The Government of
India is concerned about the old age income security of the working poor and is
focused on encouraging and enabling them to save for their retirement. To
address the longevity risks among the workers in unorganized sector and to
encourage the workers in unorganized sector to voluntarily save for their
retirement.
The GoI has therefore
announced a new scheme called Atal Pension Yojana (APY)1
in 2015-16 budget. The APY is focussed on all citizens in the
unorganized sector.
HIGHLIGHTS OF ATAL PENSION YOJANA
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The scheme is
administered by the Pension Fund Regulatory and Development Authority (PFRDA)
through NPS architecture.
HIGHLIGHTS OF ATAL PENSION YOJANA
·
Under the APY, there is guaranteed minimum
monthly pension for the subscribers ranging between Rs. 1000 and Rs. 5000 per
month.
·
The benefit of minimum pension would be
guaranteed by the GoI.
·
GoI will also co-contribute 50% of the
subscriber’s contribution or Rs. 1000 per annum, whichever is lower. Government
co-contribution is available for those who are not covered by any Statutory
Social Security Schemes and is not income tax payer.
·
GoI will co-contribute to each eligible
subscriber, for a period of 5 years who joins the scheme between the period 1st
June, 2015 to 31st December,
2015. The benefit of five years of government Co-contribution
·
under APY would not exceed 5 years for all
subscribers including migrated Swavalamban beneficiaries.
·
All bank account holders may join APY.
Eligibility
·
APY is applicable to all citizen of India
aged between 18-40 years.
·
Aadhaar will be the primary KYC. Aadhar and
mobile number are recommended to be obtained from subscribers for the ease of
operation of the scheme. If not available at the time of registration, Aadhar
details may also be submitted later stage.
Charges for default
Banks are required to
collect additional amount for delayed payments, such amount will vary from
minimum Re 1 per month to Rs 10/- per month as shown below:
Re.
1 per month for contribution upto Rs. 100 per month.
Re.
2 per month for contribution upto Rs. 101 to 500/- per month.
Re
5 per month for contribution between Rs 501/- to 1000/- per month.
Rs
10 per month for contribution beyond Rs 1001/- per month.
The fixed amount of
interest/penalty will remain as part of the pension corpus of the subscriber.
Important information
for subscriber:
Discontinuation of
payments of contribution amount shall lead to
following:
After
6 months account will be frozen.
After
12 months account will be deactivated.
After
24 months account will be closed.
Subscriber should
ensure that the Bank account to be funded enough for auto debit of contribution
amount.
Exit :
On attaining the age of
60 years:
The exit from APY is
permitted at the age with 100% annuitisation of pension wealth. On exit,
pension would be available to the subscriber.
In case of death of the
Subscriber due to any cause:
In case of death of
subscriber pension would be available to the spouse and on the death of both of
them (subscriber and spouse), the pension corpus would be returned to his
nominee.
Exit Before the age of
60 Years:
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 beneficiary or terminal
disease.
FOR DOWNLOAD APPLICATION FORM CLICK HERE
FOR DETAILED VIDEO CLICK HERE
2 Comments
Age limit is not mentioned. What is the maximum age limit
ReplyDelete40yrs
ReplyDelete