Atal Pension Yojana : Objectives, eligibility, funding

Atal Pension Yojana is a scheme launched on 9th May 2015 by Prime Minister Narendra Modi to make the senior citizens self-reliant after their retirement. The scheme aims to increase the old age income security of the working poor. The Government launched the scheme which came into effect from 1st June 2015. It replaced the Swavalamban Yojana/NPS Lite scheme.

The APY scheme is being administered by the Pension Fund Regulatory and Development Authority. It aims to provide a universal social security system for all citizens, especially the poor, the underprivileged and the workers in the unorganized sector.

The Atal Pension plan scheme is open to all citizens of India between 18-40 years of age having a savings bank account in a bank or post-office.

Need for Scheme
Earlier pension schemes of social security were unable to address the peculiar demographic settings of the country. Swavalamban Scheme was not able to cover many people due to ambiguities in benefits. Swavalamban also failed to guarantee a minimum pension provision.

Moreover, the unorganized sector which forms a large chunk of our labor force was not covered in true sense. This all led to the formation of an integrated scheme for this section i.e. Atal Pension Yojana.

Atal Pension Yojana Information can be accessed from below-

APY Desk – Call Centre: 1800 110 069


https://www.theindianwire.com/politics/atal-pension-yojana-214496/

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