Sunday, October 25, 2020
Home India Modi embellishes Atal Pension Yojana

Modi embellishes Atal Pension Yojana

Pm-Modi (1)

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.

STAY CONNECTED

19,120FansLike
362FollowersFollow
1,779FollowersFollow

Most Popular

Indian Women Prone to More Aggressive Breast Cancer at Younger Age

In a major US study, researchers, including one of Indian-origin, have found that Indian and Pakistani women are diagnosed with breast cancer, including more...

How to Prepare a Successful Vacation Rental in 5 Easy Steps

Maximize your vacation rental by discovering essential steps for increasing bookings, providing a quality stay, and earning positive reviews.  Follow these 5 easy steps prepare...

Popular Games Millennials Are Playing Post Pubg Ban

While PlayerUnknown's Battlegrounds, popularly known as PUBG, is currently banned in India and despite several attempts by the game lovers to somehow play it...

B’Town Stars In Digital Edition Of Lakme Fashion Week

The digital edition of the Lakme Fashion Week saw B'Town stars like Sonakshi Sinha, Ishaan Khattar, Radhika Madan, Diana Penty, and Aparshakti Khurana turn...

Dussehra 2020: India Celebrates The Victory Of Good Over Evil With Vijaya Dashami

India is known as the land of festivals, and the festive season starts as soon as the calendar reaches October. One of the most...

Stars and Planets Grow Up Together, says Study

In a unique study, astronomers have found compelling evidence that the planets begin forming while stars are still infants and they grow up together...

Diana Penty Talks About Digitalizing Fashion Shows

In a day and age where most things are digital and everything has moved online, one would imagine the same to be the case...

New AI Predicts Risks of Developing Acute Kidney Injury

A new artificial-intelligence-based tool can help clinicians predict which hospitalized patients face a high risk of developing acute kidney injury (AKI), say, researchers, including...

Recent Comments