Atal Pension Yojana’s subscriber base crosses 1 crore mark: PFRDA

According to Pension Fund Regulatory and Development Authority (PFRDA), the subscriber base of Atal Pension Yojana (APY) has crossed 1 crore subscribers mark since its launch in May 2015. Till date, the scheme has collected Rs. 3,950 crore of contribution from subscribers. It has generated around 9.10% compounded annual growth rate (CAGR) since inception till March 2018.
Top ten states in APY mobilisation are: Uttar Pradesh (1,401,631), Bihar (1,061,660), Tamil Nadu (814,917), Maharashtra (758,695), Karnataka (686,504), Andhra Pradesh (686,504), West Bengal (551,471), Madhya Pradesh (498,111), Rajasthan (497,962) and Gujarat (486,465).

Atal Pension Yojana (APY)

APY was launched in June 2015 with aim to provide affordable universal access to essential social security protection to unorganized work force of country, which constitute more than 85 per cent of the workforce. It had replaced earlier government-backed pension Swavalamban scheme targeted at the unorganised sector.
It is available to all citizens of India in age group of 18-40 years (making minimum period of contribution by subscriber is 20 years). Under scheme, subscriber will receive minimum guaranteed pension of Rs. 1000 to Rs. 5000 per month, depending on his contribution, from age of 60 years. There is no exit to scheme before age of 60. In case of death of subscriber, spouse of subscriber is entitled for same amount of pension till his or her death.

Month: Current Affairs - May, 2018