Atal Pension Yojana Essay
Atal Pension Yojana Essay (General Essay Topics) – Write an essay on Atal Pension Yojana in around 250 – 300 Words for students.
Atal Pension Yojana Essay for Students
Atal Pension Yojana Essay 300 Words
In an endeavour to help an unorganised sector of the Indian society Pradhan Mantri Narendra Modi launched Atal Pension Yojana on 9th May 2015 which is administered by Pension Fund Regulatory and Development Authority (PFRDA) through National pension scheme (NPS). The main objective of APY is to give old age income security for the working poor as 88% of labour does not have a formal pension scheme.
APY is a periodic contribution based plan and promises a fixed monthly pension of Rs 1000 to 5000 and a monthly contribution of a person depends upon the fixed amount he wants and the age when he starts contribution. The central government will also contribute 50% of total contribution or Rs 1000 per annum but only to those who joined APY before 31.12.2015. The minimum age of joining APY is 18 year and maximum age is 40 years. The age of exit and start of pension would be 60 years.
Moreover, this scheme is also beneficial in many ways as it creates a culture of saying for future provide social security to the weaker section of society, make self-dependent in old age.
There are some cons also like the contribution of thousand rupees by the government is only given to the people enrolled before 31st December 2015, maximum age eligibility is only 40 years, every year renewal policy and ambiguous taxation system.
However, in a country like India having the burgeoning population, a scheme like Atal Pension Yojana is the need of the hour. Through this scheme, the Indian government attempt to provide financial security to the people is really praiseworthy and will certainly bolster the morale of citizens.