General Studies IISchemes

Atal Pension Yojana


Atal Pension Yojana total enrolments crossed 3.30 crore

More than 28 lakh subscribers enrolled in first five months of current FY 2021-22

About Atal Pension Yojana

  • Atal Pension Yojana, formerly known as Swavalamban Yojana  is a government-backed pension scheme in India, primarily targeted at the unorganised sector.
  • It was mentioned in the year 2015 Budget speech by the Finance Minister Arun Jaitley.
  • It was launched by Prime Minister on 9 May 2015.

  • The scheme provides the subscribers with a fixed pension ranging between Rs.1000 to Rs. 5000. The pension is provided if he/she joins and contributes between the age of 18 years and 40 years. The contribution level varies as per the conditions which is low if the subscriber joins the scheme early and might increase if he/she joins late.
  • After the death of the subscriber, the spouse is eligible for availing the same benefits provided by the pension.
  • The indicative pension wealth will be returned to the nominees after the death of a spouse.
  • Contributions to the Atal Pension Yojana (APY) is eligible for tax benefits similar to the National Pension System (NPS).

Eligibility for Atal Pension Yojana?

To avail benefits from the Atal Pension Yojana, you must fulfil the below requirements:

  1. Must be a citizen of India.
  2. Must be between the age of 18-40
  3. Should make contributions for a minimum of 20 years.
  4. Must have a bank account linked with your Aadhar
  5. Must have a valid mobile number

Those who are availing benefits of Swavalamban Yojana will be automatically migrated to Atal Pension Yojana.

Funding of APY

Government would provide

  • fixed pension guarantee for the subscribers;
  • Under the APY, the Central Government’s co-contribution of 50% of the subscriber’s contribution upto Rs. 1000 per annum, was available to each eligible subscriber, for a period of 5 years, i.e. from 2015-16 to 2019-20, who join APY before 31st March, 2016 and who is not a beneficiary of any social security scheme and is not an income tax payer.
  • Government would also reimburse the promotional and development activities including incentive to the contribution collection agencies to encourage people to join the APY.


Swavalamban Yojana was a government-backed pension scheme targeted at the unorganised sector in India. It was applicable to all citizens in the unorganised sector who joined the National Pension Scheme (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA) Act 2013.

Under the scheme, the Government of India contributed ₹1,000 per year to each NPS account opened in the year 2010–11 and for the next three years, that is, 2011–12, 2012–13 and 2013–14. The benefit was available only to people who joined the NPS with a minimum contribution of ₹1,000 and maximum contribution of ₹12,000  per annum. The scheme was announced by the Finance Minister in Budget 2010–11. It was funded by grants from the Government of India.

This scheme has been replaced with Atal Pension Yojana, in which all subscribing workers below the age of 40 are eligible for pension of up to ₹5,000 per month on attainment of 60 years of age. This scheme was named after Atal Bihari Vajpayee, former prime minister of India.

Pension Fund Regulatory and Development Authority

  • Pension Fund Regulatory and Development Authority (PFRDA) is the statutory Authority established by an enactment of the Parliament, to regulate, promote and ensure orderly growth of the National Pension System (NPS).
  • It works under the Department of Financial Services under the Ministry of Finance.

National Pension System

  • NPS is a government-sponsored pension scheme. It was launched in 2004 for government employees.
  • Now, any individual citizen of India (both resident and non-resident) in the age group of 18-65 can join NPS.

Source: PIB

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