Atal Pension Yojana – Important Update about government co-contribution for APY subscribers
Atal Pension Yojana Update: For APY subscribers eligible for Government’s co-contribution to their account, here’s is an important update. The National Pension System (NPS) Trust has requested such subscribers to check their bank account for receipt of Government co-contribution, depending on his/her own contribution, since 2015 for FY 2015-16, 2016-17 2017-18 and 2018-19. The APY was launched by the Government of India in 2015 with an aim to provide financial security to the workers in the unorganized sector and to encourage them to voluntarily save for their retirement.
Who is eligible for Government co-contribution?
Under the Atal Pension Yojana, the Government of India co-contributes 50 per cent of the subscriber’s contribution or Rs 1000, whichever is lower per annum. The Government co-contribution is available only for those subscribers who are not covered by any Statutory Social Security Schemes. Income tax payers are also not eligible for Government co-contribution.
APY: Government co-contribution for 5 years only
Under APY, the Government will co-contribute to each eligible subscriber only for a period of five years. For this, however, the subscriber must have joined APY between 1 June 2015 and 31 March 2016. The benefit of five years of Government co-contribution will be available for more than five years for all subscribers, including migrated Swavalamban beneficiaries.
What NPS Trust said
In an official notification released this week, the NPS Trust said, “Pension Fund Regulatory & Development Authority (PFRDA), in the past, has released several tranches of Government co-contribution to APY Service Providers (SPs) for further transmission to the respective beneficiaries.”
“It is therefore requested that an APY subscriber checks his bank account for receipt of Government co-contribution, depending on his own contribution, since 2015 for FY 2015 16, 2016-17, 2017-18 and 2018-19,” it added.
Have complaints? Do this
The NPS Trust said, “In case you face any issues or want to lodge grievance in this regard, you can approach NPS Trust along with your Permanent Retirement Account Number (PRAN) and your own and your APY SP’s details via email: firstname.lastname@example.org”