Are you worried about not having money regularly when you stop working? If you haven’t saved money for your future
and don’t know about any pension plan, here is some information about a government program.
By putting aside only Rs 200 each month, you can receive Rs 5,000 every month as a pension for the rest of your life. This program is called the Atal Pension Yojana.
Just deposit Rs 210 to receive a monthly pension of Rs 5,000
By saving just Rs 210 each month, you can get a maximum pension of Rs 5,000 per month after you turn 60.
This government plan, Atal Pension Yojana, assures a fixed monthly pension.
According to the current rules, if you start saving for a monthly pension of Rs 5,000 at the age of 18, you only need to pay Rs 210 every month.
If you prefer to pay every three months, it would be Rs 626, and if you choose to pay every six months, it would be Rs 1,239.
For a pension of Rs 1,000 per month, you only need to invest Rs 42 each month when you start at 18.
What is Atal Pension Yojana?
The government introduced Atal Pension Yojana in the 2015-16 budget to ensure financial security in old age.
This program encourages regular people, especially those in informal jobs, to save money.
It aims to protect people in informal jobs from the risk of having no income after they retire.
The Pension Fund Regulatory and Development Authority (PFRDA) manages this scheme.
Get a monthly pension of Rs 5,000
With Atal Pension Yojana, you can receive a pension ranging from Rs 1,000 to Rs 5,000 each month. The Indian government guarantees the minimum pension benefit.
The government contributes 50 percent of the subscriber’s contribution or Rs 1,000 annually, whichever is less.
This contribution is for people not covered by any social security scheme and who are not taxpayers.
The scheme offers pensions of Rs 1,000, 2,000, 3,000, 4,000, and 5,000,
and your investment depends on the desired pension amount. Joining at an early age provides more benefits.
