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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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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