The Atal Pension Yojana is an attempt to secure a person financially in their old age as their capacity to work decreases, while the cost of living goes up, children migrate in search of their employment and the family’s finances dwindle. The scheme focuses on workers in the unorganised sector, as they are given pensions between Rs 1000- Rs 5000, as per their contribution. The eligibility criteria include people between the ages of 18-40 years and have savings or post office savings bank accounts. The government would contribute 50% of the APY amount or Rs1000, whichever is lower, to every subscriber who joins the scheme between June 1, 2015 and March 31, 2016,. The person should neither be a taxpayer nor a beneficiary of a government social security scheme. The subscriber can make monthly, quarterly or half-yearly contributions as per their desired pension and their age on entry. To enroll in APY, approach the bank branch or post office where the person holds a savings account or open an account if they do not have one, provide the bank/post office savings account number, and fill up the APY form. One has to ensure the required balance is maintained for the monthly, quarterly, or half-yearly debits of APY. The APY can be withdrawn on account of attaining the age of 60, in case of death of a subscriber after or before the age of 60. Providing a nominee is mandatory in APY and one person can only have one APY account. The pension amount can be decreased or increased only once a year during the accumulation phase. The subscriber will be given all the information through SMS alerts while physical statements are given once a year. The subscriber can change the mode once a year, only in the month of April. The scheme is only available to Indian citizens, learn more by clicking on the link below-
The Atal Pension Yojana: Financial Security to Workers in Unorganised Sector
