of the subscriber.
- In the event of the death of both the
subscriber and the spouse, the entire pension corpus is paid to the nominee.