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You must check APY account for Govt contribution

National Pension System (NPS) Trust has already contributions for the financial year 2015-16, 2016-17, 2017-18 and 2018-19. The Trust has asked eligible Atal Pension Yojana (APY) subscribers to check their account for the receipt of
the contribution by the government. 

As per the notice dated September 4, 2019, "In case you face any issues or want to lodge grievance in this regard, you can approach NPS Trust along with your Permanent Retirement Account Number (PRAN) and your own and your APY SP’s details via email:"

The subscribers of this scheme must check whether they have received the government's co-contribution in their bank account or not, from APY service providers. 

It may be noted that under Atal Pension Yojana, government co-contributes 50 per cent of the subscriber's contribution or Rs 1,000 whichever is lower per annum. This scheme also offers the income tax benefit under which a subscriber can avail an additional deduction of Rs 50,000 under section 80CCD(1) of Income Tax Act, 1961. 

"Pension Fund Regulatory & Development Authority (PFRDA), in the past, has released several tranches of Government co-contribution to APY Service Providers (SPs) for further transmission to the respective beneficiaries. It is, therefore, requested that an APY subscriber checks his bank account for receipt of Government co-contribution, depending on his own contribution, since 2015 for FY 2015-16, 2016-17, 2017-18 and 2018-19," the notice further added. 

If you have not received the government's co-contribution for the above mentioned financial years, you can complain to the NPS Trust. PFRDA has already released the government's co-contribution. The complaint can be filed online via email.  

According to the data revealed by the government, as much as 1.68 crore Indians between the ages of 18 to 40 years have enrolled in Atal Pension Yojana within a period of 4 years since its launch in June 2015 till July 03, 2019. 

Under this scheme, it may be noted that in order to get a fixed monthly pension between Rs 1,000 and Rs 5,000 a month, the subscriber has to contribute on monthly basis between Rs 42 and Rs 210, if he or she is joining at the age of 18 years. However, if the subscriber joins at the age of 40 years then the contribution would range between Rs 291 and Rs 1,454, for the same fixed pension levels.

"Under APY, the GoI also co-contributes 50% of the subscriber’s contribution or Rs 1,000 whichever is lower per annum. Government co-contribution is available for those who are not covered by any Statutory Social Security Schemes and are not income tax payers. GoI will co-contribute to each eligible subscriber, for a period of five years who joined the scheme between 1 June 2015 and 31 March 2016. The benefit of five years of Government co-contribution under APY shall not exceed five years for all subscribers, including migrated Swavalamban beneficiaries," states notice.


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