Government releases Rs 100 cr towards co-contribution in Atal Pension Yojana

The government has released Rs 100 crore towards its co-contribution for Atal Pension Yojana for 2015-16. Under the scheme, individuals who have registered before March 31, 2016, will get a co-contribution from the government, which will be 50 % of the subscriber contribution up to a maximum of Rs 1,000. The co-contribution will be for 5 years from 2015-16 to 2019-20.

Government of India through Pension Fund Regulatory and Development Authority (PFRDA) has released co-contribution for 2015-16 for 16.96 lakh eligible APY subscribers amounting to Rs 99.57 crore. Government’s co-contribution is payable only when accounts are regular and the admissible co-contribution is paid into the savings bank account of the subscribers. The government is implementing Atal Pension Yojana (APY) through banks and the Department of Post and total number of subscribers registered under APY as on June 30, 2016, has crossed 30 lakh and every day, nearly 5,000 new subscribers

So let’s do:
1. Government has released Rs 100 crore towards its co-contribution for which scheme?
2. Expand the term PFRDA?

Source – The Hindu


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