Atal Pension Yojana Age Limit
The Indian labour industry is one of the biggest in the world today in terms of the employment base it has across various sectors. At one end, we have the organized sectors such as the IT industry that has seen a massive movement in the last two decades owing to influx of multinational corporations. Naturally, the work standards has been on the rise ever since offering world class benefits to the salaried class. On the flipside, the unorganized sector has not been so lucky in terms of having access to fringe benefits that meets certain standards. Benefits relating to the health and well being of self and family members, educational needs of children and pension have been the most challenging areas for people who work mostly on wage basis in thousands of factories and establishments.
With a view to provide financial assistance to workers in the lower rung of the industry, the Government of India has introduced a slew of schemes in the current fiscal year(2015-16) that aims to fulfill principles of financial inclusion to citizens who need it the most. One such prominent scheme in the public space is the Atal Pension Yojana, a social security scheme that extends pension benefits to the enrolled members after retirement. Named after the former Prime Minister of India, Shri Atal Bihari Vajpayee, the social security scheme aims to answer the pension needs of the ones who need the most. This scheme came into effect from June 1, 2015.
About Atal Pension Yojana
This pension scheme is primarily administered by the Pension Fund Regulatory and Development Authority (PFRDA) in association with multiple state and central government agencies. The APY is available to workers from the unorganized industries who are not beneficiaries of any other employer provided pension plans. On the basis of the amount contributed, the enrolled member is eligible to receive a monthly pension in slabs of Rs.1,000 to Rs.5,000 after the age of 60 years.
As an incentive to the member, the Government of India will make 50 percent contribution for 5 years to the pension account to enhance the value of the fund. In cases where the contributor dies during the time of availing pension, the remainder from the account is paid out to the spouse as scheduled and upon death of the spouse, the nominee gets a lump sum amount. Existing members of the now defunct Swavalamban Yojana NPS are automatically migrated to the APY scheme.
Age Limit for Atal Pension Yojana
Age limit for Atal Pension Yojana should be atleast 18 years old and up to the age of 40 years. Since the pension payments start at 60 years, the enrolled member should have made regular monthly contributions for at least 20 years before being eligible to withdraw the pension. This scheme is limited to workers who fulfill certain eligibility criteria as listed in the next section.
Atal Pension Yojana Eligibility
- The applicant should not be a member of any other state or central government aided Social Security scheme that provides pension or operates on similar principles.
- The member should have a bank account that is active and KYC compliant. The bank account acts as a medium of exchange to facilitate monthly contributions from the member and to disburse pension after attaining the retirement age.
- Must be willing to make regular contributions into the pension fund without delay, failing to which the member will be liable to pay a monetary penalty.
How to Enrol for Atal Pension Yojana?
To open a pension account under the Atal Pension Yojana(APY) scheme, the aspirant can walk into any of the banks listed as an aggregator. Other enrolment agencies listed on the PFRDA website can also help you with regard to opening an account. Almost all the banks(public and private sector) and microfinance institutions in India are registered as an aggregator to facilitate opening of the pension account.
You will be required to fill the Atal Pension Yojana form along with a list of documents to be submitted at the bank. Registered aggregators act as middlemen to facilitate opening and administration of the pension account. After attaining the retirement and becoming eligible to draw pension from the same bank.
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