Atal Pension Yojana: There are many other social security schemes whose beneficiary cannot get the benefit of the government’s contribution in it.
Atal Pension Yojana: To meet the expenses after retirement, the government has started many pension plans, including Atal Pension Yojana. APY was started by the Modi government in 2015. Its account can be opened at the age of 40 years. Atal Pension Yojana is especially for the workers of the unorganized sector. Under this scheme, the subscribers get a minimum pension of Rs 1000 or Rs 2000, 3000, 4000 or 5000 after 60 years. How much pension will be received depends on the contribution of the subscriber.
According to the information given by India Post, any citizen of the country can join the APY scheme. However, there are many other social security schemes whose beneficiary cannot get the benefit of the government’s contribution in it. If you also want to take advantage of this scheme, then know these things who can subscribe to it:
- Any Indian citizen of 18 to 40 years.
- He should have a savings account in the bank or post office.
The applicant can provide the Aadhaar and mobile number to the bank during registration to facilitate the update on the APY account, although Aadhaar is not mandatory for enrollment.
Who are the beneficiaries of other social security schemes who cannot get government contribution under APY? For example, members of social security schemes under the following Acts will not be eligible for government co-contribution under APY.
- The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952.
- The Coal Mines Provident Fund and Miscellaneous Provisions Act, 1948.
- The Assam Tea Garden Provident Fund and Miscellaneous Provisions Act, 1955.
- The Seamen’s Provident Fund Act, 1966.
- Any other statutory social security scheme.
Funds can also be returned to the nominee
In this, the subscriber gets a fixed pension after the age of 60 years or the same guaranteed pension to the spouse after the death of the subscriber. Apart from this, there is also a provision to return the total accumulated pension fund Nominee till the subscriber attains 60 years of age. On the other hand, if both the subscriber and the spouse dies, then the nominee will get pension.
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