Recently the Government has launched Atal Pension Scheme APS to encourage the workers in unorganized...........

Economic Affairs Pension and Insurance

Recently the Government has launched Atal Pension Scheme (APS) to encourage the workers in unorganized sector to voluntarily save for their retirement. Consider the following statement in this regard.

1. The Scheme guarantees a monthly pension of Rs 5000 for subscribe between the age of 18-40 years.

2. Scheme is to be administered by PFRDA under NPS architecture.

3. People already covered under Swavlamban will have opportunity migrate to A.P.S.

4. People covered under any statutory social security scheme are not eligible under Atal Pension Scheme.

Which among the above statement is/are correct?

1,2 and 3 only

2, 3 and 4 only

1, 3 and only

1, 2, 3 and 4

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Explanation:

First statement is incorrect i.e. Atal Pension Scheme (APS) guarantees a monthly pension of Rs 5000 for subscribe between the age of 18-40 years
Atal Pension Yojana (previously known as Swavalamban Yojana) is a government-backed pension scheme in India targeted at the unorganised sector.