Modi government and his cabinet ministers are striving hard also for the betterment and benefits of the old and the poor people by making more facilities available to them to make their life more easy. One such introduced by the government is the Atal Pension Yojana for the people who are working in the unorganized sector. This will help these people to save money for their future retirement. This scheme will help provide income security to the poor people. This will help these poor people in boosting their self confidence and help them during their retirement phase when they need the most.
What is Atal Pension Yojana?
The Pension Fund Regulatory and Development Authority Department manages this scheme. According to Atal Pension Yojana there is a guarantee of pension of rupees 1,000 to 5,000 to the workers who are employed in the unorganized sector, but, the conditioning being they should be the citizens of India. The benefits of Atal Pension Yojana can be claimed once the person reaches the age of 60 years or more. The amount of pension varies from rupees 1,000 to 5,000 and is totally dependent on the amount the subscriber contributes to his or her pension account. The Government will also co-contribute 50% of the total contribution or 1,000 Rs per annum to each and every eligible subscriber for a period of 5 years.
Atal Pension Yojana Detail Chart
Eligibility Criteria for Atal Pension Yojana
The minimum age of joining this Yojana is 18 years and maximum age is 40 years. The age of starting of pension is 60 years, so the minimum period a subscriber has to contribute into his Atal Pension Yojana account is 20 years or more. The subscriber can change his or her amount of pension during the tenure of 20 years. This scheme is linked to the bank accounts opened under the Jan Dhan Yojana. Aadhar card will be the primary document for the identification of beneficiaries.