Government has extended that last date for availing Government Co-Contribution Under The Atal Pension Yojana it was initially 31st December 205 and now it is 31st March 2016. About 88% of India’s aggregate work power (about 47.29 crores) belongs to unorganized segment, in which the laborers don’t have any formal procurement of getting payment of regular pension on retirement.
In addition, because of the expanding earnings as well as improved health care facilities, these individuals likewise confront a danger of expanding life span. As a consequence, this work power would require some sort of guaranteed income for a smooth life in the future years.
Launching of Atal Pension from 1st June, 2015
To support laborers of the “unorganized segment” and furthermore to deliberately assist them to save for their retirement life, the Indian Government has launched a scheme called APY (Atal Pension Yojana), from June 1, 2015. Arun Jaitley, Finance Minister reported this plan in the budget speech on 28th February 2015.
This plan supplanted the “Swavalamban Yojana” of UPA government and will be managed by the PFRDA. The advantages of this plan regarding settled annuity will be ensured by the legislature as well as the Government will likewise make contribution to these Atal Pension yojana accounts for the benefit of the account holders.
Under this plan, an endorser would get a base settled amount of Rs. 1,000/- every month and later in multiples of Rs.1,000/- every month, up to a most extreme amount of Rs. 5,000/- every month, contingent upon the endorser’s contribution.
To join this scheme, one must have completed 18 years of age or he / she should not be more than 40 years of age. Payments of pension will begin at the age of 60 and one can contribute for 20 years or above in this plan.
Government of India would likewise co-contribute half of the endorser’s contribution or about Rs. 1000/- per year, whichever is lesser, to each qualified endorser’s account, for 5 years, i.e., from 2015/16 to 2019/20, who have joined the scheme before 31st March, 2016. The current subscribers of the Swavalamban Scheme will be consequently moved to the APY, unless they quit.
This table will make you understand Governments Co Contribution in Atal Pension in a better way
|Sno||Your Contribution Annualy||Governmnets Co Contibution for first 5 years only (Annualy)|
|1||RS 504||Rs 252|
|2||Rs 750||Rs 375|
|3||Rs 800||Rs 400|
|4||Rs 900||Rs 450|
|5||Rs 1000||Rs 500|
|6||Rs 1200||Rs 600|
|7||Rs 1400||Rs 700|
|8||Rs 1600||Rs 800|
|9||Rs 1800||Rs 900|
|10||Rs 2000||Rs 1000|
|11||Anything above Rs 2000||Rs 1000|
Who is qualified for APY?
Any Citizen of India, who is between 18 – 40 years and is a holder of savings bank account and has a valid mobile number also, is eligible to subscribe to APY.
Who is qualified for the Scheme Atal Pension Yojana?
Endorsers of this plan, who aren’t covered under any kind of statutory social security scheme as well as are not salaried citizens, are qualified for the Atal Pension yojana.