Atal Pension Yojana- Good news for elderly people. The magic of Atal Pension Yojana (APY), launched in the year 2015, is working wonders on people. This is the reason why so far a total of 8 crore people have joined this government scheme. The special thing is that in the current financial year itself, so far 39 lakh people have joined the Atal Pension Yojana. Launched with the aim of creating a universal social security system for all Indians, ‘APY’ is a voluntary, contributory pension scheme, which focuses on the poor, the deprived and the workers of the unorganized sector.
The Finance Ministry said in a press note that this success of APY is the result of the dedicated and tireless efforts of all banks, Department of Posts (DOP), other stakeholders and the continuous support of the Government of India.
The objective of Atal Pension Yojana is to arrange regular income in old age for people working in the unorganized sector of India.
Under this scheme, the subscriber gets a monthly pension of Rs 1,000 to Rs 5,000 after the age of 60 years. This pension amount is based on the age of the subscriber and his monthly contribution. To get pension, it is mandatory to contribute to Atal Pension Yojana for at least 20 years.
How to register for Atal Pension?
To join Atal Pension Yojana, first you must have a bank account which is linked to Aadhar card. After that, provide the required documents and mobile number. After this, auto-debit will be set to deduct your monthly amount from the account automatically. The simplicity of this process makes it popular in both rural and urban areas. The premium in the scheme can be paid monthly, quarterly or half-yearly.
Will the spouse get pension?
This scheme not only provides financial security but also brings a sense of security to the family. If the scheme holder dies due to any reason, his/her spouse receives pension. After the death of both, the deposit amount is transferred to the nominee. This scheme also secures the future of the family. The government made a big change in this scheme from October 1, 2022. Now income tax payers cannot join this scheme. This decision was taken so that the benefits of the scheme can be availed only by those people whose income is low and who are deprived of social security schemes.