Atal Pension Yojana (APY, translation: Atal's Pension Scheme), previously referred to as Swavalamban Yojana (SY, translation: Self-Support Scheme) is a central authority-subsidized pension scheme in India, usually focused on the unorganised quarter. It changed into mentioned in the year 2015 Budget speech by using the Finance Minister Arun Jaitley. It was launched by using Prime Minister Narendra Modi on 9 May 2015 in Kolkata.
In order to incentivize humans to sign up for this scheme and widen its reach, the government introduced that it might co-contribute 50% of the whole contribution or ₹1,000 (US$14) per annum, whichever is lower, to each eligible subscriber account, for a duration of 5 years. Only subscribers who had enrolled in APY among 1 June 2015 and 31 March 2016, and have been not beneficiaries of any social safety schemes, besides not having any taxable income had been eligible for this co-contribution.
The minimum eligible age for a person joining APY is eighteen years and the maximum is forty years. An enrolled individual would begin receiving pension on achieving the age of 60 years. Therefore, a minimum duration of contribution by means of the subscriber under APY would be twenty years or greater. The countrywide Aadhaar ID wide variety is the primary "understand your consumer" file for identification of beneficiaries, spouses, and nominees to avoid entitlement-associated disputes in the long-time period. For evidence of deal with, an person might also submit a duplicate in their ration card or bank passbook.
Subscribers are required to choose a month-to-month pension from ₹1,000 (US$14) to ₹five,000 (US$70) and make sure fee of the stipulated contribution frequently (month-to-month, quarterly, or 1/2-every year foundation). Subscribers can opt to decrease or boom pension quantity during the route of the buildup segment, as according to the available monthly pension quantities. However, the option to switch is simplest supplied once a year at some point of the month of April.
This scheme could be related to the bank bills opened underneath the Pradhan Mantri Jan Dhan Yojana scheme and the contributions could be deducted mechanically.