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Let us tell you that an Atal Pension Yojana account can be opened by any Indian citizen between the ages of 18 and 40 years. Under this scheme, customers get a pension of Rs 1,000 to Rs 5,000 per month for life from the age of 60, depending on the contribution amount. On the death of the subscriber, the pension amount goes to his wife or husband. On the death of both, up to the age of 60, the deposit is returned to the nominee. The special thing is that the benefit of this scheme is not available to those who are tax payers. They are provided a way to get pension by NPS.
This scheme has been brought by the Government of India especially for the hardworking and poor people. The government brought this scheme for old age income security of such people. It is a voluntary retirement savings scheme to address longevity risk among workers in the unorganized sector. It is believed that around 50 crore people are working in the unorganized sector. This scheme was brought with the intention of ensuring social security for such unorganized sector workers.
In the budget for the year 2015-16, the government announced the introduction of comprehensive social security schemes in the areas of insurance and pensions for all Indians, especially the poor and exploited sections. Hence, it was announced that the government will launch Atal Pension Yojana (APY) which will provide pension based on contribution and its tenure.
Importantly, the amount of pension is determined according to the contribution determined by the Atal Pension Scheme Department. How much contribution will be required to get a monthly pension of Rs 5000 in Atal Pension Yojana? Let’s discuss it. One has to contribute to the scheme for a minimum of 20 years, after which the pension can be drawn. Calculation of contribution is based on age and contribution amount only.
If one wants to get a monthly pension of Rs 5000, then you have to make the following contribution in this scheme.
As per the information received, one has to contribute the following amount to get a monthly pension of Rs 5000 in Atal Pension Yojana. Here at the outset, let’s say that the amount, age and timing of contribution may vary slightly. Here is some explanation for understanding.
According to PFRDA’s site, to get a fixed pension between Rs 1000 per month and Rs 5000 per month, the subscriber, if he joins at the age of 18, has to contribute on a monthly basis between the age of 42 and Rs 210 For the same fixed pension levels, if the customer joins at the age of 40, the contribution will be between Rs 291 to Rs 1454.
Please note that age changes have an effect in determining the amount and contribution, so check the contribution amount regularly and update it as needed. Do all this with accurate and up-to-date information from that agency.
It is clear that the minimum contribution amount is calculated by the financial institution and depends on the age of the person and the amount of pension chosen.
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