Atal Pension Yojana completes 5 years

The “Atal Pension Yojana” launched on May 9, 2015, has completed 5 years of its implementation. The total enrollment under the scheme as on May 9, 2020 was 2,23,54,028.

Highlights

During the first two years of the launch of the initiative, there were 50 lakh subscribers. In the third year, the numbers doubled with 100 lakh subscribers. In the third year, the numbers increased to 100 lakhs. The milestone of 1.5 crores enrollment was achieved in the fourth year.

Features of the Scheme

The Scheme can be subscribed by any Indian citizen of age 18 to 40 years. Upon enrollment, the scheme provides a minimum guaranteed pension of Rs 1000 to Rs 5000 on attaining 60 years of age. Also, when the pensioner dies, it amounts to guaranteed pension for lifetime to the spouse. In case of death of the both the subscriber and spouse, a nominee shall claim the amount.

About the scheme

The scheme was replaced with Swavalamban Yojana. It was established to provide old age income security to the unorganized sector. It was launched by PM Modi in 2015 at Kolkata.

The scheme is implemented by PFRDA (Pension Fund Regulatory and Development Authority) operating under Ministry of Finance.

Month: Current Affairs - May, 2020