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121 crores released towards Government of India co-contribution in Atal Pension Yojana (APY)

Capital Market 

(APY) is being implemented through the Service Providers comprising of Public Sector Banks (PSBs), Private Sector Banks, Regional Rural Banks (RRBs), Cooperative Banks and both in urban and rural areas across the country. The total number of subscribers registered under as on 12th April 2018 has crossed 97.60 lakhs.

The scheme provides for a co-contribution from Government of for those who have registered before 31/3/2016 with an amount of 50% of the subscribers contribution up-to a maximum of Rs. 1000/- and these subscribers will be eligible for co-contribution for a period 5 years from 2015-16 to 2019-20 only those subscribers who are not income tax payers and not part of any other social security schemes are eligible for Government of co-contribution.

Keeping in view the above, the Government of through PFRDA has released co-contribution for the FY 2016-17 for nearly 14 lacs eligible subscribers amounting to Rs. 120.92 crores.

The Subscribers who have any pending contributions in their account till March 2017 won't be paid with co-contribution. They have been advised by PFRDA to regularize their account so as to get Government of co-contribution. Government of co-contribution is payable only when accounts are regular and the admissible Government of co-contribution is paid into the account of the Subscribers.

provides minimum guaranteed pension ranging between Rs. 1000/- to Rs. 5000/- per month for the subscriber from the age of 60 years.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, April 17 2018. 13:44 IST
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