Business News Desk – 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 crore. The maximum monthly pension in Atal Pension Yojana is Rs 5,000 and annual pension is Rs 60,000. Let us know the benefits of Atal Pension Yojana.
6.9 crore people have invested in Atal Pension
Sitharaman said in a program organized on the occasion of the launch of NPS Vatsalya Yojana that the total amount deposited under this scheme has increased to Rs 35,149 crore. APY is a low-cost pension scheme that guarantees a minimum pension of Rs 1,000-5,000 per month after the age of 60 years (depending on the contribution of the shareholders). On the death of the subscriber, his spouse will be given the same pension for life. On the death of both the subscriber and the spouse, the entire amount is given to the nominee. She said that since its launch in the year 2015, 6.90 crore people have joined the Atal Pension Yojana and a fund of Rs 35,149 crore has been deposited.
Deposit only 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 guaranteed pension is available every month. According to the current rules, if you join at the age of 18 for a maximum monthly pension of Rs 5000, then you will have to pay Rs 210 every month. If you pay the same amount every three months, then you will have to pay Rs 626 and if you pay every six months, then 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, then you will have to pay Rs 42 every month.
What is Atal Pension Yojana?
The government has launched the Atal Pension Yojana in the budget 2015-16 to protect income in old age. Through this scheme, the government is encouraging common people, especially those from the unorganized sector, to save as much as possible. People from 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 5,000 rupees pension every month
Under the Atal Pension Yojana, subscribers get a pension of Rs 1,000 to Rs 5,000 every month. The Government of India guarantees the benefit of a minimum pension. The central government pays 50 per cent of the subscriber’s contribution or Rs 1,000 annually, whichever is less. The government’s contribution is given to those who do not come under any statutory social security scheme and are not taxpayers. Under this 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 younger age gives more benefits.
