Atal Pension Yojana - APY
Atal Pension Yojana - APY
Social Assistance Programmes :
ATAL PENSION YOJANA : Atal Pension Yojana (APY), a pension scheme for unorganised sector workers such as personal maids, drivers, gardeners etc, was launched in June 2015 by the government. This social security scheme was introduced as a replacement to previous government's Swavalamban Yojana NPS Lite. APY aims to help these workers save money for their old age while they are working and guarantees returns post retirement. The scheme also promises a co-contribution by Central Government of 50% of the total prescribed contribution by a worker, up to Rs. 1000 per annum. but only to those who joined APY before 31.12.2015.
Eligibility:
Benefits: It provides guaranteed pension of Rs. 1000 to Rs. 500o to the subscribers. The scheme also allows a subscriber to decrease or increase pension amount during the course of accumulation phase, once a year. In case of death of subscriber, the spouse of the subscriber shall be entitled for the same amount of pension till his or her death. And after the demise of both spouse and subscriber, the nominee will be entitled to receive the pension money that the subscriber had accumulated till 60 years of age. However, if the subscriber dies before 60 years, the spouse will have the choice to either exit the scheme and claim the accumulated amount or continue maintaining the account under the subscriber's name for the remaining vested years, The spouse of the subscriber shall be entitled to receive the same pension amount as the subscriber until death of the spouse in the latter case.
Under APY, fixed pension can be chosen from: | |||
| Right Option : A | |||
| View Explanation |
Students / Parents Reviews [10]
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