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Centre released ₹100 cr for Atal Pension Yojana

The Centre has released nearly 100 crore as its share of contribution for members of the Atal Pension Yojana. The fund has been released through the Pension Fund Regulatory and Development Authority.

  • The scheme has over 30 lakh subscribers and the Finance Ministry estimates that about 5,000 new subscribers are added every day.

Atal Pension Yojna (APY):
Under the APY, subscribers would receive a fixed minimum pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, depending on their contributions, which itself would vary on the age of joining the APY.
  • The Central Government would also co-contribute 50% of the total contribution or Rs. 1000 per annum, whichever is lower, to each eligible subscriber account, for a period of 5 years, that is, from 2015-16 to 2019-20, to those who join the NPS before 31st December, 2015 and who are not members of any statutory social security scheme and who are not Income Tax payers.
  • The minimum age of joining APY is 18 years and maximum age is 40 years. The benefit of fixed minimum pension would be guaranteed by the Government.

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