Atal Pension Yojana

Last updated

Atal Pension Yojana
Atal Pension Yojana.png
Country India
Key people Arun Jaitley, Nirmala Sitharaman
LaunchedOriginal launch in 2010–11. Relaunched on 9 May 2015;8 years ago (2015-05-09)
Statusactive
Website jansuraksha.gov.in

Atal Pension Yojana (APY, translation: Atal's Pension Scheme), formerly known as Swavalamban Yojana (SY, translation: Self-Support Scheme) is a government-backed pension scheme in India, primarily targeted at the unorganised sector. It was mentioned in the year 2015 Budget speech by the Finance Minister Arun Jaitley. [1] It was launched by Prime Minister Narendra Modi on 9 May 2015 in Kolkata. [2] Its main objective is to help towards economic security of those people who become depressed after their working age and take retirement from professional life. [3]

Contents

History

Swavalamban Yojana was a government-backed pension scheme targeted at the unorganised sector in India. It was applicable to all citizens in the unorganised sector who joined the National Pension Scheme (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA) Act 2013. [4] [5]

Under the scheme, the Government of India contributed ₹1,000 (US$13) per year to each NPS account opened in the year 2010–11 and for the next three years, that is, 2011–12, 2012–13 and 2013–14. The benefit was available only to people who joined the NPS with a minimum contribution of ₹1,000 (US$13) and maximum contribution of ₹12,000 (US$150) per annum. The scheme was announced by the Finance Minister in Budget 2010–11. It was funded by grants from the Government of India. [4] [5]

This scheme has been replaced with Atal Pension Yojana, [6] in which all subscribing workers below the age of 40 are eligible for pension of up to ₹5,000 (US$63) per month on attainment of 60 years of age. [7] [8] This scheme was named after Atal Bihari Vajpayee, former prime minister of India. [9]

Scheme

To join the scheme, a person's age should be between 18 to 40 years. The pension of the person joining the scheme depends on the investment made in it and the time limit of investment. [10] In order to incentivize people to enroll in this scheme and widen its reach, the government announced that it would co-contribute 50% of the total contribution or ₹1,000 (US$13) per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years. Only subscribers who had enrolled in APY between 1 June 2015 and 31 March 2016, and were not beneficiaries of any social security schemes, besides not having any taxable income were eligible for this co-contribution. [11] [12]

The minimum eligible age for a person to join APY is 18 years and the maximum is 40 years. [13] [9] An enrolled person would start receiving pension on attaining the age of 60 years. Therefore, a minimum period of contribution by the subscriber under APY would be 20 years or more. [14] The national Aadhaar ID number is the primary "know your customer" document for identification of beneficiaries, spouses, and nominees to avoid entitlement-related disputes in the long-term. For proof of address, an individual may submit a copy of their ration card or bank passbook.

Subscribers are required to opt for a monthly pension from ₹1,000 (US$13) to ₹5,000 (US$63) and ensure payment of the stipulated contribution regularly (monthly, quarterly, or half-yearly basis). Subscribers can opt to decrease or increase pension amount during the course of the accumulation phase, as per the available monthly pension amounts. However, the option to switch is only provided once a year during the month of April. [7]

This scheme will be linked to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme and the contributions will be deducted automatically. [15]

Subscribers & subscription amount

YearSwavalamban Scheme subscription (Cr)Swavalamban Scheme subscriberAtal Pension Scheme subscription (Cr)Atal Pension Scheme subscriber
2012 [16] 141968755--
2013 [16] 4361779944--
2014 [17] 8442816027--
2015 [18] 16064146880--
2016 [19] 210844800145062,484,895
2017 [20] 2639442934218854863699
2018 [21] 30064395000*38189606000*
2019 [22] 34094,362,5386,86014,953,432
2020 [23] 37284331000*10526.2621142000*
2021 [24] 4,354.384302000*15,687.1128049000*
2022 [25] 4687-2092336276704
2023 [26] ---5.2058cr

Post-Covid-19, the number of beneficiaries joining the Atal Pension Scheme has increased. More than 90 lakh people joined in 2021 and more than 1.2 crore people joined in 2021. [27] [28]

See also

Related Research Articles

<span class="mw-page-title-main">Vijaya Bank</span> Indian public-sector banking group

Vijaya Bank was a PSU bank which was merged with Bank of Baroda on 1 April 2019 with its head office in Bangalore, Karnataka, India. It was one of the nationalised banks in India. The bank offered a wide range of financial products and services to customers through its various delivery channels. As of March 2017, the bank had a network of 2031 branches throughout the country and over 4,000 customer touch points including 2001 ATMs.

<span class="mw-page-title-main">Pradhan Mantri Gram Sadak Yojana</span> Highway initiative in India

The Pradhan Mantri Gram Sadak Yojana (PMGSY) is a nationwide plan in India to provide good all-weather road connectivity to unconnected villages. Of 178,000 habitations with a population of above 500 in the plains and above 250 in the hilly areas planned to be connected by all-weather roads, 82% were already connected by December 2017 and work-in-progress on the remaining 47,000 habitations was on-track for completion by March 2019.

Social security in India includes a variety of statutory insurances and social grant schemes bundled into a formerly complex and fragmented system run by the Indian government at the federal and the state level. The Directive Principles of State Policy, enshrined in Part IV of the Indian Constitution reflects that India is a welfare state. Food security to all Indians are guaranteed under the National Food Security Act, 2013 where the government provides highly subsidised food grains or a food security allowance to economically vulnerable people. The system has since been universalised with the passing of The Code on Social Security, 2020. These cover most of the Indian population with social protection in various situations in their lives.

The National Pension System (NPS) is a defined-contribution pension system in India regulated by the Pension Fund Regulatory and Development Authority (PFRDA) which is under the jurisdiction of the Ministry of Finance of the Government of India. National Pension System Trust was established by PFRDA as per the provisions of the Indian Trusts Act of 1882 to take care of the assets and funds under this scheme for the best interest of the subscriber.

<span class="mw-page-title-main">Agricultural insurance in India</span>

Agriculture in India is highly susceptible to risks like droughts and floods. It is necessary to protect the farmers from natural calamities and ensure their credit eligibility for the next season. For this purpose, the Government of India introduced many agricultural social insurances throughout the country, the most important one of them being Pradhan Mantri Fasal Bima Yojana.

India operates a complex pension system. There are however three major pillars to the Indian pension system: the solidarity social assistance called the National Social Assistance Programme (NSAP) for the elderly poor, the civil servants pension and the mandatory defined contribution pension programs run by the Employees' Provident Fund Organisation of India for private sector employees and employees of state owned companies, and several voluntary plans.

<span class="mw-page-title-main">Pradhan Mantri Matri Vandana Yojana</span> Indian maternity benefit programme

Pradhan Mantri Matru Vandana Yojana (PMMVY), previously known as the Indira Gandhi Matritva Sahyog Yojana, is a maternity benefit program run by the government of India. It was originally launched in 2010 and renamed in 2017. The scheme is implemented by the Ministry of Women and Child Development. It is a conditional cash transfer scheme for pregnant and lactating women of 19 years of age or above for the first live birth.

<span class="mw-page-title-main">Pradhan Mantri Jan Dhan Yojana</span> Financial scheme of the Indian government

Pradhan Mantri Jan Dhan Yojana is a financial inclusion program of the Government of India open to Indian citizens, that aims to expand affordable access to financial services such as bank accounts, remittances, credit, insurance and pensions. This financial inclusion campaign was launched by the Prime Minister of India Narendra Modi on 28 August 2014. He had announced this scheme on his first Independence Day speech on 15 August 2014.

<span class="mw-page-title-main">2015 Union budget of India</span>

The 2015 Union budget of India refers to 2015–2016 Union budget of India. The beginning of the budget printing began on 19 February 2015 with the traditional halwa ceremony. From 20 February until the presentation of budget about 100 government employees remained locked up in the North Block of the Secretariat Building, New Delhi, which houses the budget printing press, to maintain secrecy. The budget was presented on 28 February by Finance Minister Arun Jaitley.

Pradhan Mantri Suraksha Bima Yojana is a government-backed accident insurance scheme in India. It was originally mentioned in the 2015 Budget speech by Finance Minister Late Arun Jaitley in February 2015. It was formally launched by the Prime Minister Narendra Modi on 8 May in Kolkata.

Pradhan Mantri Jeevan Jyoti Bima Yojana is a Government-backed Life insurance scheme in India. It was originally mentioned in the year 2015 Budget speech by the then-Finance Minister, late Arun Jaitley in February 2015. It was formally launched by Prime Minister Narendra Modi on 9 May in Kolkata. As of May 2015, only 20% of India's population has any kind of insurance, this scheme aims to increase the number.

<span class="mw-page-title-main">Pradhan Mantri Awas Yojana</span> Housing initiative in India

Pradhan Mantri Awas Yojana (PMAY) is a credit-linked subsidy scheme by the Government of India to facilitate access to affordable housing for the low and moderate-income residents of the country. It envisaged a target of building 2 crore (20 million) affordable houses by 31 March 2022. It has two components: Pradhan Mantri Awas Yojana(Urban) (PMAY-U) for the urban poor and Pradhan Mantri Awaas Yojana (Gramin) (PMAY-G and also PMAY-R) for the rural poor, the former administered by Ministry of Housing and Urban Affairs and the latter by Ministry of Rural Development. This scheme converges with other schemes to ensure that houses have a toilet, Saubhagya Scheme for universal electricity connection, Ujjwala Yojana LPG connection, access to drinking water and Jan Dhan banking facilities, etc.

<span class="mw-page-title-main">Pradhan Mantri Fasal Bima Yojana</span> Indian agricultural insurance scheme

The Pradhan Mantri fasal bima yojana (PMFBY) launched on 18 February 2016 by Prime Minister Narendra Modi is an insurance service for farmers for their yields. It was formulated in line with One Nation–One Scheme theme by replacing earlier two schemes National Agricultural Insurance Scheme (NAIS) and Modified National Agricultural Insurance Scheme (MNAIS) by incorporating their best features and removing their inherent drawbacks (shortcomings). It aims to reduce the premium burden on farmers and ensure early settlement of crop assurance claim for the full insured sum.

JAM trinity refers to the government of India initiative to link Jan Dhan accounts, mobile numbers and Aadhaar cards of Indians to plug the leakages of government subsidies.

<span class="mw-page-title-main">Vakrangee Limited</span> Indian technology company

Vakrangee Limited is a technology company based in Mumbai, India that provides banking, insurance, e-governance, e-commerce, and logistics services. The company is one of the main providers of the software and equipment for voter id cards and Aadhaar cards.

Pradhan Mantri Shram Yogi Maandhan is a social welfare scheme launched by the Ministry of Labour and Employment of the Government of India in February 2019 for poor labourers in the unorganised sector from minimum 18 years of age to maximum 40 years. According to government figures, about 42 crore people in India are associated with the unorganized sector. These people have a chance to take advantage of this scheme.

Atal Bhujal Yojana is a groundwater management scheme launched by Prime Minister Narendra Modi on the 95th birth anniversary of former Prime Minister Atal Bihari Vajpayee, on 25 December 2019. The purpose of the scheme is to improve groundwater management in seven states of India.

The Department of Agriculture and Farmers' Welfare (DA&FW) is one of the three constituent department of Ministry of Agriculture and Farmers' Welfare, the other two being Department of Agriculture Research and Education (DARE) and Department of Animal Husbandry and Dairying. The Department is headed by Minister of Agriculture and Farmers' Welfare.

Gamit Ramilaben Raysingbhai is a tribal social worker from Taparwada Village, Tapi district, Gujarat, India, known for her work in transforming several villages in Gujarat to open-defecation free villages. She is also known for her work for the empowerment of rural women by setting up a large number of self help groups of women. In the year 2022, the government of India honoured Gamit Ramilaben Raysingbhai by conferring the Padma Shri Award for her contribution to social work.

References

  1. ↑ "Jan Suraksha: Social security for masses, pricing woes for insurers", Business Standard , 9 May 2015
  2. ↑ "Banks advertise Pradhan Mantri Bima Yojana ahead of the roll out", Live Mint , 8 May 2015
  3. ↑ "What is Atal Pension Yojana how to get pension, know details". Prabhat Khabar. 21 August 2023. Retrieved 3 April 2024.
  4. 1 2 "Swavalamban Scheme: Operational Guidelines" (PDF). Retrieved 6 April 2023.
  5. 1 2 "FM to launch Swavalamban pension scheme tomorrow". Business Standard. 25 September 2010. Retrieved 21 July 2019.
  6. ↑ "Swavalamban Scheme". Department of Financial Services | Government of India. Retrieved 21 July 2019.
  7. 1 2 "Atal Pension Yojana (APY)1 – Details of the Scheme" (PDF). npscra.nsdl.co.in.
  8. ↑ "FAQ". www.npscra.nsdl.co.in. Retrieved 6 November 2023.
  9. 1 2 "Atal Pension Yojana in Hindi: अटल पेंशन योजना में मिलेंगे हर महीनें पेंशन". 23 January 2022. Archived from the original on 23 January 2022. Retrieved 6 April 2023.
  10. ↑ "atal pension yojana modi government scheme of get pension". Prabhat Khabar. 13 December 2023. Retrieved 2 April 2024.
  11. ↑ Gunasekaran, Dhuraivel (12 May 2019). "A good bet for lower middle class". The Hindu. ISSN   0971-751X . Retrieved 21 July 2019.
  12. ↑ Mukerji, Chandralekha (23 February 2016). "Atal Pension Yojana eligible for same tax benefits as National Pension System". The Economic Times. Retrieved 21 July 2019.
  13. ↑ "Atal Pension Yojana | National Portal of India". www.india.gov.in. Retrieved 21 July 2019.
  14. ↑ "About Atal Pension Yojana-APY". revexpo.com. Retrieved 31 January 2020.
  15. ↑ "'Jan Suraksha schemes to help eliminate Jan Dhan's zero balance accounts'". Business Standard . 8 May 2015. Retrieved 9 May 2015.
  16. 1 2 "Annual report 2012-2013". pfrda.org.in. Retrieved 6 April 2023.
  17. ↑ "Annual report 2014". pfrda.org.in. Retrieved 6 April 2023.
  18. ↑ "Annual report 2015". pfrda.org.in. Retrieved 6 April 2023.
  19. ↑ "Annual report 2016". pfrda.org.in. Retrieved 6 April 2023.
  20. ↑ "Annual report 2017". pfrda.org.in. Retrieved 6 April 2023.
  21. ↑ "Annual report 2018". pfrda.org.in. Retrieved 6 April 2023.
  22. ↑ "Annual report 2019". pfrda.org.in. Retrieved 6 April 2023.
  23. ↑ "Annual report 2020". pfrda.org.in. Retrieved 6 April 2023.
  24. ↑ "Annual report 2021". pfrda.org.in. Retrieved 6 April 2023.
  25. ↑ "Annual report 2022". pfrda.org.in. Retrieved 6 April 2023.
  26. ↑ https://pib.gov.in/PressReleseDetailm.aspx?PRID=1923447
  27. ↑ "A first: Atal Pension Yojana logs 10 million enrolments in a calendar year". 22 January 2023.
  28. ↑ "PFRDA expects AUM of Rs 9 trillion by end of FY23, shows data". 6 January 2023.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.