December 2016 Current Affairs

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Government releases Rs 100 cr towards co-contribution in Atal Pension Yojana

Government releases Rs 100 cr towards co-contribution in Atal Pension Yojana
18 July 2016 Current Affairs: Government has released Rs 100 crore towards its co-contribution for Atal Pension Yojana (APY) for 2015-16. 

Under the scheme, individuals who have registered before March 31, 2016, will get a co-contribution from the government, which will be 50 per cent of the subscriber contribution up to a maximum of Rs 1,000. The co-contribution will be for 5 years from 2015-16 to 2019-20.

Government of India through PFRDA has released co-contribution for 2015-16 for 16.96 lakh eligible APY subscribers amounting to Rs 99.57 crore.

They have been advised by PFRDA to regularise their APY accounts so as to get the Government of India co-contribution in September.Government's co-contribution is payable only when accounts are regular and the admissible co-contribution is paid into the savings bank account of the subscribers. 

The government is implementing Atal Pension Yojana (APY) through banks and the Department of Post. 

The total number of subscribers registered under APY as on June 30, 2016, has crossed 30 lakh and every day, nearly 5,000 new subscribers are added, the statement said. 

Only those users who are not income tax payers and not part of any other social security schemes are eligible for the central government co-contribution. 

APY provides minimum guaranteed pension ranging between Rs 1,000 to Rs 5,000 per month for the subscriber from the age of 60 years. The same amount of pension is paid to the spouse in the case of the subscriber's demise. 

After the demise of both the subscriber and the spouse -- the nominee would be paid the pension corpus. It also provides an option to the spouse to continue contribution in the APY account of the subscriber for the remaining period, on premature death of the customer before 60 years so that pension can be availed by the spouse.

 


December 2016 Current affairs

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
NEWS




October 2016 Current affairs
31 OCT
NEWS
27 OCT
NEWS
26 OCT
NEWS
25 OCT
NEWS
24 OCT
NEWS
22 OCT
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September 2016 Current affairs
30 SEP
NEWS
29 SEP
NEWS
28 SEP
NEWS
27 SEP
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26 SEP
NEWS
24 SEP
NEWS

August 2016 Current affairs
31 AUG
NEWS
30 AUG
NEWS
29 AUG
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27 AUG
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26 AUG
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25 AUG
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