Atal Pension Yojana

• The total enrolment under the Atal Pension Yojana (APY) has crossed 6 crore, with over 79 lakh enrolments in the current Financial Year.

ABOUT ATAL PENSION YOJANA

• APY, launched in 2015, is a flagship social security scheme of the Government of India.
• It aims to provide old age income security to Indian citizens, with a particular focus on the poor, underprivileged, and workers in the unorganised sectors.
• The minimum age of joining the APY is 18 years and the maximum age is 40 years.
• Under APY, the subscriber is eligible to get triple benefits-
  • Lifelong monthly pension of Rs1000 to ₹5000 from the age of 60 years, depending on their contributions, which itself would vary based on the age of joining the APY.
    • Accordingly, the per month subscription amount presently varies from Rs 42 to Rs 1,454 based on the chosen option.
  • The same pension would be paid to the spouse of the subscriber after the demise of the subscriber.
  • On the demise of both the subscriber and spouse, the pension wealth as accumulated till age 60 of the subscriber would be returned to the nominee.