Atal Pension Yojana Government Contribution
The Modi Government has taken several initiatives since it came to power over central government pertaining to social welfare and alleviation schemes. Atal Pension Yojana is one such case, which shows clearly indicates that the government is concerned about the welfare and financial security of the old age population. This scheme is a pension scheme in which any Indian national can subscribe and start contributing towards allowing them to get a lump sum after 60 years of age. The pension that an individual would get after 60 years would range anywhere between Rs 1,000 to Rs 5,000, depending upon the level of contribution.
This pension scheme is backed by Government of India and it too contributes towards the pension for a specific period. The government would be providing a fixed pension guarantee to all its subscribers and including 50% of the contributory amount or Rs 1,000, whichever is lesser.
This contribution is funded by the government to only the eligible subscribers. The government also is supposed to reimburse incentives to the contributions to make sure that more and more people join the Atal Pension Yojana. It is intended to ensure that there is no financial insecurity among old age people in coming times.
The welfare and development of any nation is possible when the youth and senior citizens are looked after through financial aids. Welfare schemes for the girl child such as Sukanya Samriddhi Yojana and Atal Pension Yojana are initiatives to ensure that this alleviation happens across the length and breadth of the country.
The minimum an individual has to contribute towards this pension scheme is Rs 42 per month and the maximum that someone can contribute is Rs 210 per month. Hence, if someone is contributing Rs 42 every month, he/she would be eligible for a pension of Rs 1,000 per month once he or she turns 60 years of age.
Similarly if someone is contributing Rs 210 per month, he/she would be eligible for a pension of Rs 5,000 per month. As a matter of fact, any Indian citizen between the age group of 18 to 40 years is eligible to join Atal Pension Yojana and contrite towards their old age security.
The Atal Pension Yojana can be applied for, by Indian national who is not currently enjoying any other social security scheme.
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