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Atal Pension Yojona – Get It In a Digital Way

  Atal Pension Yojona – Get It In a Digital Way

  Atal Pension Yojona – Get It In a Digital Way

Essential For Upcoming Bank, SSC Exams
Government of India has already launched a pension scheme to ensure the financial security of the working poor people at their old age. The scheme is named as Atal Pension Yojona. The main motto of the scheme is to address the longevity risks of the workers of unorganized sector so that they can save for their retirement through the Atal Pension Yojona. To increase the popularity of the scheme, Pension Fund Regulatory and Development Authority (PFRDA) have taken several initiatives. Recently PFRDA has introduced the 'APY@eNPS' to perform the enrollment process digitally. Already 54 lakh people have enrolled for this scheme. According to the Regulatory Board, it will give additional push to cover the uncovered population under this scheme quickly.

 Need of this Scheme-
The large unorganized workforce of India does not have any formal pension scheme. To ensure the financial security of these people at the old age, APY was launched to inspire them to join under National Pension Scheme administered by PFRDA.
          Under this scheme, the subscribers would get fixed pension up to Rs 5000 per month at the age of 60 as per their contributions at the age of joining APY. The minimum age to join the scheme is 18 years and the subscribers have to contribute 20 or more than 20 years to avail the benefit. The benefit must be guaranteed by the Government. The Central Govt. would co-contribute 50% of the amount paid by the subscribers or Rs 1000 per year under this scheme.
Advantages of this Scheme-  
The Atal Pension Yojona is open for the all bank account holders who are not members of Statutory Social Security Schemes. The maximum age to join the scheme is 40 years. It will attract large number of people from the unorganized sector. There will be an auto-debit facility from the account to all the bank account holders. Being a Government of India scheme, it will enjoy the several advantages. 
  • Subscribers will receive fixed pension.
  • Co-contribution of the 50% of the amount paid by the subscribers or Rs 1000 per year (the lower one would be paid).
  • It will encourage the promotional development activities by giving incentives to the collection agencies which motivate people to join under the scheme.
As well as, in case of discontinued payment, the account will be frozen after 6months of continuous nonpayment. After 12 and 24 months of consecutive nonpayment, the account will be deactivated and closed respectively.
Steps which are taken to make the Process Digital-
PFRDA has arranged meetings with the bank and Post officials at Bengaluru, Mumbai and Kolkata. Mr. A G Das, CGM of PFRDA, has mentioned the benefits of the scheme to the officials of various departments. According to him, eNPS platform will enhance the accessibility and popularity of the scheme. The subscriber can enroll to this scheme conveniently without submission of hard copy of forms and without standing on a queue in bank or post office in a digital way.
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