Indian Polity Current Affairs Analysis
Why in news?
About 7 crore people have subscribed to theAtal Pension Yojana (APY), accumulating a corpus ofRs 35,149 crore,announced the union Finance Minister Nirmala Sitharaman.
Subscribers and Corpus:Over 6.9 crore people have joined APY, creating a corpus of Rs 35,149 crore.
About:
TheAPY, launched in 2015,is a low-cost pension scheme providing a guaranteed minimum pension ranging from Rs 1,000 to Rs 5,000 per month, depending on the contributions made by subscribers.
In case of the subscriber’s death, the pension is extended to the spouse for life, and upon the demise of both, the nominee receives the entire corpus.
Launch Year:2015, under the Government of India.
Objective:Provides a guaranteed minimum monthly pension to individuals after the age of 60.
Eligibility:Open to all Indian citizens aged 18-40, especially targeting the unorganized sector.
Pension Range:Rs 1,000 to Rs 5,000 per month, depending on contributions.
Contribution Period:Until the subscriber turns 60.
Death Benefits:Pension continues to spouse; corpus paid to nominee after both the subscriber and spouse’s death.
Corpus (2024):Rs 35,149 crore.
Subscribers (2024):6.9 crore (69 million).
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