Government Pension Scheme : To spend their old age without any hassle, most people invest in pension schemes. The government also has a similar pension scheme in which about 6.9 crore people of India have invested.
Finance Minister Nirmala Sitharaman said on Wednesday that the number of subscribers of Atal Pension Yojana (APY) has reached about seven crores. In Atal Pension Yojana, a maximum monthly pension of Rs 5,000 and an annual pension of Rs 60,000 is available. Let us know the benefits of Atal Pension Yojana.
6.9 crore people have invested in Atal Pension
Sitharaman said at a program organized on the occasion of the launch of NPS Vatsalya Yojana that the total money deposited under this scheme has increased to Rs 35,149 crore. APY is a low-cost pension scheme that guarantees a monthly minimum pension of Rs 1,000-5,000 after the age of 60 years (depending on the contribution of the subscribers). On the death of the subscriber, his spouse will be given the same pension for his lifetime. On the death of both the subscriber and the spouse, the entire money is given to the nominee. She said that since its launch in the year 2015, 6.90 crore people have subscribed to the Atal Pension Yojana and a fund of Rs 35,149 crore has been deposited.
Deposit just Rs 210 and get Rs 5000 monthly pension
You can get a maximum pension of Rs 5,000 every month after retirement i.e. after 60 years by depositing only Rs 210 every month. The name of this government scheme is Atal Pension Yojana, in which a guaranteed pension is received every month. According to the current rules, if you join at the age of 18 for a maximum monthly pension of Rs 5,000, you will have to pay Rs 210 every month. If you pay the same amount every three months, you will have to pay Rs 626 and if you pay it every six months, you will have to pay Rs 1,239. If you invest at the age of 18 to get a pension of Rs 1,000 per month, you will have to pay Rs 42 per month.
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What is Atal Pension Yojana?
The government has introduced Atal Pension Yojana in the budget 2015-16 to ensure security of income in old age. Through this scheme, the government is encouraging common people, especially those who are associated with the unorganized sector, to save as much as possible. People associated with the unorganized sector are also protected from the risk of not having income after retirement. This scheme is being run by the Pension Fund Regulatory and Development Authority (PFRDA).
You will get a pension of Rs 5,000 every month
Under the Atal Pension Yojana, subscribers get a monthly pension of Rs 1,000 to Rs 5,000. The Government of India guarantees the benefit of minimum pension. The central government contributes 50 percent of the subscriber’s contribution or Rs 1,000 annually, whichever is less. Government contribution is given to those who do not come under any statutory social security scheme and are not taxpayers. Under the scheme, pension of Rs 1,000, 2000, 3,000, 4,000 and 5,000 is available. Investment also depends on the amount of pension. Joining at a young age gives more benefits.
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