Financial planning for workers in the unorganised sector: Sounds far fetched? Not really. Atal Pension Yojana (APY), a pension scheme for workers in the unorganised sector like personal maids, drivers, gardeners etc, was launched in June 2015 by the government. This social security scheme was introduced as a replacement to previous government’s Swavalamban Yojana NPS Lite, which wasn’t well accepted by people.
APY aims to help these workers save money for their old age while they are working and guarantees returns post retirement. The scheme also promises a co-contribution by Central Government of 50% of the total prescribed contribution by a worker, up to Rs. 1000 per annum, but only to those who joined APY before 31.12.2015. Further, this co-contribution would be made only for 5 years, from FY 2015-16 to 2019-20 in the eligible cases subject to conditions mentioned below.
You are eligible for the Atal Pension Yojana if you are:
1. An Indian citizen
2. Have a valid bank account
3. Are between 18 and 40 years of age.
What is the monthly contribution and mode of payment
APY is a periodic contribution based pension plan and promises a fixed monthly pension of Rs 1000/ Rs 2000/ Rs 3000/ Rs 4000 or Rs 5000. Your monthly contribution depends upon the fixed amount of monthly pension you want and the age when you start Contributions end and pension starts at 60 years of age. Therefore, even if you join APY at 40 years of age you need to pay premium for a minimum of 20 years to avail the pensio ..
Scheme Details
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Frequently Asked Questions
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