Taxpayers will no longer be part of Atal Pension Yojana
According to a gazette notification issued by the Ministry of Finance Any citizen who is or has been an income-tax payer, shall not be eligible to join Atal Pension Yojana (APY). The rule will come into effect on October 1, 2022.
As per notification those who are already participating in the scheme will cease to be a part of it from October 1. However, they will receive the money deposited in their respective accounts.
If a subscriber, who has joined on or after October 1, 2022, is later found to be an income tax payer on or before the date of application, the APY account will be closed and the pension amount accumulated till now will be given to the subscriber
Income tax payer is a person who is liable to pay income tax as per the Income Tax Act, 1961 as amended from time to time.
About Atal Pension Yojana (APY)
Launched - 2015
To provide social security to the people working in the unorganized sector as the people working in such sectors mainly belong to the low income group.
Any Indian citizen in the age group of 18-40 years having a savings bank account / post office savings bank account.
The minimum period of contribution by the subscriber under APY shall be 20 years or more.
It is administered by Pension Fund Regulatory and Development Authority (PFRDA).
Pension under the APY
Under the scheme a subscriber receives a minimum guaranteed pension of Rs 1000 to Rs 5000 per month from the age of 60 years, depending upon his contribution.
In the event of the death of the pensioner, the amount of pension will be given to his/her spouse.
In case of death of both the subscriber spouse, the pension amount deposited till the age of 60 years of the subscriber will be returned to the nominee.
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