Social security initiative for the poor and unorganized workers

Government Scheme: Atal Pension Yojana (APY) is a flagship pension scheme of the Government of India, which was launched on 9 May 2015 under the leadership of Prime Minister Narendra Modi. The objective of this scheme is to provide economic security to the poor, deprived and unorganized sector workers. This Pension Fund Regulatory and Development Authority (PFRDA) Is operated by.

Under this scheme, beneficiaries are guaranteed monthly pension after the age of 60 years. This pension scheme ensures financial stability for life and provides financial security to the family.

Key features of Atal Pension Yojana

• Monthly Pension: Under the scheme, the beneficiary gets a monthly pension of ₹1,000, ₹2,000, ₹3,000, ₹4,000, or ₹5,000 after the age of 60 years.
• Contribution: The pension amount depends on the monthly contribution of the beneficiary.
  • Example:
    • If you start contributing ₹1,000 monthly pension at the age of 18, then only ₹42 per month will have to be paid.
    • At the same time, for a monthly pension of ₹ 5,000 at the age of 40, one will have to contribute ₹ 1,454 per month.
• Family Security:
  • On the death of the beneficiary, his/her spouse receives the pension.
  • After the spouse, the amount deposited is returned to the nominee till the age of 60 years.

Progress and achievements of the scheme

According to the Finance Ministry, more than 56 lakh new account holders have been enrolled so far in the financial year 2024-25.

• Total Enrolment: More than seven crore people have enrolled so far under the scheme.
• Social Impact: Atal Pension Yojana has achieved great success by bringing the weakest sections of the society under the ambit of pension coverage.

Eligibility

• Age Limit: Indian citizens aged between 18 to 40 years.
• Bank Account: The applicant must have a savings account.
• Income Tax: Income tax payers are not eligible for this scheme.
• Contribution: Monthly contribution varies according to the pension amount.

Benefits of Atal Pension Yojana

1. Life Pension: Guaranteed pension for life after 60 years of age.
2. Family Benefits: Security cover for spouse and nominee.
3. social Security: Sustainable economic support for the poor and unorganized workers.

How to apply?

Offline Process:

1. Go to your bank, where you have your savings account.
2. Take the registration form from the bank or download it from their website.
3. Fill correct information in the form and select pension option.
4. Submit Aadhar Card and other required documents along with the form.
5. If the application is approved, you will receive notification on the registered mobile number.

Online Process:

1. Log in to your bank portal or mobile banking app.
2. ‘Social Security Schemes’ Or ‘Atal Pension Scheme’ Find alternatives.
3. Fill the application form and enter the required information.
4. Give consent for auto-debit.
5. Verify information before submitting.

Objectives of Atal Pension Yojana

• To provide pension security to the weaker and deprived sections of the society.
• To make poor and unorganized workers economically self-reliant in old age.
• To expand social security coverage in the country.