Atal Pension Yojana, a pension scheme for unorganised sector workers such as maids, drivers, gardeners etc., has reached a subscriber base of 53 lakh. During the year 2016-17, it has earned a return of 13.91 per cent.
Launched in June 2015 by the Modi government, this social security scheme was introduced as a replacement to previous government's Swavalamban Yojana – NPS Lite.
APY aims to help these workers save money for their old age while they are working and guarantees returns post retirement. The scheme also promises a co-contribution by Central government of 50 per cent of the total prescribed contribution by a worker, up to Rs 1,000 per annum, but only to those who joined APY before 31.12.2015. Being a periodic contribution based pension plan, the scheme promises a fixed pension of Rs 1,000/Rs 2,000/Rs 3,000/Rs 4,000 or Rs 5,000.
At present, 235 Banks and Department of Post are involved with the implementation of the scheme. According to a survey of APY subscribers, majority have opted for a monthly pension of Rs 1,000. Currently, 51.5 per cent subscribers have opted for a monthly pension of Rs 1,000 and 34.5 per cent of the subscribers have opted for a monthly pension of Rs 5,000.
Males account for 62 per cent of the subscribers and females for about 38 per cent. Most of the subscribers have opted for monthly contribution; about 97.5 per cent of the subscribers are contributing at monthly intervals, about 0.8 per cent at quarterly intervals and about 1.7 per cent at half yearly intervals.
