Monday, May 25, 2015

Complete Details for Atal Pension Yojana


Atal Pension Yojana

Atal Pension Yojana

Honorable Finance Minister of India Shri Arun Jaitely ,in his budget speech for the year 2015-16, has announced a new pension oriented scheme “Atal Pension Yojanai”.

Atal Pension Yojana is named after the Former Prime Minister of India Honorable “Bharat Ratna Atal Bihari Vajpayee.”

Atal Pension yojana shortly “APY” is a later version of “Swavalamban yojana”.The coverage under Swavalamban Scheme was proven to be inadequate mainly due to lack of clarity of pension benefits at the age after 60.

To solve this problem Government has come With APY.


Main Motto of this scheme :

1.To enable all unorganized sector workers who currently do not avail of any social security scheme ,to save for future.

2.To encourage the workers in unorganised sector to voluntarily save for their retirements

3.To provide a definite sum of money as pension to assist in times they are no longer earning.


Migration to APY from NPS / Swavalambana:

Government has proposed that the existing subscribers of National Pension System-Swavalamban (NPS-S), which was commenced in 2010 under which government contributes 1000 per month for each subscriber who contributes a minimum sum of 1000 per month, be automatically migrated to the APY unless they voluntarily opt out for the same.


Government Co-contribution :

With a view of making the pension scheme more attractive, government would contribute 50 per cent of a subscriber’s contribution or Rs 1,000 per annum, whichever is lower.This is to each eligible subscriber’s account for a period of of 5 years from 2015-16 to 2019-20 to those who join the NPS before 31st December, 2015 and who are not income tax payers.The benefit of government’s contribution can be availed by those who subscribe to the scheme before December 31, 2015.


Eligibility :

One can avail this scheme if his / her age is between 18 to 40 years. Moreover, the member of any statutory social security scheme will not get this scheme i.e, they should not be subscribed to any other social security scheme.One should contribute till one attains 60 years of age.

Monthly contribution – Pension will be paid after 60 yrs:
Under the APY, the subscribers will receive the fixed pension of Rs. 1000 per month, Rs. 2000 per month, Rs. 3000 per month, Rs. 4000 per month, Rs. 5000 per month, at the age of 60 years, “depending” on their contributions, which itself would vary on the age of joining the Scheme.

1.As the minimum age for joining this scheme is 18 years the maximum period of contribution is 42 years.

2.And the maximum age for opting this scheme is 40 years ,so the minimum period of contribution is 20 years only.


Tabular representation of Contribution to be made :

Table of contribution levels, fixed monthly pension of Rs. 1,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana
Age of JoiningYears of ContributionIndicative Monthly Contribution(in Rs.)Monthly Pension to the subscribers and his spouse(in Rs.)Indicative Return of Corpus to the nominee of the subscribers(in Rs.)
1842421,0001.7 Lakh
2040501,0001.7 Lakh
2535761,0001.7 Lakh
30301161,0001.7 Lakh
35251811,0001.7 Lakh
40202911,0001.7 Lakh

Table of contribution levels, fixed monthly pension of Rs. 2,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana
Age of JoiningYears of ContributionIndicative Monthly Contribution(in Rs.)Monthly Pension to the subscribers and his spouse(in Rs.)Indicative Return of Corpus to the nominee of the subscribers(in Rs.)
1842842,0003.4 lakh
20401002,0003.4 lakh
25351512,0003.4 lakh
30302312,0003.4 lakh
35253622,0003.4 lakh
40205822,0003.4 lakh

Table of contribution levels, fixed monthly pension of Rs. 3,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana
Age of JoiningYears of ContributionIndicative Monthly Contribution(in Rs.)Monthly Pension to the subscribers and his spouse(in Rs.)Indicative Return of Corpus to the nominee of the subscribers(in Rs.)
18421263,0005.1 Lakh
20401503,0005.1 Lakh
25352263,0005.1 Lakh
30303473,0005.1 Lakh
35255433,0005.1 Lakh
40208733,0005.1 Lakh

Table of contribution levels, fixed monthly pension of Rs. 4,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana
Age of JoiningYears of ContributionIndicative Monthly Contribution(in Rs.)Monthly Pension to the subscribers and his spouse(in Rs.)Indicative Return of Corpus to the nominee of the subscribers (in Rs.)
18421684,0006.8 Lakh
20401984,0006.8 Lakh
25353014,0006.8 Lakh
30304624,0006.8 Lakh
35257224,0006.8 Lakh
402011644,0006.8 Lakh

Table of contribution levels, fixed monthly pension of Rs. 5,000 per month to subscribers and his spouse and return of corpus to nominees of subscribers and the contribution period under Atal Pension Yojana
Age of JoiningYears of ContributionIndicative Monthly Contribution(in Rs.)Monthly Pension to the subscribers and his spouse(in Rs.)Indicative Return of Corpus to the nominee of the subscribers (in Rs.)
18422105,0008.5 Lakh
20402485,0008.5 Lakh
25353765,0008.5 Lakh
30305775,0008.5 Lakh
35259025,0008.5 Lakh
40201,4545,0008.5 Lakh


No comments:

Post a Comment