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Atal Pension Yojana is a scheme backed by the Government of India to ensure pension for the citizens of India employed in the unorganized sector. Until May 2015, only 11% of employees in India subscribed to any type of pension schemes so as to ensure the future of the rest of the employed Indians this plan was designed. This scheme was proposed by the finance minister Shri Arun Jaitley in the annual budget speech and formally launched by Shri Narendra Modi on 9th May 2015 in Kolkata. Atal Pension Yojana (APY) is dedicated to the citizens of India in the unorganised sector and are not beneficiaries of any of government’s statutory social security scheme and are encouraged to join and reap benefits of National pension scheme account(NPS) which is administered and regulated by the Pension Fund Regulatory and Development Authority (PFRDA).

For every contribution made to the pension fund under Atal Pension Yojana, The Central Government would contribute 50 percent of the principal or Rupees One Thousand per annum (whichever is less) for a period of 5 years. The beneficiary has to be a minimum of 18 years of age or maximum of 40 years of age to enroll in Atal Pension Yojana and has to contribute for a minimum of 20 years to reap the benefits. The contribution rates may vary and depend on the age of joining APY and it could be much lower if an individual joins at a younger age.

Aadhaar would be required as KYC and the pension fund would be linked to the bank account being operated under Pradhan Mantri Jan Dhan Yojana. After attaining the age of 60 years the eligible subscribers would receive a monthly pension ranging from Rs.1000 to Rs. 5000 per month depending on their contribution and savings. Recently finance minister announces 7th pay commission pay scales for central government employees.

Individuals who wish to enroll would have to join through service providers of Swavalamban Scheme and they fund would formulate through the channels of National Pension Scheme along with their updated Aadhaar Card and other documents including that of their bank account.

Agencies and organizations who promote and encourage individuals to ensure their future through Atal Pension Yojana would also be provided incentives and reimbursements from the central government.

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