If you have previously been employed and are now seeking additional income post-retirement, you have come to the right place. We will provide you with information about the Atal Pension Yojana (APY). This scheme allows you to receive substantial benefits by contributing just Rs 210 each month. Let’s explore how you can benefit from the APY Pension Scheme.
Monthly pension of Rs 5,000 available
To participate in the Atal Pension Yojana, you need to contribute Rs 210 monthly for a duration of 20 years. Once you reach the age of 60, you will be eligible to receive benefits from this APY Pension Scheme.
The Atal Pension Yojana offers monthly benefits ranging from Rs 1,000 to Rs 5,000. Individuals aged between 18 and 40 can enroll in this scheme. After 20 years of contributions, you will be able to access the benefits of the APY Pension Scheme.
The pension amount you receive under the Atal Pension Yojana is determined by the desired pension amount at retirement. To receive a pension between Rs 1,000 and Rs 5,000, subscribers must contribute between Rs 42 and Rs 210 monthly. This opportunity is available for individuals starting from 18 years of age. If a subscriber joins the APY Pension Scheme at 40 years old, the monthly contributions will range from Rs 291 to Rs 1,454. Higher contributions will result in a larger pension.
Under the Atal Pension Yojana, if an individual contributes Rs 42 monthly, they will receive a pension of Rs 1,000 after 60 years. Contributing Rs 84 will increase the pension to Rs 2,000. A monthly deposit of Rs 126 will yield a pension of Rs 3,000, while a contribution of Rs 168 will result in a monthly pension of Rs 4,000. By contributing Rs 210 each month, the pension amount will also reach Rs 5,000.
How does the Atal Pension Yojana function?
For a 40-year-old individual contributing Rs 291 monthly, the pension at age 60 will be Rs 1,000. If the contribution is increased to Rs 582, the monthly pension will rise to Rs 2,000.
On the other hand, those depositing Rs 873 in the APY Pension Scheme will get Rs 3000 every month. If he deposits Rs 873, he will get a benefit of up to Rs 4000 every month. If you deposit Rs 1454, then you will be given a pension of up to Rs 5000 every month.
