| Consider the following statements about the Atal Pension Yojana (APY). |
| 1. The Government of India has introduced the APY with effect from 1st June, 2015 on creating a universal social security system for all Indians, especially the poor, the underprivileged and the workers in the unorganised sector. |
| 2. It is administered by the PFRDA under the administrative and institutional architecture of the |
| National Pension System (NFS). |
| 3. The minimum age of joining APY is 21 years and maximum age is 40 years who have a saving bank account. |
| Which of the statement(s) given above is/are incorrect? |
A) 1 and 2
B) 2 and 3
C) Only 3
D) None of these
Correct Answer: C
Solution :
[c] The union government launched social security system i.e. APY on 9th May, 2015 and came into effect from 1st June, 2015 for all Indians especially the poor, the underprivileged and the workers in the unorganised sector. It is administered by the PFRDA. It is open to all citizens of India who have a savings bank account between the age of18 and 40. Fixed pension for the subscribing is ranging between Rs.1000 to 5000 depending on their contributions and this allows an individual to contribute at least 20 years before reaping the benefits of the scheme.
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