Wednesday February 20, 2019
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Modi embellishes Atal Pension Yojana

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By NewsGram Staff Writer

Pension scheme Atal Pension Yojana (APY) has been modified to make it more viable and acceptable for informal sector workers with intermittent incomes, an official statement said on Thursday.

The provision of mandatory monthly contributions and penal provisions for non-contribution towards the scheme by subscribers have been removed and the new rules allow individual subscribers to make monthly, quarterly or half yearly contributions instead, a finance ministry statement said.

The discontinuation of monetary contribution towards the pension scheme has been greatly modified in favour of the subscriber, while any account will not be deactivated and closed until the account balance with self-contributions minus the government’s co-contributions becomes zero due to deduction of account maintenance charges and fees, the statement added.

Penalty for delayed payment has been simplified to Re 1 per month for a contribution of Rs 100, and the earlier practice of levying different penalties for different slabs has been done away with.

Premature exit from the scheme before 60 years of age was not allowed except in the event of death or terminal illness but now a subscriber can voluntarily exit from the scheme and receive his contribution along with the interest earned on it after deduction of account maintenance charges, the statement said. However, the government’s co-contribution along with the interest earned on it will not be paid.

Launched by Prime Minister Narendra Modi in Kolkata in May, APY aims to provide a minimum monthly guaranteed pension to subscribers ranging from Rs.1,000 to Rs.5,000.

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Mamata Accused Parties for Spreading Hatred, Called ‘Shameless Politics’

Banerjee's comments have come two days after she had accused the Narendra Modi government of "politicising" the Pulwama terror attack.

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Mamta Banerjee
Mamta Banerjee, the Chief Minister of West Bengal. Wikimedia

West Bengal Chief Minister Mamata Banerjee here on Wednesday accused certain political parties and people holding constitutional positions in the country of rumour-mongering and spreading hatred in the society, and termed it “shameless politics”.

“One section of political parties/groups along with people holding constitutional positions are indulging in rumour-mongering, spreading hatred with dangerous statements. Even journalists are not spared. This is shameless politics. What levels of polluted politics have we descended to?” she wrote on Twitter without naming any particular political outfit.

Modi, Mamata Banerjee, Pulwama
Mamata Banerjee accused Modi government of “politicising” the Pulwama terror attack. Flickr

Banerjee’s comments have come two days after she had accused the Narendra Modi government of “politicising” the Pulwama terror attack and demanded its ouster for “failure” to take precautionary measures despite an intelligence alert of a possible attack.

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The Trinamool Congress supremo and her senior party leaders, including Bengal Education Minister Partha Chatterjee, have also claimed the Rashtriya Swyamsevak Sangh (RSS) and the Bharatiya Janata Party (BJP) were “using the Pulwama incident” to incite communal violence in the state. (IANS)