The APY was launched by Honourable Prime Minister of India on 09th May, 2015 and became operational from 1st June, 2015. APY is available for all citizens of India in the age group of 18-40 years. Under the APY, the subscribers would receive the fixed pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, depending on their contributions, which itself would vary on the age of joining the APY.
There are more than 30 lacs subscribers registered in the scheme till date. PFRDA is constantly carrying out various activities for promoting the schemes. Periodic advertisements and Capacity building Programs are organised countrywide. As on 30thJune,20 16 more than 1 Lac Bankers and Post Office officials were trained for APY and this exercise of PFRDA is an on-going activity.
To add a further fillip to the scheme, PFRDA plans a week long login drive namely as “APY Pension Harmony Week” in the last week of July, 2016 starting from 25th July to 29th July, 2016. During this week all the Banks/Deptt. of Post are advised to open 3-5 accounts per branch. PFRDA expects high number of enrolments through this event.
Few new features have been introduced in the scheme recently:
i) Flexible modes of payment like quarterly and half yearly besides the monthly which makes the scheme more attractive.
ii) In case of death of the subscriber before 60 years, option will be available to the spouse of the subscriber to continue contribution in the APY account of the subscriber, which can be maintained in the spouse’s name, for the remaining vesting period, till the original subscriber would have attained the age of 60 years. The spouse of the subscriber shall be entitled to receive the same pension amount as the subscriber until death of the spouse.
iii) Tax benefit under 80CCD (as applicable under NPS) on the self-contribution of the subscriber.