Daily Current Affairs : 13-December-2023

The Atal Pension Yojana (APY), a pivotal social security initiative by the Government of India, has recently achieved a significant milestone by crossing 6 crore enrolments, including over 79 lakh in the current fiscal year, 2023-24. This success underscores the program’s impact on providing old age income security, especially for the economically vulnerable and those working in the unorganized sectors.

Overview of Atal Pension Yojana (APY):
  • Inception and Management: Launched on May 9, 2015, APY is managed by the Pension Fund Regulatory and Development Authority (PFRDA).
  • Objective: The primary goal is to ensure old age income security for Indian citizens, with a specific focus on the poor and underprivileged, along with workers in unorganized sectors.
Eligibility Criteria and Exclusions:
  • Age Limits: Individuals aged between 18 to 40 years are eligible to join APY, and the pension starts at 60 years of age.
  • Exclusions: Starting from October 1, 2022, individuals who are or have been income tax payers are ineligible for APY enrollment.
Key Benefits of APY:

Upon reaching the age of 60, APY subscribers are entitled to several benefits:

  1. Guaranteed Minimum Pension: Subscribers receive a guaranteed pension ranging from Rs. 1000 to Rs. 5000 per month, ensuring a steady income after retirement.
  2. Pension for the Spouse: In the unfortunate event of the subscriber’s demise, the spouse continues to receive the same pension amount until their own death.
  3. Nominee’s Entitlement: After both the subscriber and spouse pass away, the nominee is entitled to receive the accumulated pension wealth up to the subscriber’s age of 60.
Important Points:
  • Atal Pension Yojana (APY) Milestone:
    • Enrolment surpasses 6 crore, with over 79 lakh new enrolments in FY 2023-24.
  • Overview of Atal Pension Yojana (APY):
    • Launched on May 9, 2015, managed by the Pension Fund Regulatory and Development Authority (PFRDA).
    • Aims to provide old age income security, focusing on the poor, underprivileged, and unorganized sector workers.
  • Eligibility Criteria and Exclusions:
    • Age limits: 18 to 40 years for joining, pension starts at 60.
    • Exclusions from October 1, 2022: Income tax payers not eligible for APY.
  • Key Benefits of APY:
    • Guaranteed Minimum Pension:
      • Subscribers receive Rs. 1000 to Rs. 5000 per month after reaching 60 years.
    • Pension for the Spouse:
      • In case of subscriber’s demise, spouse continues to receive the same pension until their death.
    • Nominee’s Entitlement:
      • After both subscriber and spouse pass away, nominee receives the accumulated pension wealth up to the subscriber’s age of 60.
Why In News

The total enrolment under the Atal Pension Yojana (APY) has crossed 6 crore, with over 79 lakh enrolments in the current Financial Year, 2023-24, reflecting a significant increase in the scheme’s popularity and widespread adoption among citizens.

MCQs about Atal Pension Yojana (APY)

  1. When was Atal Pension Yojana (APY) launched?
    A) May 9, 2010
    B) May 9, 2015
    C) June 1, 2012
    D) April 15, 2018
    Correct Answer: B) May 9, 2015
    Explanation: APY was launched on May 9, 2015.
  2. What is the age range for individuals eligible to join APY?
    A) 20 to 50 years
    B) 18 to 40 years
    C) 30 to 60 years
    D) 25 to 45 years
    Correct Answer: B) 18 to 40 years
    Explanation: Individuals aged between 18 to 40 years are eligible to join APY.
  3. What happens to the pension under APY in the event of the subscriber’s demise?
    A) It stops immediately
    B) It transfers to the government
    C) The spouse continues to receive the same pension until their death
    D) It is distributed among the subscriber’s children
    Correct Answer: C) The spouse continues to receive the same pension until their death
    Explanation: In case of the subscriber’s demise, the spouse continues to receive the same pension until their death.

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