For Atal Pension Yojana (APY) subscribers amid all the Covid 19 led gloom, there is some respite as pending contributions for the period between April and August 2020 can be made without any penalty till September 30, 2020. For subscribers of the pension scheme who are maintaining sufficient balance in their savings bank account, the amount pending in lieu of the scheme shall be auto-debited without any penalty being charged till September-end.
APY rolled out primarily to cater to those employed in the unorganized sector such as personal maids, gardeners, drivers etc. has the maximum number of subscribers in the age group between 21 and 25 years. Under the scheme, individuals aged 18 to 40 years can get pension of any amount between Rs. 1000 and Rs. 5000 per month after 60 years of age.
Further, the contribution amount towards the scheme depends on the age of the subscriber at the time of entry as well as the pension amount that is targeted to be received per month. And this contribution can be paid in monthly, quarterly or half-yearly modes via the auto debit facility from the subscribers' savings bank account or post office savings account.