Spouse of the deceased subscriber will now be able to continue to contribute for balance period on premature death of the subscriber to draw pension under Atal Pension Yojana (APY). The changes were made by the Finance Ministry based on the feedback received from various quarters that the present provision under APY of handing-over lump sum amount to spouse on premature death of the subscriber is not preferred by many subscribers.<br/><br/>AIR correspondent reports, under the amended provision, the spouse of the subscriber will be entitled to receive the same pension amount as that of the subscriber until the death of the spouse. In case of the death of both the subscriber and the spouse, the nominee will receive the accumulated pension amount.The government had launched the scheme last year to address the longevity risks among the workers in unorganised sector and encourage them to voluntarily save for their retirement. The scheme offers fixed pension for the subscribers ranging from 1000 to 5000 rupees. The minimum age of joining the social security scheme is 18 years and maximum 40 years. The contribution levels would vary and would be low if subscriber joins early and increase if he joins late.<br/><br/>Under APY, each subscriber, on completion of 60 years of age, will get the guaranteed minimum monthly pension, or higher monthly pension, if the investment returns are higher than the assumed returns.

Spouse of the deceased subscriber will now be able to continue to contribute for balance period on premature death of the subscriber to draw pension under Atal Pension Yojana (APY). <br/><br/>The changes were made by the Finance Ministry based on the feedback received from various quarters that the present provision under APY of handing-over lump sum amount to spouse on premature death of the subscriber is not preferred by many subscribers.<br/><br/>Finance Ministry said, the spouse of the subscriber shall be entitled to receive the same pension amount as that of the subscriber until the death of the spouse. After the death of both the subscriber and the spouse, the nominee of the subscriber shall be entitled to receive the accumulated amount. The government had launched APY last year to address the longevity risks among the workers in unorganised sector and encourage them to voluntarily save for their retirement.<br/><br/>Under APY, each subscriber, on completion of 60 years of age, will get the guaranteed minimum monthly pension, or higher monthly pension, if the investment returns are higher than the assumed returns for minimum guaranteed pension, over the period of contribution. <br/><br/>The scheme offers fixed pension for the subscribers ranging from 1000 to 5000 rupees, if anyone joins and contributes between the age of 18 years and 40 years. The contribution levels would vary and would be low if subscriber joins early and increase if he joins late.<br/><br/>