The problem of insecurity in the unorganized sector is one of the biggest problems in India. There are millions of people who are employed in the unorganized sector which means there is no governmental record for their employment. The examples of the unorganized sector include daily wage labourers, street vendors, unregistered street food sellers and many more like that. The problems for the people employed in the unorganized sector are uncountable. They don’t have any job security and they don’t get any provision for pension also.
To solve the problem of pension, the Government of India launched Atal Pension Yojna which aims at providing pension facility to these peoples who are working in an unorganized way. The main problem with them is they are unable to have National Pension Scheme account because that requires giving details about the job which they don’t have and the plans of pension in nationalized and private banks are way too costly for them.
Atal Pension Yojna solves both the problems. First of all, this scheme doesn’t require any employer’s details for registration and hence is specifically targeted for unorganized sector workers. Secondly, the monthly instalment to be paid to avail this benefit is very low and hence it is well suited for those who don’t earn much.
Details about Atal Pension Yojna
Atal Pension Scheme can be availed by any individual aged between 18 years to 40 years. The subscribers will have to pay an instalment fee on a regular basis which can be paid in either monthly, quarterly or half-yearly. As soon as the subscriber reaches 60 years of age, they will start getting a monthly pension according to the plan chosen by them.
There are 5 plans in this scheme which are divided on the basis of pension received by the individual after retirement. The plans are for Rs. 1000, Rs. 2000, Rs. 3000, Rs. 4000 and Rs. 5000. The instalment of each plan depends upon the age of the individual. Higher the age more will be the instalment.
- The amount for these instalments ranges from Rs. 42 to Rs. 291 for Rs. 1000 pension plan.
- The slab for Rs. 2000 plan ranges between Rs. 84 to Rs. 582.
- The instalment for Rs. 3000 pension plan will be somewhere between Rs. 126 and Rs. 873.
- Rs. 4000 plan will have the monthly instalment in the range of Rs. 168 to Rs. 1168
- Rs. 5000 plan’s instalment range will be between Rs. 210 to Rs. 1454.
It should be noted that these instalments are given according to a monthly time period. So, if someone opts for another mode of payment, then the instalment will change accordingly.
Pension Fund Regulatory and Development Authority (PFRDA) has taken the responsibility to implement this Atal Pension Yojna scheme. According to PFRDA’s website, the subscriber will keep on receiving the pension until his or her death and after death, their spouse will receive the pension till death. After spouse’s death, the nominee will receive the pension amount accumulated by subscriber till 60 years of their age. If the subscriber dies before at an age less than 60, then their spouse will have the option of continuing the plan, exit the scheme or take away the money deposited by the subscriber till that time.
The following table contains the monthly instalment which has to be paid by the subscriber for reach plan according to their age.
|Rs. 1000||Rs. 2000||Rs. 3000||Rs. 4000||Rs. 5000|