Regarding ‘Atal Pension Yojana’, which of the following statements is/are correct?
1. It is a minimum guaranteed pension scheme mainly targeted at unorganized sector workers.
2. Only one member of a family can join the scheme.
3. Same amount of pension is guaranteed for the spouse for life after subscriber’s death.
Select the correct answer using the code given below.
Answer:
(c)
CA
Statements 1 and 3 are correct: To address the longevity risks among the workers in unorganised sector and to encourage the workers in unorganised sector to voluntarily save for their retirement, APY was launched. Statement 2 is not correct: Atal Pension Yojana (APY) is open to all bank account holders who are not members of any statutory social security scheme. It doesn’t bar the number of family members from a family. Tikdam: Statement 2 is easily wrong as it does not make sense to limit it to only 1 person. If mother, father and lather adult child is working, it makes sense to extend it to everyone. Everyone should get pension post retirement. Eliminate 2, so we just have to check whether 3 is correct. It’s logical that spouse should get the pension. It is so in almost every pension schme everywhere. Statement 1 is easily correct as most organized sector workers anyway are getting pension so scheme would be launched for unorganized sector.