The flagship social security scheme ‘Atal Pension Yojana’ (APY) has completed five years of successful implementation.
Five years of successfull implemention of APY is a significant feat. A statement based prelims question on terms of enrolment of the APY can be asked.
Atal Pension Yojana
- APY is a government-backed pension scheme, primarily targeted at the unorganised sector.
- It is a social security scheme launched by the government on 9th May 2015 to provide a defined pension between Rs 1,000 to Rs 5,000.
- It aims of delivering old age income security particularly to the workers in the unorganised sector with a guarantee of minimum pension after 60 years of age.
Terms of enrolment
- APY can be subscribed by any Indian citizen in the age group of 18-40 years having a bank account and its uniqueness is attributable to three distinctive benefits.
- First, it provides a minimum guaranteed pension ranging from Rs 1000 to Rs 5000 on attaining 60 years of age,
- Secondly, the amount of pension is guaranteed for a lifetime to spouse on death of the subscriber.
- And lastly, in the event of the death of both the subscriber and the spouse, entire pension corpus is paid to the nominee.
Success of the scheme
- The scheme has now 2.23 crores enrolment.
- Apart from remarkable enrolments, the scheme has been implemented comprehensively across the country covering all states and UTs with male to a female subscription ratio of 57:43.
About PFRDA
- Pension Fund Regulatory and Development Authority (PFRDA) is the statutory authority established by an enactment of the Parliament.
- It aims to regulate, promote and ensure orderly growth of the National Pension System (NPS) and pension schemes to which this Act applies.
- NPS was initially notified for central government employees recruits w.e.f. 1st Jan 2004 and subsequently adopted by almost all State Governments for its employees.
- NPS was extended to all Indian citizens (resident/non-resident/overseas) on a voluntary basis and to corporates for its employees.
