The number of people enrolled under the government’s flagship social security program Atal Pension Yojana i.e. APY has crossed 6 crores. More than 79 lakh people have joined this scheme so far in the current financial year. Ministry of Finance this information
Let us tell you that Atal Pension Yojana was launched on May 9, 2015. The objective of the scheme is to provide income security after the age of 60 to the citizens of the country, especially the poor, underprivileged and unorganized sector employees.
Who can invest?
People between 18-40 years can invest money in this. Under the scheme a subscriber is guaranteed a monthly pension of Rs 1,000 to Rs 5,000 after attaining the age of 60 depending on his contribution. If the subscriber dies, his pension amount is paid to his spouse.
PFRDA operates the Atal Pension Scheme
Atal Pension Scheme is run by the Pension Fund Regulatory and Development Authority (PFRDA). Since it is a government scheme, it has security of money.
Pension of Rs 5000 per month from daily savings of Rs 7
If a person is 18 years old and wants a pension of Rs 5000 after the age of 60, he has to deposit Rs 210 per month, which means he has to save only Rs 7 per day. To get a pension of Rs 1,000 per month, you have to pay Rs 42 per month if you invest at the age of 18.