Atal Pension Yojana to replace NPS Lite from June 1

New Delhi, March 5

The Narendra Modi government’s key social security scheme, Atal Pension Yojana (APY), will replace the previous government’s Swavalamban Yojana NPS Lite, which did not find much acceptance among people.

The scheme will be launched on June 1 and focus on the unorganised sector. All subscribing workers below the age of 40 would be eligible for pension of up to Rs 5,000 per month on attainment of 60 years of age, Department of Financial Services Secretary Hasmukh Adhia said.

It will be a simple product open to all bank account holders, who are not members of any statutory social security scheme.

“To make the pension scheme more attractive, it has been decided that the government would co-contribute 50% of a subscriber’s contribution or Rs 1,000 per annum, whichever is lower to each eligible subscriber account for a period of 5 years from 2015-16 to 2019-20,” he said. — PTI