3
(vi) Any other statutory social security scheme.
6. How much pension will be received under APY?
Minimum guaranteed monthly pension of Rs 1,000/- or 2,000/- or 3,000/- or 4,000 or
5,000/- per month will be given from the age of 60 years onwards depending on the
contributions by the subscribers.
7. What is the benefit in joining APY scheme?
The benefit of minimum pension under Atal Pension Yojana would be guaranteed by the
Government in the sense that if the actual realised returns on the pension contributions
are less than the assumed returns for minimum guaranteed pension, over the period of
contribution, such shortfall shall be funded by the Government. On the other hand, if the
actual returns on the pension contributions are higher than the assumed returns for
minimum guaranteed pension, over the period of contribution, such excess shall be
credited to the subscriber’s account, resulting in enhanced scheme benefits to the
subscribers. The Government would also co-contribute 50% of the total contribution or
Rs. 1000 per annum, whichever is lower, to each eligible subscriber, who joins the
scheme during the period 1
st
June, 2015 to 31
st
March, 2016 and who is not a
beneficiary of any social security scheme and is not an income tax payer. The
Government co-contribution will be given for 5 years from the Financial Year 2015-16 to
2019-20. At present, a subscriber under the National Pension System (NPS) is eligible
to get tax benefit for the contribution, upto a ceiling, and even for the investment returns
on such contributions. Further, the purchase price of the annuity on exit from NPS is
also not taxed and only the pension income of the subscribers are considered to be part
of normal income and taxed at the appropriate marginal rate of tax, applicable to the
subscriber. Similar tax treatment is applicable to the subscribers of APY.
8. How the contributions are invested in APY?