About Atal Pension Yojana:
- It was launched by the Government of India.
- It was designed to encourage voluntary savings for retirement by offering defined pension benefits, linked to the age of joining and amount of contribution.
- Key Features of Atal Pension Yojana:
- Target Group: It is aimed at workers in the unorganised sector.
- It was initially available to all citizens of India between 18 and 40 years of age.
- Later, it mandated that individuals paying income tax are not eligible to join the scheme.
- Guaranteed Pension: Subscribers can opt for a fixed pension ranging from ₹1,000 to ₹5,000 per month, depending on the contribution made.
- Government Co-Contribution: For subscribers who enrolled between June 1, 2015, and March 31, 2016, and met certain criteria, the government contributed 50% of the subscriber’s amount or ₹1,000 per annum for five years.
- It is administered by the Pension Fund Regulatory and Development Authority (PFRDA).
- Exit and withdrawal options
- Exit at age 60: Full pension begins.
- Exit before age 60: Permitted only in cases of death or terminal illness.
- Voluntary Exit: Allowed, but the subscriber only receives the contribution made (with interest) and government co-contribution (if any) is forfeited.
