Atal Pension Yojana Scheme 2024 – Key Highlights, Requirements

Atal Pension Yojana Details- defined pension depending on contribution. Govt. will contribute 50 per cent of the amount.

Accident death risk – Rs 2 lakhs for a premium of Rs. 12 per year.

Atal Pension Yojana: Key Highlights

GoI is concerned about old age income security of working poor
• Focus is on encouraging and enabling them to be included in NPS/National Pension Scheme
• Swavalamban scheme inadequate due to lack of clearness about pension benefits following 60 years of age 
• Unorganised sector constitutes 88% of population of Indian workers totaling 47.29 crore: 66th Round of NSSO Survey 2011-2012

Key Features

• FM announced Atal Pension Yojana in Budget Speech for 2015-2016
• This Yojana will be focused on citizens in the unorganised sector joining the scheme
• APY is administered by the PFRDA (Pension Fund Regulatory and Development Authority)
• The scheme is also open to those who lack membership of statutory social schemes
• Under the Yojana, subscribers will get fixed pension of INR 1000/2000/3000/4000/5000 per month depending upon contributions at the age of 60
• Contributions will vary depending upon the age at which APY is joined
• Minimum age at which APY can be joined is 18 years; maximum is 40
• Minimum contribution period under a subscriber will be 20 years or more
• Benefit of fixed pension to be guaranteed by the GoI
• Centre will co-contribute 50% of the contribution of subscribers or INR 1000 (depending upon which sum is lower) for a duration of 5 years who had joined NPS prior to 31st December 2015
• Subscribers should also not be income tax payers

• Unless opting out, existing subscribers of Swavalamban scheme will automatically migrate to APY
• Contribution levels will vary depending upon how early/late subscribers join
• This Yojana is open to all bank account holders that are not members of any statutory social scheme
• All bank account holders under the category which is eligible may join APY with auto-debit facility to accounts linked to reduction in contribution collection charges
• Through the means of the National Pension Scheme, Points of Presence (Service Providers) and Aggregators under the Swavalamban Scheme will enroll subscribers