Under the Atal Pension Yojana (APY), a fixed monthly pension ranging between Rs. 1000 to Rs. 5000 for the subscribers, if he/she joins and contributes between the age of 18 years and 40 years, depending on their contributions.
The benefit of fixed minimum pension is guaranteed by the Government of India.
Government of India will also co-contribute 50% of the contribution amount or Rs. 1000 per annum, whichever is lower.
Government of India co-contributes to each eligible subscriber's account, for a period of 5 years, i.e., from 2015-16 to 2019-20. who joins on or before 31st December 2015.
Government of India co-contribution is available for the subscribers who are not covered under any statutory social security scheme and are not income tax payers.
The subscriber wishing the Government co-contribution should not be covered by a social security scheme under any of the following laws:
- Employees’ Provident Fund and Miscellaneous Provisions Act, 1952
- The Coal Mines Provident Fund and Miscellaneous Provisions Act 1948
- The Seamen’s Provident Fund Act, 1966
- The Assam Tea Plantations Provident Fund and Pension Fund Scheme Act, 1955
- The Jammu and Kashmir Employees’ Provident Fund Act, 1961