Atal Pension Yojana: Are you concerned that once you retire, you won’t have a steady source of income? There is no need to be concerned if you work in an unorganised field and won’t receive a pension when you retire. You can receive a maximum income of Rs 5,000 per month after retirement, or after 60 years, by making a monthly contribution of just Rs 210. Atal Pension Yojana is the name of the government programme in which a guaranteed pension is provided each month. Depending on your investing skills and the pension you will receive after retirement, you can invest in this.
Introduction of Atal Pension Yojana
The Atal Pension Yojana was introduced by the government in the Budget 2015–16 with the security of income in old age in mind. Through this programme, the government encourages the general public to save as much money as they can, especially those who work in the unorganised sector. The risk of not having an income after retirement must also be avoided for those working in the unorganised sector. The Pension Fund Regulatory and Development Authority (PFRDA) is in charge of overseeing this programme.
Monthly Pension Ranging from Rs 1000 to Rs 5000 for Eligible Subscribers
Customers of the Atal Pension Yojana receive a monthly pension of between Rs 1,000 and Rs 5,000. The minimum pension benefit is guaranteed by the Indian government. Whichever is less—Rs 1,000 per year or 50% of the subscriber’s contribution—is covered by the national government. People who are not taxpayers and who are not covered by any legislative social security programme receive government contributions. The plan offers pensions in the amounts of Rs. 1,000, Rs. 2000, Rs. 3,000, Rs. 4,000, and Rs. 5,000. The quantity of the pension affects investments as well. All Indian nationals between the ages of 18 and 40 are eligible for the Atal Pension Yojana.
Atal Pension Yojana Contribution Guidelines
The current regulations state that you must pay Rs 210 and Rs 7 each month if at the age of 18 a maximum of Rs 5,000 is added to the monthly pension plan. You must pay Rs. 626 if you pay the same amount every three months, and Rs. 1,239 if you pay the same amount every six months. If you invest when you are 18 years old, you will need to spend Rs 42 per month in order to receive a pension of Rs 1,000 each month.
Atal Pension Yojana Investment Scenarios
For example, if you sign up for a 5,000 rupee pension at age 35, you would have to pay 5,323 rupees every six months for 25 years. Your total investment in this case would be Rs 2.66 lakh, and you would receive a Rs 5,000 monthly pension. However, if you sign up while you’re only 18 years old, your total investment will only be Rs. 1.04 lakh. Therefore, you will need to contribute an additional Rs. 1.60 lakh for a single pension.
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