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

News-CRUX-10     29th September 2023        

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.
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