Pension Fund Regulatory and Development Authority

Why in news?

• The Pension Fund Regulatory and Development Authority (PFRDA) has requested the government to increase the guaranteed pension amount under the Atal Pension Yojana (APY) due to concerns that the current amount may not be attractive enough for potential subscribers

About Atal Pension Yojana (APY):

•  APY is a contributory scheme aimed at establishing a universal social security system for workers in the unorganised sector.
• Currently, subscribers aged 18 to 40 contribute and receive a fixed pension amount ranging from Rs 1,000 to Rs 5,000 after reaching 60.

About Pension Fund Regulatory and Development Authority (PFRDA):          

• The Pension Fund Regulatory and Development Authority (PFRDA) is a statutory body that regulates India’s pension sector.
• It was established in 2013 by the Pension Fund Regulatory and Development Authority Act
• They regulate the functioning of key intermediaries under the NPS framework.
• These include the NPS Trust and the Pension Funds and Points of Presence (PoPs).

PRACTICE QUESTION:

Consider the following statements regarding “Atal Pension Yojana”:

1. It is administered by National Pension scheme.

2. A person can get a pension upto Rs.10,000/- per month under the scheme.

Which of the statements given above is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1 nor 2

Answer