There are many schemes that relate to pensions. These schemes provide benefits to different groups. Many pension schemes are also managed by the Central Government. Atal Pension Yojana is one of them. Atal Pension Yojana is a government-sponsored retirement plan that encourages workers to save for their retirement. It requires a small monthly contribution. You can save money for retirement by using a pension plan.
Atal Pension Yojana
Atal Pension Yojana, a social safety scheme for unorganized workers, allows them to save their future by contributing a small amount in their working years. After 60 years of age, customers are guaranteed a monthly pension in the amount of Rs 1,000 to Rs 5, 000 per month. The amount of the pension is dependent on how much you deposit in the scheme.
Nominee
The nominee in the plan can claim the amount deposited and the pension amount in the event of the subscriber’s death. The subscriber’s contribution is also shared by the Government of India. For those not covered under any statutory social insurance scheme or taxpayers, the government co-contribution can be used.
Bank account
Indian citizens aged 18-40 years can contribute to the Yojana to receive a pension after retirement. To take advantage of this scheme, individuals must have KYC done on a bank account.
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