ATAL PENSION YOJANA (Syllabus: GS Paper 2 – Govt Scheme)

Context: The Pension Fund Regulatory and Development Authority (PFRDA) recently penned a letter to the government, seeking an enhancement in the guaranteed pension amount provided by the Atal Pension Yojana (APY).

Atal Pension Yojana (APY)

• Launched: 2015
• Nodal Ministry: Ministry of Finance
• Administered By: Pension Fund Regulatory and Development Authority
• Eligibility: Any Indian citizen in the age group of 18-40 years having savings bank account/ post office savings bank account.
• Aim: To provide social security for the people working in an unorganised sector as people working in such sectors mainly belong to a low-income group.
• Coverage: The Scheme has been implemented comprehensively across the country covering all states and Union Territories.
• Guaranteed Pension: 1000 to 5000 per month from the age of 60 years.

Pension Fund Regulatory and Development Authority

• About: It is a statutory regulatory body set up under PFRDA Act enacted in 2014.
• Objective: To promote old age income security by establishing, developing, and regulating pension funds and to protect the interests of subscribers to schemes of pension funds and related matters.
• Nodal Ministry: Ministry of Finance.
• Headquarters: New Delhi
• Composition: Chairperson and not more than six members, of whom at least three shall be Whole-Time Members, to be appointed by the Central Government.