Atal Pension: By saving just Rs 7 per day, you can get a lifetime pension of Rs 60,000. The government guarantees a lifetime pension of Rs 60,000. Atal Pension Yojana (APY) is a government scheme designed to provide financial security to people after their retirement.
This scheme is especially for those who work in the unorganized sector and need regular income in old age. If you are 32 years old, then by depositing only Rs 689 every month in this scheme, you can get a pension of Rs 5,000 after the age of 60. On the other hand, if you are 18 years old, then you will have to contribute only Rs 210 per month i.e. Rs 7 per day.
What is Atal Pension Yojana?
Atal Pension Yojana was launched in the budget of 2015-16. Its purpose is to provide income security to workers in the unorganized sector in old age. This scheme is being run by the Pension Fund Regulatory and Development Authority (PFRDA). Under this scheme, pensioners get a monthly pension of Rs 1,000 to Rs 5,000, which is guaranteed by the government.
How to get pension of Rs 5,000?
The sooner you start investing in Atal Pension Yojana, the less contribution you will have to make. If you join this scheme at the age of 18, then you will have to contribute only Rs 210 per month so that you can get a pension of Rs 5,000 after the age of 60. If you are 32 years old, then you will have to contribute Rs 689 per month. On the other hand, if you are 40 years old, then to get a pension of Rs 5,000, you will have to deposit Rs 1,454 every month. In this scheme, the minimum amount of pension has been fixed at Rs 1,000 and the maximum at Rs 5,000.
The government also contributes
The government also contributes to this scheme. The government co-contributes a maximum of Rs 1,000 every year or 50% of your deposited amount (whichever is less). But this facility is only for those people who are not taxpayers and are not connected with any other social security scheme.
Eligibility for the scheme
To join this scheme, your age should be between 18 and 40 years. After joining the scheme, you have to make regular monthly contributions till the age of 60, after which you will start getting pension. This scheme provides financial security to the workers of the unorganized sector in old age, so that they can spend their old age without any worries.
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