Atal Pension Yojana

Q.  Which of the following schemes was replaced by Atal Pension Yojana (APY) in June 2015?
- Published on 16 Feb 17

a. Swabhiman Yojana
b. Swavalamban Yojana
c. National Pension System
d. Antyodaya Yojna

ANSWER: Swavalamban Yojana
Atal Pension Yojana is a government-backed pension scheme in India targeted at the unorganized sector.

It was formally launched by Prime Minister Narendra Modi on 9 May 2015 in Kolkata.

What it offers : Pension between Rs 1,000 and Rs 5,000 a month.

Cost : For a monthly pension of Rs 1,000, a 40-year-old subscriber will have to invest Rs 291 per month for 20 years.

For 18-year-old will have to contribute Rs 42 per month for 40 years.

Eligibility : All individuals between 18 and 40, who will have to contribute till they turn 60.

This is an investment you need to make on behalf of your domestic staff who may not have anyone to look after them once they stop working.

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