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Atal Pension Yojana subscribers must check a/c for govt contribution, complain if not received

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

The notice further says that if any subscriber has not received these government contributions, he/she should complain. Read on for how to complain.

Those APY subscribers who are not required to pay income tax and are not covered by any social security scheme are eligible to receive government contribution to their pension account.

According to the NPS Trust notice, "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 financial year 2015-16, 2016-17, 2017-18 and 2018-19."

APY subscribers must check whether they have received the government co-contribution in their bank accounts from APY Service Providers. If you have not received it for the above mentioned financial years as yet, then you can complain to the NPS Trust as PFRDA has already released the government co-contribution to APY Service Providers for these financial years. You can file the complaint online via email.

According to the NPS Trust notice, "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:"

Under APY, the government of India co-contributes an amount equal to 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 taxpayers. The government will co-contribute for five years to each eligible subscriber who joined the scheme between 1 June 2015 and 31 March 2016. The benefit of government co-contribution under APY shall not exceed five years for any subscriber, including migrated Swavalamban beneficiaries.

The government introduced Atal Pension Yojana (APY) in 2015 in order to address longevity risks of workers, provide financial security to the workers in the unorganized sector and to encourage them to voluntarily save for their retirement.
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