Atal Pension Yojana - Revision history

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← Older revision		Revision as of 06:32, 29 May 2022
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	In order to incentivize people to enroll in this scheme and widen its reach, the government announced that it would co-contribute 50% of the total contribution or {{INRConvert\|1\|k}} per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years. Only subscribers who had enrolled in APY between 1 June 2015 and 31 March 2016, and were not beneficiaries of any social security schemes, besides not having any taxable income were eligible for this co-contribution.<ref>{{Cite news\|url=https://www.thehindu.com/business/Industry/a-good-bet-for-lower-middle-class/article27104639.ece\|title=A good bet for lower middle class\|last=Gunasekaran\|first=Dhuraivel\|date=2019-05-12\|work=The Hindu\|access-date=2019-07-21\|language=en-IN\|issn=0971-751X}}</ref><ref>{{Cite news\|url=https://economictimes.indiatimes.com/wealth/invest/atal-pension-yojana-eligible-for-same-tax-benefits-as-national-pension-system/articleshow/51108260.cms\|title=Atal Pension Yojana eligible for same tax benefits as National Pension System\|last=Mukerji\|first=Chandralekha\|date=2016-02-23\|work=The Economic Times\|access-date=2019-07-21}}</ref>		In order to incentivize people to enroll in this scheme and widen its reach, the government announced that it would co-contribute 50% of the total contribution or {{INRConvert\|1\|k}} per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years. Only subscribers who had enrolled in APY between 1 June 2015 and 31 March 2016, and were not beneficiaries of any social security schemes, besides not having any taxable income were eligible for this co-contribution.<ref>{{Cite news\|url=https://www.thehindu.com/business/Industry/a-good-bet-for-lower-middle-class/article27104639.ece\|title=A good bet for lower middle class\|last=Gunasekaran\|first=Dhuraivel\|date=2019-05-12\|work=The Hindu\|access-date=2019-07-21\|language=en-IN\|issn=0971-751X}}</ref><ref>{{Cite news\|url=https://economictimes.indiatimes.com/wealth/invest/atal-pension-yojana-eligible-for-same-tax-benefits-as-national-pension-system/articleshow/51108260.cms\|title=Atal Pension Yojana eligible for same tax benefits as National Pension System\|last=Mukerji\|first=Chandralekha\|date=2016-02-23\|work=The Economic Times\|access-date=2019-07-21}}</ref>

	The minimum eligible age for a person to join APY is 18 years and the maximum is 40 years.<ref>{{Cite web\|url=https://www.india.gov.in/spotlight/atal-pension-yojana\|title=Atal Pension Yojana {{!}} National Portal of India\|website=www.india.gov.in\|access-date=2019-07-21}}</ref><ref name=":2">[~~http~~://~~www~~.~~nsuraksha~~.~~gov.in~~/~~Files~~/~~APY~~/~~English~~/~~About~~-~~APY.pdf~~ Atal Pension Yojana]~~{{Dead link\|date=June 2020 \|bot=InternetArchiveBot \|fix-attempted=yes }}~~</ref> An enrolled person would start receiving pension on attaining the age of 60 years. Therefore, a minimum period of contribution by the subscriber under APY would be 20 years or more.<ref>{{Cite web\|url=https://revexpo.com/review/about-atal-pension-yojana-apy/\|title=About Atal Pension Yojana-APY\|website=revexpo.com\|language=en-US\|access-date=2020-01-31}}</ref> The national [[Aadhaar]] ID number is the primary "[[know your customer]]" document for identification of beneficiaries, spouses, and nominees to avoid entitlement-related disputes in the long-term. For proof of address, an individual may submit a copy of their ration card or bank passbook.		The minimum eligible age for a person to join APY is 18 years and the maximum is 40 years.<ref>{{Cite web\|url=https://www.india.gov.in/spotlight/atal-pension-yojana\|title=Atal Pension Yojana {{!}} National Portal of India\|website=www.india.gov.in\|access-date=2019-07-21}}</ref><ref name=":2">[https://web.archive.org/web/20220123124448/https://sarkarifund.com/atal-pension-yojana-in-hindi/ Atal Pension Yojana]</ref> An enrolled person would start receiving pension on attaining the age of 60 years. Therefore, a minimum period of contribution by the subscriber under APY would be 20 years or more.<ref>{{Cite web\|url=https://revexpo.com/review/about-atal-pension-yojana-apy/\|title=About Atal Pension Yojana-APY\|website=revexpo.com\|language=en-US\|access-date=2020-01-31}}</ref> The national [[Aadhaar]] ID number is the primary "[[know your customer]]" document for identification of beneficiaries, spouses, and nominees to avoid entitlement-related disputes in the long-term. For proof of address, an individual may submit a copy of their ration card or bank passbook.

	Subscribers are required to opt for a monthly pension from {{INRConvert\|1\|k}} to {{INRConvert\|5\|k}} and ensure payment of the stipulated contribution regularly (monthly, quarterly, or half-yearly basis). Subscribers can opt to decrease or increase pension amount during the course of the accumulation phase, as per the available monthly pension amounts. However, the option to switch is only provided once a year during the month of April.<ref name='nsdl'/>		Subscribers are required to opt for a monthly pension from {{INRConvert\|1\|k}} to {{INRConvert\|5\|k}} and ensure payment of the stipulated contribution regularly (monthly, quarterly, or half-yearly basis). Subscribers can opt to decrease or increase pension amount during the course of the accumulation phase, as per the available monthly pension amounts. However, the option to switch is only provided once a year during the month of April.<ref name='nsdl'/>

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2022-01-11T19:07:21Z

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← Older revision		Revision as of 00:37, 12 January 2022
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	\| country = [[India]]		\| country = [[India]]
	\| key_people = [[Arun Jaitley]], [[Nirmala Sitharaman]]		\| key_people = [[Arun Jaitley]], [[Nirmala Sitharaman]]
	\| launched = Original launch in ~~2010-11~~. Relaunched on {{Start date and age\|2015\|05\|09\|df=y}}		\| launched = Original launch in 2010–11. Relaunched on {{Start date and age\|2015\|05\|09\|df=y}}
	\| website = {{URL\|https://jansuraksha.gov.in/}}		\| website = {{URL\|https://jansuraksha.gov.in/}}
	\| current_status = active		\| current_status = active
	}}		}}

	'''Atal Pension Yojana''' (APY, translation: ''Atal's Pension Scheme''), formerly known as '''Swavalamban Yojana''' (SY, translation: ''Self-Support Scheme'') is a government-backed pension scheme in [[India]], primarily targeted at the [[unorganised sector]]. It was mentioned in the year [[2015 Union budget of India\|2015 Budget speech]] by the Finance Minister [[Arun Jaitley]].<ref name=Woes>{{citation \|title=Jan Suraksha: Social security for masses, pricing woes for insurers\|url=http://www.business-standard.com/article/current-affairs/jan-suraksha-social-security-for-masses-pricing-woes-for-insurers-115050900786_1.html \|work=[[Business Standard]]\|date=9 May 2015}}</ref> It was launched by Prime Minister [[Narendra Modi]] on 9 May in [[Kolkata]].<ref name=Advertise>{{citation \|title=Banks advertise Pradhan Mantri Bima Yojana ahead of the roll out\|url=http://www.livemint.com/Money/n6uNxsGr1kytGMNBXklVTI/Banks-advertise-Pradhan-Mantri-Bima-Yojana-ahead-of-the-roll.html \|work=[[Live Mint]]\|date=8 May 2015}}</ref>		'''Atal Pension Yojana''' (APY, translation: ''Atal's Pension Scheme''), formerly known as '''Swavalamban Yojana''' (SY, translation: ''Self-Support Scheme'') is a government-backed pension scheme in [[India]], primarily targeted at the [[unorganised sector]]. It was mentioned in the year [[2015 Union budget of India\|2015 Budget speech]] by the Finance Minister [[Arun Jaitley]].<ref name=Woes>{{citation \|title=Jan Suraksha: Social security for masses, pricing woes for insurers\|url=http://www.business-standard.com/article/current-affairs/jan-suraksha-social-security-for-masses-pricing-woes-for-insurers-115050900786_1.html \|work=[[Business Standard]]\|date=9 May 2015}}</ref> It was launched by Prime Minister [[Narendra Modi]] on 9 May 2015 in [[Kolkata]].<ref name=Advertise>{{citation \|title=Banks advertise Pradhan Mantri Bima Yojana ahead of the roll out\|url=http://www.livemint.com/Money/n6uNxsGr1kytGMNBXklVTI/Banks-advertise-Pradhan-Mantri-Bima-Yojana-ahead-of-the-roll.html \|work=[[Live Mint]]\|date=8 May 2015}}</ref>

	==History==		==History==
	Swavalamban Yojana was a government-backed [[pension]] scheme targeted at the [[Unorganised sector (India)\|unorganised sector]] in India. It was applicable to all citizens in the unorganised sector who joined the [[National Pension Scheme]] (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA) Act 2013.<ref name=":0">[http://www.southindianbank.com/userfiles/swavalamban_yojana_operational_guidelines.pdf Swavalamban Scheme: Operational Guidelines]</ref><ref name=":1">{{Cite news\|url=https://www.business-standard.com/article/economy-policy/fm-to-launch-swavalamban-pension-scheme-tomorrow-110092500147_1.html\|title=FM to launch Swavalamban pension scheme tomorrow\|date=2010-09-25\|work=Business Standard\|access-date=2019-07-21}}</ref>		Swavalamban Yojana was a government-backed [[pension]] scheme targeted at the [[Unorganised sector (India)\|unorganised sector]] in India. It was applicable to all citizens in the unorganised sector who joined the [[National Pension Scheme]] (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA) Act 2013.<ref name=":0">[http://www.southindianbank.com/userfiles/swavalamban_yojana_operational_guidelines.pdf Swavalamban Scheme: Operational Guidelines]</ref><ref name=":1">{{Cite news\|url=https://www.business-standard.com/article/economy-policy/fm-to-launch-swavalamban-pension-scheme-tomorrow-110092500147_1.html\|title=FM to launch Swavalamban pension scheme tomorrow\|date=2010-09-25\|work=Business Standard\|access-date=2019-07-21}}</ref>

	Under the scheme, the [[Government of India]] contributed {{INRConvert\|1000}} per year to each NPS account opened in the year ~~2010-11~~ and for the next three years, that is, 2011–12, 2012–13 and 2013–14. The benefit was available only to people who joined the NPS with a minimum contribution of {{INRConvert\|1000}} and maximum contribution of {{INRConvert\|12000}} per annum. The scheme was announced by the Finance Minister in Budget 2010–11. It was funded by grants from the Government of India.<ref name=":0" /><ref name=":1" />		Under the scheme, the [[Government of India]] contributed {{INRConvert\|1000}} per year to each NPS account opened in the year 2010–11 and for the next three years, that is, 2011–12, 2012–13 and 2013–14. The benefit was available only to people who joined the NPS with a minimum contribution of {{INRConvert\|1000}} and maximum contribution of {{INRConvert\|12000}} per annum. The scheme was announced by the Finance Minister in Budget 2010–11. It was funded by grants from the Government of India.<ref name=":0" /><ref name=":1" />

	This scheme has been replaced with Atal Pension Yojana,<ref>{{Cite web\|url=https://financialservices.gov.in/pension-reforms-divisions/Swavalamban-Scheme\|title=Swavalamban Scheme\|website=Department of Financial Services {{!}} Government of India\|access-date=2019-07-21}}</ref> in which all subscribing workers below the age of 40 are eligible for pension of up to {{INRConvert\|5000}} per month on attainment of 60 years of age.<ref name='nsdl'>{{cite web \|title=Atal Pension Yojana (APY)1 – Details of the Scheme \|url=https://npscra.nsdl.co.in/nsdl/scheme-details/APY_Scheme_Details.pdf \|website=npscra.nsdl.co.in}}</ref>{{citation needed\|date=September 2018}} This scheme was named after [[Atal Bihari Vajpayee]], former prime minister of India.<ref name=":2" />		This scheme has been replaced with Atal Pension Yojana,<ref>{{Cite web\|url=https://financialservices.gov.in/pension-reforms-divisions/Swavalamban-Scheme\|title=Swavalamban Scheme\|website=Department of Financial Services {{!}} Government of India\|access-date=2019-07-21}}</ref> in which all subscribing workers below the age of 40 are eligible for pension of up to {{INRConvert\|5000}} per month on attainment of 60 years of age.<ref name='nsdl'>{{cite web \|title=Atal Pension Yojana (APY)1 – Details of the Scheme \|url=https://npscra.nsdl.co.in/nsdl/scheme-details/APY_Scheme_Details.pdf \|website=npscra.nsdl.co.in}}</ref>{{citation needed\|date=September 2018}} This scheme was named after [[Atal Bihari Vajpayee]], former prime minister of India.<ref name=":2" />
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	In order to incentivize people to enroll in this scheme and widen its reach, the government announced that it would co-contribute 50% of the total contribution or {{INRConvert\|1\|k}} per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years. Only subscribers who had enrolled in APY between 1 June 2015 and 31 March 2016, and were not beneficiaries of any social security schemes, besides not having any taxable income were eligible for this co-contribution.<ref>{{Cite news\|url=https://www.thehindu.com/business/Industry/a-good-bet-for-lower-middle-class/article27104639.ece\|title=A good bet for lower middle class\|last=Gunasekaran\|first=Dhuraivel\|date=2019-05-12\|work=The Hindu\|access-date=2019-07-21\|language=en-IN\|issn=0971-751X}}</ref><ref>{{Cite news\|url=https://economictimes.indiatimes.com/wealth/invest/atal-pension-yojana-eligible-for-same-tax-benefits-as-national-pension-system/articleshow/51108260.cms\|title=Atal Pension Yojana eligible for same tax benefits as National Pension System\|last=Mukerji\|first=Chandralekha\|date=2016-02-23\|work=The Economic Times\|access-date=2019-07-21}}</ref>		In order to incentivize people to enroll in this scheme and widen its reach, the government announced that it would co-contribute 50% of the total contribution or {{INRConvert\|1\|k}} per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years. Only subscribers who had enrolled in APY between 1 June 2015 and 31 March 2016, and were not beneficiaries of any social security schemes, besides not having any taxable income were eligible for this co-contribution.<ref>{{Cite news\|url=https://www.thehindu.com/business/Industry/a-good-bet-for-lower-middle-class/article27104639.ece\|title=A good bet for lower middle class\|last=Gunasekaran\|first=Dhuraivel\|date=2019-05-12\|work=The Hindu\|access-date=2019-07-21\|language=en-IN\|issn=0971-751X}}</ref><ref>{{Cite news\|url=https://economictimes.indiatimes.com/wealth/invest/atal-pension-yojana-eligible-for-same-tax-benefits-as-national-pension-system/articleshow/51108260.cms\|title=Atal Pension Yojana eligible for same tax benefits as National Pension System\|last=Mukerji\|first=Chandralekha\|date=2016-02-23\|work=The Economic Times\|access-date=2019-07-21}}</ref>

	The minimum eligible age for a person ~~joining~~ APY is 18 years and the maximum is 40 years.~~<ref name=":2">[http://www.nsuraksha.gov.in/Files/APY/English/About-APY.pdf Atal Pension Yojana]{{Dead link\|date=June 2020 \|bot=InternetArchiveBot \|fix-attempted=yes }}</ref>~~<ref>{{Cite web\|url=https://www.india.gov.in/spotlight/atal-pension-yojana\|title=Atal Pension Yojana {{!}} National Portal of India\|website=www.india.gov.in\|access-date=2019-07-21}}</ref> An enrolled person would start receiving pension on attaining the age of 60 years. Therefore, a minimum period of contribution by the subscriber under APY would be 20 years or more.<ref>{{Cite web\|url=https://revexpo.com/review/about-atal-pension-yojana-apy/\|title=About Atal Pension Yojana-APY\|website=revexpo.com\|language=en-US\|access-date=2020-01-31}}</ref> The national [[Aadhaar]] ID number is the primary "[[know your customer]]" document for identification of beneficiaries, spouses, and nominees to avoid entitlement-related disputes in the long-term. For proof of address, an individual may submit a copy of their ration card or bank passbook.		The minimum eligible age for a person to join APY is 18 years and the maximum is 40 years.<ref>{{Cite web\|url=https://www.india.gov.in/spotlight/atal-pension-yojana\|title=Atal Pension Yojana {{!}} National Portal of India\|website=www.india.gov.in\|access-date=2019-07-21}}</ref><ref name=":2">[http://www.nsuraksha.gov.in/Files/APY/English/About-APY.pdf Atal Pension Yojana]{{Dead link\|date=June 2020 \|bot=InternetArchiveBot \|fix-attempted=yes }}</ref> An enrolled person would start receiving pension on attaining the age of 60 years. Therefore, a minimum period of contribution by the subscriber under APY would be 20 years or more.<ref>{{Cite web\|url=https://revexpo.com/review/about-atal-pension-yojana-apy/\|title=About Atal Pension Yojana-APY\|website=revexpo.com\|language=en-US\|access-date=2020-01-31}}</ref> The national [[Aadhaar]] ID number is the primary "[[know your customer]]" document for identification of beneficiaries, spouses, and nominees to avoid entitlement-related disputes in the long-term. For proof of address, an individual may submit a copy of their ration card or bank passbook.

	Subscribers are required to opt for a monthly pension from {{INRConvert\|1\|k}} to {{INRConvert\|5\|k}} and ensure payment of the stipulated contribution regularly (monthly, quarterly, or half-yearly basis). Subscribers can opt to decrease or increase pension amount during the course of the accumulation phase, as per the available monthly pension amounts. However, the option to switch is only provided once a year during the month of April.<ref name='nsdl'/>		Subscribers are required to opt for a monthly pension from {{INRConvert\|1\|k}} to {{INRConvert\|5\|k}} and ensure payment of the stipulated contribution regularly (monthly, quarterly, or half-yearly basis). Subscribers can opt to decrease or increase pension amount during the course of the accumulation phase, as per the available monthly pension amounts. However, the option to switch is only provided once a year during the month of April.<ref name='nsdl'/>
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	==External links==		==External links==
	* ~~[http://www.~~jansuraksha.gov.in~~/Default.aspx Jansuraksha Official Website]~~		* {{official\|jansuraksha.gov.in}}
	* [https://www.pinfop.com/2021/06/elabharthi-bihar-pension-status-check.html.html '''Elabharthi Pension Bihar''']

	{{Government Schemes in India}}		{{Government Schemes in India}}

CleanupBot: /* Scheme */clean up

2022-01-04T08:09:51Z

Scheme: clean up

← Older revision		Revision as of 13:39, 4 January 2022
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	In order to incentivize people to enroll in this scheme and widen its reach, the government announced that it would co-contribute 50% of the total contribution or {{INRConvert\|1\|k}} per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years. Only subscribers who had enrolled in APY between 1 June 2015 and 31 March 2016, and were not beneficiaries of any social security schemes, besides not having any taxable income were eligible for this co-contribution.<ref>{{Cite news\|url=https://www.thehindu.com/business/Industry/a-good-bet-for-lower-middle-class/article27104639.ece\|title=A good bet for lower middle class\|last=Gunasekaran\|first=Dhuraivel\|date=2019-05-12\|work=The Hindu\|access-date=2019-07-21\|language=en-IN\|issn=0971-751X}}</ref><ref>{{Cite news\|url=https://economictimes.indiatimes.com/wealth/invest/atal-pension-yojana-eligible-for-same-tax-benefits-as-national-pension-system/articleshow/51108260.cms\|title=Atal Pension Yojana eligible for same tax benefits as National Pension System\|last=Mukerji\|first=Chandralekha\|date=2016-02-23\|work=The Economic Times\|access-date=2019-07-21}}</ref>		In order to incentivize people to enroll in this scheme and widen its reach, the government announced that it would co-contribute 50% of the total contribution or {{INRConvert\|1\|k}} per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years. Only subscribers who had enrolled in APY between 1 June 2015 and 31 March 2016, and were not beneficiaries of any social security schemes, besides not having any taxable income were eligible for this co-contribution.<ref>{{Cite news\|url=https://www.thehindu.com/business/Industry/a-good-bet-for-lower-middle-class/article27104639.ece\|title=A good bet for lower middle class\|last=Gunasekaran\|first=Dhuraivel\|date=2019-05-12\|work=The Hindu\|access-date=2019-07-21\|language=en-IN\|issn=0971-751X}}</ref><ref>{{Cite news\|url=https://economictimes.indiatimes.com/wealth/invest/atal-pension-yojana-eligible-for-same-tax-benefits-as-national-pension-system/articleshow/51108260.cms\|title=Atal Pension Yojana eligible for same tax benefits as National Pension System\|last=Mukerji\|first=Chandralekha\|date=2016-02-23\|work=The Economic Times\|access-date=2019-07-21}}</ref>

	The minimum eligible age for a person joining APY is 18 years and the maximum is 40 years.<ref>{{Cite web\|url=https://www.india.gov.in/spotlight/atal-pension-yojana\|title=Atal Pension Yojana {{!}} National Portal of India\|website=www.india.gov.in\|access-date=2019-07-21~~}}</ref><ref name=":2">[http://www.nsuraksha.gov.in/Files/APY/English/About-APY.pdf Atal Pension Yojana]{{Dead link\|date=June 2020 \|bot=InternetArchiveBot \|fix-attempted=yes~~ }}</ref> An enrolled person would start receiving pension on attaining the age of 60 years. Therefore, a minimum period of contribution by the subscriber under APY would be 20 years or more.<ref>{{Cite web\|url=https://revexpo.com/review/about-atal-pension-yojana-apy/\|title=About Atal Pension Yojana-APY\|website=revexpo.com\|language=en-US\|access-date=2020-01-31}}</ref> The national [[Aadhaar]] ID number is the primary "[[know your customer]]" document for identification of beneficiaries, spouses, and nominees to avoid entitlement-related disputes in the long-term. For proof of address, an individual may submit a copy of their ration card or bank passbook.		The minimum eligible age for a person joining APY is 18 years and the maximum is 40 years.<ref name=":2">[http://www.nsuraksha.gov.in/Files/APY/English/About-APY.pdf Atal Pension Yojana]{{Dead link\|date=June 2020 \|bot=InternetArchiveBot \|fix-attempted=yes }}</ref><ref>{{Cite web\|url=https://www.india.gov.in/spotlight/atal-pension-yojana\|title=Atal Pension Yojana {{!}} National Portal of India\|website=www.india.gov.in\|access-date=2019-07-21}}</ref> An enrolled person would start receiving pension on attaining the age of 60 years. Therefore, a minimum period of contribution by the subscriber under APY would be 20 years or more.<ref>{{Cite web\|url=https://revexpo.com/review/about-atal-pension-yojana-apy/\|title=About Atal Pension Yojana-APY\|website=revexpo.com\|language=en-US\|access-date=2020-01-31}}</ref> The national [[Aadhaar]] ID number is the primary "[[know your customer]]" document for identification of beneficiaries, spouses, and nominees to avoid entitlement-related disputes in the long-term. For proof of address, an individual may submit a copy of their ration card or bank passbook.

	Subscribers are required to opt for a monthly pension from {{INRConvert\|1\|k}} to {{INRConvert\|5\|k}} and ensure payment of the stipulated contribution regularly (monthly, quarterly, or half-yearly basis). Subscribers can opt to decrease or increase pension amount during the course of the accumulation phase, as per the available monthly pension amounts. However, the option to switch is only provided once a year during the month of April.<ref name='nsdl'/>		Subscribers are required to opt for a monthly pension from {{INRConvert\|1\|k}} to {{INRConvert\|5\|k}} and ensure payment of the stipulated contribution regularly (monthly, quarterly, or half-yearly basis). Subscribers can opt to decrease or increase pension amount during the course of the accumulation phase, as per the available monthly pension amounts. However, the option to switch is only provided once a year during the month of April.<ref name='nsdl'/>

202.142.86.141: /* External links */

2021-06-30T10:38:51Z

External links

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{{Use dmy dates|date=October 2020}}
{{Use Indian English|date=December 2015}}
{{Infobox project
| image= Atal_Pension_Yojana.png
| country = [[India]]
| key_people = [[Arun Jaitley]], [[Nirmala Sitharaman]]
| launched = Original launch in 2010-11. Relaunched on {{Start date and age|2015|05|09|df=y}}
| website = {{URL|https://jansuraksha.gov.in/}}
| current_status = active
}}

'''Atal Pension Yojana''' (APY, translation: ''Atal's Pension Scheme''), formerly known as '''Swavalamban Yojana''' (SY, translation: ''Self-Support Scheme'') is a government-backed pension scheme in [[India]], primarily targeted at the [[unorganised sector]]. It was mentioned in the year [[2015 Union budget of India|2015 Budget speech]] by the Finance Minister [[Arun Jaitley]].<ref name=Woes>{{citation |title=Jan Suraksha: Social security for masses, pricing woes for insurers|url=http://www.business-standard.com/article/current-affairs/jan-suraksha-social-security-for-masses-pricing-woes-for-insurers-115050900786_1.html |work=[[Business Standard]]|date=9 May 2015}}</ref> It was launched by Prime Minister [[Narendra Modi]] on 9 May in [[Kolkata]].<ref name=Advertise>{{citation |title=Banks advertise Pradhan Mantri Bima Yojana ahead of the roll out|url=http://www.livemint.com/Money/n6uNxsGr1kytGMNBXklVTI/Banks-advertise-Pradhan-Mantri-Bima-Yojana-ahead-of-the-roll.html |work=[[Live Mint]]|date=8 May 2015}}</ref>

==History==
Swavalamban Yojana was a government-backed [[pension]] scheme targeted at the [[Unorganised sector (India)|unorganised sector]] in India. It was applicable to all citizens in the unorganised sector who joined the [[National Pension Scheme]] (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA) Act 2013.<ref name=":0">[http://www.southindianbank.com/userfiles/swavalamban_yojana_operational_guidelines.pdf Swavalamban Scheme: Operational Guidelines]</ref><ref name=":1">{{Cite news|url=https://www.business-standard.com/article/economy-policy/fm-to-launch-swavalamban-pension-scheme-tomorrow-110092500147_1.html|title=FM to launch Swavalamban pension scheme tomorrow|date=2010-09-25|work=Business Standard|access-date=2019-07-21}}</ref>

Under the scheme, the [[Government of India]] contributed {{INRConvert|1000}} per year to each NPS account opened in the year 2010-11 and for the next three years, that is, 2011–12, 2012–13 and 2013–14. The benefit was available only to people who joined the NPS with a minimum contribution of {{INRConvert|1000}} and maximum contribution of {{INRConvert|12000}} per annum. The scheme was announced by the Finance Minister in Budget 2010–11. It was funded by grants from the Government of India.<ref name=":0" /><ref name=":1" />

This scheme has been replaced with Atal Pension Yojana,<ref>{{Cite web|url=https://financialservices.gov.in/pension-reforms-divisions/Swavalamban-Scheme|title=Swavalamban Scheme|website=Department of Financial Services {{!}} Government of India|access-date=2019-07-21}}</ref> in which all subscribing workers below the age of 40 are eligible for pension of up to {{INRConvert|5000}} per month on attainment of 60 years of age.<ref name='nsdl'>{{cite web |title=Atal Pension Yojana (APY)1 – Details of the Scheme |url=https://npscra.nsdl.co.in/nsdl/scheme-details/APY_Scheme_Details.pdf |website=npscra.nsdl.co.in}}</ref>{{citation needed|date=September 2018}} This scheme was named after [[Atal Bihari Vajpayee]], former prime minister of India.<ref name=":2" />

==Scheme==
In order to incentivize people to enroll in this scheme and widen its reach, the government announced that it would co-contribute 50% of the total contribution or {{INRConvert|1|k}} per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years. Only subscribers who had enrolled in APY between 1 June 2015 and 31 March 2016, and were not beneficiaries of any social security schemes, besides not having any taxable income were eligible for this co-contribution.<ref>{{Cite news|url=https://www.thehindu.com/business/Industry/a-good-bet-for-lower-middle-class/article27104639.ece|title=A good bet for lower middle class|last=Gunasekaran|first=Dhuraivel|date=2019-05-12|work=The Hindu|access-date=2019-07-21|language=en-IN|issn=0971-751X}}</ref><ref>{{Cite news|url=https://economictimes.indiatimes.com/wealth/invest/atal-pension-yojana-eligible-for-same-tax-benefits-as-national-pension-system/articleshow/51108260.cms|title=Atal Pension Yojana eligible for same tax benefits as National Pension System|last=Mukerji|first=Chandralekha|date=2016-02-23|work=The Economic Times|access-date=2019-07-21}}</ref>

The minimum eligible age for a person joining APY is 18 years and the maximum is 40 years.<ref>{{Cite web|url=https://www.india.gov.in/spotlight/atal-pension-yojana|title=Atal Pension Yojana {{!}} National Portal of India|website=www.india.gov.in|access-date=2019-07-21}}</ref><ref name=":2">[http://www.nsuraksha.gov.in/Files/APY/English/About-APY.pdf Atal Pension Yojana]{{Dead link|date=June 2020 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> An enrolled person would start receiving pension on attaining the age of 60 years. Therefore, a minimum period of contribution by the subscriber under APY would be 20 years or more.<ref>{{Cite web|url=https://revexpo.com/review/about-atal-pension-yojana-apy/|title=About Atal Pension Yojana-APY|website=revexpo.com|language=en-US|access-date=2020-01-31}}</ref> The national [[Aadhaar]] ID number is the primary "[[know your customer]]" document for identification of beneficiaries, spouses, and nominees to avoid entitlement-related disputes in the long-term. For proof of address, an individual may submit a copy of their ration card or bank passbook.

Subscribers are required to opt for a monthly pension from {{INRConvert|1|k}} to {{INRConvert|5|k}} and ensure payment of the stipulated contribution regularly (monthly, quarterly, or half-yearly basis). Subscribers can opt to decrease or increase pension amount during the course of the accumulation phase, as per the available monthly pension amounts. However, the option to switch is only provided once a year during the month of April.<ref name='nsdl'/>

This scheme will be linked to the bank accounts opened under the [[Pradhan Mantri Jan Dhan Yojana]] scheme and the contributions will be deducted automatically.<ref name=ZeroBalance>{{cite news|title='Jan Suraksha schemes to help eliminate Jan Dhan's zero balance accounts'|url=http://www.business-standard.com/article/news-ians/jan-suraksha-schemes-to-help-eliminate-jan-dhan-s-zero-balance-accounts-115050801384_1.html|access-date=9 May 2015|work=[[Business Standard]]|date=8 May 2015}}</ref>

==See also==
* [[Pradhan Mantri Jan Dhan Yojana]]
* [[Pradhan Mantri Suraksha Bima Yojana]]
* [[Pradhan Mantri Jeevan Jyoti Bima Yojana]]

==References==
{{reflist}}

==External links==
* [http://www.jansuraksha.gov.in/Default.aspx Jansuraksha Official Website]
* [https://www.pinfop.com/2021/06/elabharthi-bihar-pension-status-check.html.html '''Elabharthi Pension Bihar''']

{{Government Schemes in India}}

[[Category:Modi administration initiatives]]
[[Category:Government schemes in India]]
[[Category:Social security in India]]
[[Category:Pensions in India]]
[[Category:2015 introductions]]
[[Category:2015 in India]]
[[Category:Memorials to Atal Bihari Vajpayee]]
[[Category:2015 establishments in India]]