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Zorluk: OrtaSocial Sector Initiatives, Welfare Schemes, and Social Security Architecture

Regarding the Atal Pension Yojana (APY), a core component of India's social security architecture, which of the following statements are correct?

  1. The scheme is targeted at workers in the unorganized sector within the entry age group of 18 to 40 years.Cevap
  2. B
    The scheme is administered and regulated by the Insurance Regulatory and Development Authority of India (IRDAI).
  3. Subscribers receive a guaranteed fixed minimum pension ranging from ₹1,000 to ₹5,000 per month upon attaining 60 years of age.Cevap
  4. D
    Individuals who are income-tax payers retain full eligibility to join the scheme at any time.

Cevap

The correct statements are the one specifying the target entry age of 18 to 40 years for unorganized sector workers and the one stating the guaranteed fixed minimum monthly pension ranging from ₹1,000 to ₹5,000 upon reaching 60 years of age.
The statement regarding the age band of 18 to 40 years for unorganized sector workers is correct because APY mandates a minimum 20-year contribution window before turning 60. The statement regarding pension slabs is also correct because the scheme promises ₹1,000, ₹2,000, ₹3,000, ₹4,000, or ₹5,000 guaranteed per month.

Adım Adım Çözüm

1
Evaluate the eligibility criteria regarding age and targeted beneficiary group.
Unorganized sector workers aged between 18 and 40 years are eligible to join APY, making this statement accurate.
APY requires at least 20 years of continuous contributions prior to attaining the pension age of 60.
2
Identify the nodal administrative agency regulating the scheme.
The scheme operates under the administrative control of PFRDA, making the attribution to IRDAI incorrect.
PFRDA oversees pension schemes in India, while IRDAI handles insurance products.
3
Check the guaranteed benefit structure provided at age 60.
Subscribers get a guaranteed monthly pension option between ₹1,000 and ₹5,000, making this statement accurate.
The Central Government guarantees the minimum pension shortfall if accumulated investment returns are lower than expected.
4
Verify income-tax restriction amendments.
Taxpayers are restricted from joining APY as of October 1, 2022, making the claim of unrestricted taxpayer eligibility incorrect.
The scheme focuses government subsidies on non-taxpaying low-income informal workers.

Anahtar Kavram

Atal Pension Yojana (APY) Architecture and Eligibility
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Konular

Social Sector Initiatives, Welfare Schemes, and Social Security Architecture