Atal Pension Yojana (APY) pays a fixed monthly pension of Rs. 1000 to Rs. 5000, depending on how much you contribute. You must join, and start contributing, between the ages of 18 and 40. Since 1 October 2022, people who are or have been income-tax payers can't join.
The Government of India guarantees the fixed minimum pension.
In the early years the Government of India also added 50% of your contribution or Rs. 1000 a year, whichever was lower.
This co-contribution went into each eligible subscriber's account for 5 years, from 2015-16 to 2019-20, for those who joined between 1 June 2015 and 31 March 2016. It has ended, and new subscribers don't get it.
To get the co-contribution, a subscriber had to be outside every statutory social security scheme and not pay income tax.
In particular, people covered by a social security scheme under any of these laws didn't get it:
- 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