Government co-contributes over Rs 120 cr for "eligible subscribers" in APY
New Delhi April 17 (IANS) The central government on Tuesday said that it has co-contributed Rs 120.92 crore for nearly 14 lakh "eligible subscribers" of the Atal Pension Yojana during FY 2016-17.
According to the Ministry of Finance the scheme provides for the government to make co-contribution for those who have registered before March 31 2016 with an amount of 50 per cent of the "subscribers contribution up to a maximum of Rs 1 000".
As per the scheme subscribers will be eligible for co-contribution for a period of five years from 2015-16 to 2019-20 -- "only those subscribers who are not income tax payers and not part of any other social security schemes are eligible for Government of India co-contribution".
"The Government of India through PFRDA (Pension Fund Regulatory and Development Authority) has released co-contribution for the FY 2016-17 for nearly 14 lakh eligible subscribers amounting to Rs 120.92 crore " the ministry said in a statement.
"The subscribers who have any pending contributions in their APY (Atal Pension Yojana) account till March 2017 won t be paid with co-contribution. They have been advised by PFRDA to regularise their APY account so as to get government of India co-contribution."
The 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 scheme is being implemented through APY Service Providers comprising of public sector banks (PSBs) private sector banks regional rural banks (RRBs) cooperative banks and the department of post.
The statement added that the total number of subscribers registered under APY as on April 12 2018 has crossed 97.60 lakh.