Business News Desk – By saving just Rs 7 daily, you can get a pension of Rs 60,000 throughout your life. 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 people who work in the unorganized sector and need regular income in old age. If your age is 32 years, 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. At the same time, if your age is 18 years, then you will have to contribute only Rs 210 every month i.e. Rs 7 daily.
What is Atal Pension Yojana?
Atal Pension Yojana was launched in the budget 2015-16. Its objective is to provide income security in old age to the workers in the unorganized sector. This scheme is being run by the Pension Fund Regulatory and Development Authority (PFRDA). Under this scheme, pensioners get a monthly pension ranging from Rs 1,000 to Rs 5,000, which is guaranteed by the government.
How to get a pension of Rs 5,000?
The sooner you start investing in Atal Pension Yojana, the less you will have to contribute. If you join this scheme at the age of 18 years, you will have to contribute only Rs 210 every month, so that you can get a pension of Rs 5,000 after the age of 60 years. If your age is 32 years, you will have to contribute Rs 689 every month. At the same time, if your age is 40 years, 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 maximum at Rs 5,000.
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 deposit (whichever is lower). But this facility is only for those who are not taxpayers and are not enrolled in any other social security scheme.
Eligibility for the scheme
To join this scheme, your age should be between 18 to 40 years. After joining the scheme, you will have to make regular monthly contributions till the age of 60 years, after which you will start getting pension. This scheme provides financial security in old age to the workers in the unorganized sector, so that they can spend their old age without any worries.