The Atal Pension Yojana also known as the APY scheme is one of the latest schemes launched by the government of India. Under this scheme each citizen of India can start contributing in this scheme so as to get a pension after the age of retirement. Previously the government had pension plans for the people working under unorganized working systems where one can never save money for the retirement. The current scheme had no provisions for guaranteed return after the age of 60 and so this new scheme will be looking towards poor working class of the country. The main aim of this scheme is to ensure that these men while working can save some money for their old age. This scheme not only guarantees return after the age of 60 but it also promises a contribution by the government towards every individual account for the next 5 years.
Eligibility of joining the scheme are as follows.
- The people who are looking to join this scheme must be a citizen of India. This scheme covers every Indian citizen who work under the unorganized sectors is the main aim for this scheme.
- The people who are looking to join this scheme must have a valid bank account. The contributions and returns will be done direct to the bank account and hence the citizen who is looking to join this scheme must have a valid bank account.
- The eligibility age for this scheme is 18 to 40 years of age. The monthly contribution of the scheme will also depend on the age you chose to join. The early one enrolls will have the lower contribution amount.
- The government will also be contributing to the individual account of the contributor only if they are not a part of any social scheme and also not a tax payer.