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Atal Pension Yojana (APY) is a social security scheme launched by the Central Government in May 2015. The scheme provides a guaranteed pension of up to Rs 5,000 per month to unorganized sector workers and laborers after the age of 60 years. In rural areas, to give them financial security.
People should be between 18 to 40 years of age to qualify for Atal Pension Yojana. The scheme offers users a variety of investment options, allowing them to invest monthly, quarterly, half-yearly or annually. Based on the amount deposited, the government has fixed a minimum monthly pension of Rs 1,000 and a maximum of Rs 5,000.
The low investment requirements of Atal Pension Yojana make it accessible to people of all income groups, which is one of its main advantages. For example, if an individual starts investing APY at the age of 18 with a target pension of Rs 5,000, they would need to invest only Rs 210 monthly. Whereas, for a monthly pension of Rs 1,000, only Rs 42 will have to be invested.
The government has prohibited taxpayers from participating in this scheme from October 1, 2022. Despite this, Atal Pension Yojana remains a great way for people to secure their financial future and guarantee a decent retirement. The scheme provides financial security and stability to people in the unorganized sector by providing guaranteed pension for life.
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