Atal Pension Yojana: Securing the future of the Unorganized Sector 14079 persons enrolled under the pension scheme in A&N Islands so far

     The Atal Pension Yojana (APY) is a pension scheme for the workers in the unorganized sector. As per the scheme, people can make contributions in their Atal Pension Yojana account till the age of 60 years and get a monthly pension. The APY focuses on all citizens in the unorganized sector, who join the National Pension System (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA). As per the data provided by Lead Bank, Sri Vijaya Puram, altogether, 14079 persons have been enrolled under the universal social security scheme 'Atal Pension Yojana' in A&N Islands as on 30.04.2025 by all banks of A&N Islands. 

    Under APY, the subscribers would receive fixed minimum 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 be based on the age of joining the APY. The minimum age of joining APY is 18 years and maximum age is 40 years. The age of exit and start of pension would be 60 years. Therefore, minimum period of contribution by any subscriber under APY would be 20 years or more. The benefit of fixed minimum pension would be guaranteed by the Government. 

    APY is open to all bank account holders with auto debit facility to accounts, leading to reduction in contribution collection charges. The subscribers should keep the required balance in their savings bank accounts on the stipulated due dates to avoid any late payment penalty. Due dates for monthly contribution payment is arrived based on the deposit of first contribution amount. In case of repeated defaults for specified period, the account is liable for foreclosure and the GoI co-contributions, if any shall be forfeited. Also, any false declaration about his/her eligibility for benefits under this scheme for whatsoever reason, the entire Govt. contribution shall be forfeited along with the penal interest. 

    For enrolment, Aadhaar would be the primary KYC document for identification of beneficiaries, spouse and nominees to avoid pension rights and entitlement related disputes in the long-term.