Income taxpayers can't join Atal Pension Yojana from Oct 1: Govt

Social security scheme should reach the poor and underprivileged, says official

The Centre will bar income taxpayers from availing themselves of the Atal Pension Yojana (APY) from October 1 this year to ensure that the scheme’s benefits reach the poor and underprivileged.

Atal Pension Yojana, launched in 2015, is a social security scheme for citizens aged 18 to 40. Subscribers, based on their contributions, get a guaranteed monthly pension of Rs 1,000 to Rs 5,000 per on turning 60.

Subscribers who join the scheme on or after October 1 and are income taxpayers will have their APY accounts closed. The accumulated pension wealth would be given to subscribers, the Centre said.