NPS Trust asks APY Subscribers to check their bank account for government contribution

The National Pension System (NPS) Trust has asked eligible subscribers of Atal Pension Yojana (APY) to check if their bank accounts have received government contribution towards the scheme as the Pension Fund Regulatory & Development Authority (PFRDA) has already released contributions for the financial years 2015-16 to 2018-19.

The trust also notified that the subscribers should file a complaint if they haven’t received the contribution for any of these 4 years.

It said that PFRDA 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 the financial year 2015-16, 2016-17, 2017-18 and 2018-19.”

Under APY, the Central government co-contributes an amount equal to 50 percent of the subscriber’s contribution, or Rs 1,000, whichever is lower, per year. This co-contribution from the government is available for those who are not covered by any statutory social security schemes and are not income taxpayers and for up to five years to each eligible subscriber who joined the scheme between 1 June 2015 and 31 March 2016. The government’s co-contribution under APY shall not exceed five years for any category of subscribers.

How to file a complaint on non-receipt?

If you are an APY subscriber who is eligible to receive government contribution but haven’t, you can you write an email to the NPS Trust along with your Permanent Retirement Account Number (PRAN) and your own and your APY SP’s details at [email protected]

The APY scheme was started in 2015 by the Modi-led NDA government in 2015 to encourage workers in the unorganised sector to save for their retirement.

Source: goodreturns