Wednesday, August 5, 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

18,959FansLike
362FollowersFollow
1,782FollowersFollow

Most Popular

Vaani Kapoor Would Love to do a Biopic on Kalpana Chawla

Actress Vaani Kapoor would love to do a biopic and says it would be an absolute honour for her to play astronaut Kalpana Chawala...

Sonali Bendre: Lockdown Has Given Me No Alternative But to Become Tech Savvy

Actress Sonali Bendre Behl says the lockdown has given her no alternative but to become tech savvy. She adds that is happy to learn...

Sonu Sood: The Real Life Hero

By Venkatachari Jagannathan Sonu Sood, for the Tamil movie viewers, has until now been the actor who played the villain in "Kallazhagar" and several others....

Shoppers can Follow These Tips to Spend Worry Free Days at Malls

By N. Lothungbeni Humtsoe Malls are open and as the footfall starts to pick up, the only one who can ensure your safety on a...

Bacterial Infections May Elevate Risk of Heart Disease in Individuals With Diabetes

Researchers have found that bacterial infections may elevate the risk of coronary heart disease in individuals with type 1 diabetes. For the findings, published in...

Tips to Help you Combat Oral Health Issues

By Puja Gupta Foul breath can be a very embarrassing, putting one in an uncomfortable position. With a little bit of care, this common condition...

WhatsApp Launches ‘Search the Web’ Option to Cross-Check Forwarded Messages

WhatsApp has launched a new 'Search the Web' option that will enable users to check information shared to them via a forwarded message. The 'Search...

Early Blood Test Can Detect Baby Brain Damage Just Hours After Birth

Researchers, including one of Indian origin, have found that an early blood test could detect which babies deprived of oxygen at birth are at...

Recent Comments