Atal Pension Yojana is a pension scheme for unorganised sector.
In this scheme for every
contribution made to the pension fund, the government will contribute an
equal amount to his/her fund or Rs 1000 per annum whichever is lower.
The Government co-contribution is available for those who
are not covered by any Statutory Social Security Schemes and is not an Income
Tax payer.
APY is administered by the Pension Fund Regulatory and Development Authority (PFRDA)
Features of Scheme
Fixed Minimum
Pension: Rs. 1000 - Rs. 5000 per month,
at the age of 60 years.
Age Limit: Min – 18 years
Max – 40 years
Eligibility: All bank account holders
The contribution levels, the age of entry and the pension amounts are as
follows
Age at entry
|
Monthly Instalment
|
Pension
|
18
|
42
|
1000
|
40
|
291
|
1000
|
18
|
210
|
5000
|
40
|
1454
|
5000
|