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Which one of the following statements is not correct for Atal Pension Yojana?
The benefit of minimum pension would be guaranteed by the Government of India.
Government of India co-contributes 50% of the subscriber's contri-bution or Rs. 1,000 per annum, whichever is lower.
It is applicable to all citizens of India aged above 40 years.
The Atal Pension (APY ) is focussed on all citizens in the unorganized sector.The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through NPS architecture. APY is applicable to all citizen of India aged between 18-40 years. Under the APY, there is guaranteed minimum monthly pension for the subscribers ranging between Rs. 1000 and Rs. 5000 per month. The benefit of minimum pension would he guaranteed by the Government of India. The Government of India will also co-contribute 50% of the subscriber's contribution or Its. 1000 per annum, whichever is lower. Government co-contribution is available for those who are not covered by any Statutory Social Security Schemes and is not income tax payer.
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