It is very important to have a retirement fund
for post-retirement needs. If a person continues to get a fixed pension amount
every month after retirement, then he can enjoy the rest of his life. The
government launched the Atal Pension Yojana (APY Pension Scheme) to ensure
social security for people working in the unorganized sector. By investing in
this scheme, a person can receive a fixed amount of pension every month after
retirement. It is the Pension Fund Regulatory and Development Authority (PFRDA)
that administers the Atal Pension Scheme. It is for people between 18 and 40
years of age. Pension amount ranging from Rs 1,000 to Rs 5,000 can be received
every month under this scheme.
The premium amount in the Atal Pension Yojana
Scheme depends on the age of the investor at the time of joining the scheme and
the pension amount after retirement. Investors of APY Pension Scheme can
deposit their premium amount monthly, quarterly or in six months.
In the Atal Pension, if a person joins at the
age of 18 years, then after attaining the age of 60 years i.e. after
retirement, one has to pay a premium of 42 rupees per month to get a pension of
Rs 1,000. If that person wants to get a pension of Rs 5,000 every month, then
he has to deposit Rs 210 as a premium every month until he completes 60 years.
At the same time, if the subscriber is 40 years, then he has to pay a premium
of Rs 291 for a pension of Rs 1,000 and Rs 1,454 per month for a pension of Rs
5,000. Unfortunately, if the subscriber dies during this period, the nominee
will get a pension of Rs 8.5 lakh.
Significantly, the PFRDA had given a special
relief to the subscribers of the Atal Pension Scheme during the lockdown. In
order to reduce the financial burden of Atal Pension Yojana subscribers during
the lockdown imposed to prevent the coronavirus infection, PFRDA issued a
circular on April 11, 2020, to decide to discontinue the auto-debit of premiums
by June 30, 2020, Was. The auto-debit facility has been resumed from July 1,
2020.
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