Atal Pension Yojana: Individuals in the age group of 18-40 years can subscribe to the pension scheme
Atal Pension Yojana (APY) is a government-run pension scheme focused on unorganised sector workers. Launched in 2015, Atal Pension Yojana or APY admits individuals in the age group of 18-40 years to contribute Rs. 42-1,454 a month till they attain the age of 60, and ensures a fixed minimum monthly pension of Rs. 1,000-Rs. 5,000 for them subsequently, according to regulator Pension Fund Regulatory and Development Authority (PFRDA)’s website – pfrda.org.in. (Also read: Key things to know about new pension scheme for unorganised workers | How much money you need to invest in Atal Pension Yojana to reach your goal)
Here’s how much one needs to contribute in the APY pension scheme (Atal Pension Yojana) to earn the desired fixed income after retirement:
Atal Pension Yojana (APY) indicative contribution chart
|Age of entry||Years of contribution||Monthly pension of Rs. 1,000||Monthly pension of Rs. 2,000||Monthly pension of Rs. 3,000||Monthly pension of Rs. 4,000||Monthly pension of Rs. 5,000|
Under the Atal Pension Yojana, subscribers can earn a fixed pension of Rs. 1,000 per month, Rs. 2,000 per month, Rs. 3,000 per month, Rs. 4,000 per month or Rs. 5,000 per month after retirement. While the pension amounts are fixed in the Atal pension scheme, the amount of contribution required by a subscriber depends on the age of entry.
Subscription to the Atal Pension Yojana (APY) at an early age maximises the benefit of the scheme by minimising the investment required to reach the desired goal, say wealth planners.