APY contributions are collected through monthly auto debit rather than by cash or cheque In a bid to provide relief to the unorganised sector affected by the Covid 19 driven economic shutdown, the PFRDA has halted auto debit of monthly contributions for the government’s flagship Atal Pension Yojana (APY) till 30th June.
This scheme has about 2.23 crore subscribers, largely from the unorganised sector. APY contributions are collected through monthly auto debit rather than by cash or cheque. “The majority APY subscribers belong to the lower strata of the society, which as indicated above are expected to suffer the most during the lock-down and post lock-down for some period.
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