• Skip to content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer

Munni of all Trades

Award winning Lifestyle and Travel Blog by Khushboo Motihar

  • Home
  • About
  • Travel
  • Lifestyle
    • Beauty
  • Finance
  • Social Work
  • Contact Me
  • Privacy Policy

Atal Pension Yojana: A Silver Lining for the Unorganized Sector

February 25, 2017 by Khushboo 13 Comments

Share
Tweet
Pin
Share
0 Shares

Hi guys,

Two things have happened this month.

  1. I have switched jobs
  2. I have turned 25 years old

Both these things have got me thinking about planning for the future and I have started some basic research on investment plans, SIPs and pension schemes. After sifting through the myriad policies, fine print and investment options, I came across something. The GOI has something for us millennials. You see, most of us work in the private sector and very few organizations tend to provide a pension scheme unless you are a long term employee with them. We millenials, tend to change jobs at the drop of a hat and therefore, by the time we turn 60, it is quite possible that we might be pension less.

That is why; today, I want to talk to you about the Atal Pension Yojana

The ambitious and evidently successful scheme of Government of India – Financial Inclusion has brought our whole country in its ambit. The scheme has effectively reached and benefited a large magnitude of the underprivileged Indian population and continues to do so. The scheme aims at providing universal access to financial services across all households, thereby providing the benefits of the modern financial system, coupled with social security schemes. Three social security schemes have been launched simultaneously, to primarily benefit people from the unorganized sector – Pradhan Mantri Jeevan Jyoti Bima Yojana , Pradhan Mantri Suraksha Bima Yojana and Atal Pension Yojana. While the first two schemes provide life insurance and accidental insurance covers; the third scheme is aimed at providing income security in old age, through a fixed monthly pension. Through these social security schemes, the Government of India plans to provide Jan Dhan Se Jan Suraksha.

“As our young population ages, it is also going to be pension-less. Encouraged by the success of the Pradhan Mantri Jan Dhan Yojana, I propose to work towards creating a universal social security system for all Indians that will ensure that no Indian citizen will have to worry about illness, accidents or penury in old age”

-Finance Minister Arun Jaitley in his 2015-16 Union Budget speech

Atal Pension Yojana

The Government of India announced a new scheme in Union Budget 2015-16, that was designed to provide old age income security to the working poor, mostly in the unorganized sector; to encourage and enable them to save for their retirement. The scheme is administered by the Pension Fund Regulatory and Development Authority (PFRDA) through NPS architecture.

Benefits of Atal Pension Yojana

  • Triple Benefits:-

(i)    Each subscriber under APY shall receive a Central Government guaranteed minimum pension of Rs. 1000 per month or Rs. 2000 per month or Rs. 3000 per month or Rs. 4000 per month or Rs. 5000 per month, after the age of 60 years until death.

(ii)   After the death of the subscriber, same pension amount shall be available to the spouse of the subscriber.

(iii)  After the death of both i.e. subscriber and spouse, the pension corpus, as accumulated till age 60 years of the subscriber, would be returned to the nominee of the subscriber.

  • Government of India will also co-contribute 50% of the subscriber’s contribution or Rs. 1000 per annum, whichever is lower for 5 years, i.e. from the Financial Year 2015-16 to 2019-20 for the subscribers, who join the scheme till 31st March, 2016 and who are not covered by any Statutory Social Security Scheme and are not income tax payers.

Eligibility

Indian citizens aged between 18-40 years, having an active Savings Bank Account or Post Office Savings Bank Account; is eligible for Atal Pension Yojana.

How to open an APY account

  • Approach the bank branch/post office where an individual’s savings bank account is held or open a savings account if the subscriber doesn’t have one.
  • Provide the Bank A/c number/ Post office savings bank account number and with the help of the Bank staff, fill up the APY registration form.
  • Provide Aadhaar / Mobile Number. This is not mandatory, but may be provided to facilitate the communication regarding contribution.
  • Ensure keeping the required balance in the savings bank account/ post office savings bank account for the transfer of monthly/quarterly / half-yearly contribution.

Current Scenario

As on 1st April, 2017, 48.89 lakh subscribers have been enrolled under APY with an accumulated pension wealth of Rs. 1751.31 crores.

More than 50% of the total APY subscribers are rural subscribers. Out of the total subscribers, more than 18 lakh subscribers are female subscribers. About 25 lakh APY subscribers are under the age group of 26-35 years. This constitutes more than half of the total subscribers registered under APY.

With a large number of people subscribing to and benefitting from Atal Pension Yojana, the dream of a better and planned life for every citizen does not seem far-fetched.

Please note: This is a sponsored post.

Share this:

  • Facebook
  • Twitter
  • Google
  • Pinterest
  • LinkedIn
  • Reddit
  • Print
  • WhatsApp
Share
Tweet
Pin
Share
0 Shares

Filed Under: Finance

Reader Interactions

Comments

  1. Kashifah Shaikh says

    April 28, 2017 at 5:44 pm

    Sounds great yr! ?

    Reply
  2. L.C. @ A Life of Authenticity says

    May 11, 2017 at 2:56 am

    Congrats on turning 25! It is so smart of you to start planning for your future now. Save as much as you can, but remember to live a little also. Life’s too short not to enjoy it.

    Reply
  3. Amber Myers says

    May 11, 2017 at 3:40 am

    How interesting. I didn’t know about this at all so I appreciate you explaining things.

    Oh and happy belated birthday!

    Reply
  4. jhilmil says

    May 11, 2017 at 10:56 am

    Thanks for sharing this less known yojana. Shall share to the concerned ones for sure.

    Reply
  5. Tina Basu says

    May 11, 2017 at 12:00 pm

    firstly, happy birthday. Second, a very informative post. How I wish i have someone paying me pension – i dont mind that even now!

    Reply
  6. Ola says

    May 11, 2017 at 7:14 pm

    It’s great that this company is encouraging ones as young as 18 to save. You never know how those efforts will change me in handy later on in life.

    Reply
  7. Akamatra says

    May 11, 2017 at 8:13 pm

    Good for you for thinking ahead at that young age! I didn’t when I was your age and wish I had!

    Reply
  8. Deimarys says

    May 12, 2017 at 12:50 am

    Happy belated birthday girl! Hope you had an amazing time surrounded by those you love!

    Reply
  9. Katherine says

    May 12, 2017 at 2:34 am

    That’s smart planning. Good to start as soon as you can.

    Reply
  10. Carolyn T says

    May 12, 2017 at 3:08 am

    I appreciate your explanation of this! It’s very helpful. Also, happy birthday!!

    Reply
  11. Tasheena @ SimplyTasheena.com says

    May 12, 2017 at 4:30 pm

    Happy Belated Birthday! I really enjoyed learning about this. Smart planning is very important.

    Reply
  12. Saidat says

    May 13, 2017 at 6:48 am

    Happy birthday in advance. This just me thinking of finally walking to the bank to setup an investment account because one is never too young.

    Reply
  13. Yeu Doi says

    May 17, 2017 at 5:23 am

    25 is a great age. You seem very ambitious & organized. Congrats!

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Search

Subscribe

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Let’s Connect

  • Facebook
  • Google+
  • Instagram
  • Twitter

Like Us on Facebook

Munniofalltrades

Most Popular

  • A secret farm getaway that’s only 60 minutes from Mumbai: The Roots Farm Review A secret farm getaway that’s only 60 minutes from Mumbai: The Roots Farm Review
  • Your complete guide to Jatayu Earth's Centre 2020: Everything you need to know Your complete guide to Jatayu Earth’s Centre 2020: Everything you need to know
  • The Magical Experience of Staying in a House Boat in Kerala The Magical Experience of Staying in a House Boat in Kerala
  • Slimsonic/ Rejuv and Instant Wow Kit by VLCC: Review Slimsonic/ Rejuv and Instant Wow Kit by VLCC: Review
  • 27 Badass Autorickshaws from Mumbai 27 Badass Autorickshaws from Mumbai
  • Clean & Clear Morning Energy Face Wash Reviews Clean & Clear Morning Energy Face Wash Reviews
  • The Mom’s Co Natural Body Butter: Review The Mom’s Co Natural Body Butter: Review
  • My 3 step summer skin care routine with Biotique My 3 step summer skin care routine with Biotique
  • Detailed guide to trekking at Karnala Bird Sanctuary Detailed guide to trekking at Karnala Bird Sanctuary
  • Vicco Turmeric Skin Cream in Oil Base: A favourite across generations Vicco Turmeric Skin Cream in Oil Base: A favourite across generations
Winner of The Indian Blogger Awards 2017 - Regions

Footer

About Munni of all Trades

We remember the day seven years back when were travelling in a Mumbai local trying hard to come up with a name for our blog when struck us; Khushboo was always called a Jack of all Trades. The name stuck (with a slight modification, of course) and Munni was born. Six years, over 100 collaborations, lakhs of readers and several awards later; our love for blogging continues to grow. We continue to write on an eclectic range of topics from the funniest autorickshaw signs that we have spotted in Mumbai to how to bathe an elephant. We are true blue Munni of all Trades and we hope to continue on this joyride with our fellow Munnis and Munnas. Read More

Instagram

Instagram did not return a 200.

Search

Copyright © 2021 · MUNNI OF ALL TRADES | Blog Set Up By KAUSHIK

This site uses cookies: Find out more.