Atal Pension Yojana under Budget 2015-16-- FOR INTERVIEW

Atal Pension Yojana under Budget 2015-16

Finance Minister Arun Jaitely has announced various social schemes in Budget 2015, ranging from low-cost pension scheme to low-premium insurance schemes. Atal Pension Yojana is one of the low-cost pension schemes which aims to boost the social security mechanism in India by providing a defined pension to the people employed in the unorganized sector and small sectors.

Atal Pension Yojana will be launched on 1^st June, 2015 and the existing subscribers of Swavalamban Scheme would be shifted to Atal Pension Yojana automatically.

Similar to Swavalamban Scheme, Atal Pension Yojana will also be governed by the Pension Fund Regulatory and Development Authority (PFRDA) and the enrollment agencies involved in the Swavalamban Scheme would also be the enrolling agency for this scheme.

Atal Pension Yojana Features:

Eligibility

The minimum age of joining the Atal Pension Yojana is 18 years while the age of 40 years is the cap. This means the minimum contribution towards this scheme would be 20 years. So the people falling in the age group of 18 years to 40 years can take the benefit of this scheme.

Further, Atal Pension Yojana can be joined only by the people who are not at present members of any statutory social security scheme like EPF, EPS etc.

Pension Amount

The pension will start from the age of 60 years. The amount of pension would range from minimum of Rs.1,000 per month to maximum of Rs.5,000 per month. The pension amount is thoroughly depends on the contribution made by the subscribers and the age of joining the scheme. This means the pension will be low if the subscriber joins the scheme later.

Premium/Contribution/Subscription Amount

The Contribution for the fixed monthly pension is given below. For instance, if the subscriber joins at the age of 18 year, than for the monthly pension of Rs.1,000 per month he has to contribute Rs.42 per month till he attains the age of 60 years and if he wishes to have monthly pension of Rs.5,000 the contribution per month rise to Rs.210.

Premium/Contribution/Subscription Payment Mode

The subscription towards Atal Pension Yojana is to be paid directly through the bank account of the eligible individuals. This direct auto-debit facility is the only payment method and also this method would reduce the contribution collection charges.

@@@@@