Atal Pension Yojana serves as 'guaranteed income' after retirement: Beneficiaries
Jammu, July 10
Beneficiaries, who attended a district-level Atal Pension Yojana Awareness Programme in Jammu, said on Friday that the government scheme will serve as a 'guaranteed lifetime income' after the person attains sixty years of age.
The speakers at the event also highlighted that the Atal Pension Yojana provides a government-guaranteed monthly pension after the age of 60 and plays a significant role in encouraging systematic savings while ensuring long-term financial security for citizens.
Anjali Thakur, a beneficiary, had applied for the Atal Pension scheme, soon after she turned 18.
Describing the scheme as a "lifetime guaranteed income" after one turns sixty, she said: "According to a person's income and the amount of pension they want, he or she can get a fixed monthly amount deducted from their bank accounts. For example, getting Rs 1,000 deducted every month for a guaranteed income amount in the future, is not a big deal."
She added that the least amount which can be deducted starts from as less as Rs 46.
Mentioning that 60 years is the retirement age for employed individuals, she said: "One cannot earn after sixty but there are several essentials that need to be taken care of like medicines; the pension will be helpful for that."
Another beneficiary, Parvjnder Singh told IANS that since the scheme can be availed after an individual turns sixty, it is extremely useful to take care of the family.
"Even if one is unable to work after sixty, under the scheme they will be able to get something into the bank accounts which will prove to be beneficial."
Sunny Kumar had applied for the scheme seven years back at Jammu and Kashmir Grameen Bank.
"I get a little more than Rs 500 deducted from my account monthly. This will continue till I attain sixty years of age, post which I will receive Rs 5,000 as monthly pension," he told IANS.
He added: "I had applied for the scheme thinking that a person's ability to work weakens after reaching sixty, with this I will get a fixed monthly amount."
Sunny Kumar also said that in case of death of the beneficiary the scheme's provision allows it to be continued for the previously appointed nominee.
"In case, the nominee dies too, the remaining amount of the pension will be handed over to my family," he mentioned.
Moreover, he urged people to utilise such government schemes in order to secure their future.
— IANS
Reader Comments
I appreciate the intent but Rs 5,000 per month after 60 years? With inflation that's like what, maybe Rs 20,000 in today's value? By 2060 it'll be worth even less. It's a good start but we need to seriously increase the pension amount. Our senior citizens deserve dignity in their old age, not just survival.
My uncle works at a bank and says the awareness about this scheme is still very low in rural areas. People think it's like some scam. The government needs to do more outreach in villages. But yes, once people understand, it's a solid plan. Better than those chit funds that collapse every other week.
I signed up for this last year at age 25. My colleagues laughed saying "pension? that's for uncles". But I tell them, just Rs 500 per month now means Rs 10,000 after 60. That's free income for life! The power of compounding is real. Start early, retire rich (or at least comfortable) 😊
Good scheme but I wish it was more flexible. What if I want to increase my contribution later when I earn more? Or take a break if I lose my job? It's still very rigid. Also, the nominee clause is nice but what if the whole family dies together in an accident? That money should go to charity or the government as per will.
I'm from the US but living in India for work now. This is actually smarter than our Social Security system. You contribute voluntarily, it's government-guaranteed, and you can
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