New Delhi, June 16: In a bid to give a major push to Prime Minister Narendra Modi’s Digital India initiative, the Pension Fund Regulatory and Development Authority (PFRDA) of India has now introduced APY@eNPS to benefit pensioners across the nation. Pensioners can now subscribe for Atal Pension Yojana through “APY@eNPS”, which involves a complete digital enrolment process hassle free. The APY service providers have been briefed to develop APY@eNPS channel features before 30th June 2017.
The Finance Ministry on Friday said subscribers can now avail Atal Pension Yojana (APY) online and have asked pensioners to link Aadhaar with APY for availing co-contribution. This is the latest in the series of various initiatives taken by PFRDA for expansion of outreach of APY, to give an additional push to cover the as yet unreached population with greater ease. The Pension Fund Regulatory and Development Authority has conducted meetings with Banks and Dept of Post at Kolkata, Bengaluru & Mumbai respectively for the earliest roll out of the facility call.
What is the Atal Pension Yojana?
- The APY is a flagship social security scheme backed by the government is available for all citizens of India in the age group of 18-40 years.
- The APY, launched by the Prime Minister of India on 9th May, 2015 became operational from 1st June, 2015 and is targeted at the unorganised sector.
- APY subscribers’ base is more than 54 Lakhs subscribers. APY fund managers have generated a return of 13.91%.
- Under the APY, the subscribers would receive a minimum guaranteed 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 Finance Ministry on Thursday made it clear that subscribers of the Atal Pension Yojna (APY) will have to link their Aadhaar to their accounts for availing up to Rs 1,000 government’s co-contribution. It said any individual who is eligible to receive benefits under the APY will have to furnish proof of possession of Aadhaar number or undergo enrolment under Aadhaar authentication, the ministry said in a statement.
It was originally mentioned in the 2015 Budget speech by Finance Minister Arun Jaitley in February 2015. Aadhaar card is the primary KYC document for identification of beneficiaries, spouse and nominees to avoid pension rights and entitlement related disputes in the long-term.
The subscribers are required to opt for a monthly pension of Rs. 1000 -Rs. 5000 and ensure payment of stipulated monthly contribution regularly. The subscribers can opt to decrease or increase pension amount during the course of accumulation phase, as per the available monthly pension amounts. However, the switching option shall be provided once in year during the month of April.
At present, the APY subscriber base is more than 54 Lakh. According to PFRDA, about 12.35 lakh people are eligible for enrolment under the scheme. The start of pension would be 60 years thereby making the minimum period of contribution by the subscriber under APY to a period of 20 years or more. AG Das, CGM, PFRDA recently addressed the meetings at Mumbai where IT department /Nodal officers of the Banks/Deptt of Post were present. PFRDA had briefed about the benefits of APY@eNPS platform to the Service Providers under APY where more than 45 bank officials (IT officials/Nodal Officers) were present.